Remodeled Residential Income
For Sale
$149,000
749 E MONTEBELLO Avenue 125, Phoenix, AZ 85014
Updated condominium with contemporary finishes, a renovated kitchen, refreshed bathrooms, and access to a community swimming pool.
Property Size630 SF
Days on Market39
Property Features for 749 E MONTEBELLO Avenue 125
General Information
Standard status
Active
Size
630 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$404
Amenities
pool
Building Details
Building Size
630 SF
Year Built
1971
Listing Agency:
Citiea
Listed By:
Jason P Bonal
(602) 790-0280
Source:
Alexiabertsatos
Added: Aug 10
Changed: Sep 16
Last Checked: Sep 17 at 12:18AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Citiea
Investment Insights
Based on property information with market context.
This condominium at 749 E Montebello Avenue, Unit 223, combines a contemporary interior with extensive remodeling. The kitchen includes stainless steel appliances, two-tone shaker cabinetry, quartz countertops, a tile backsplash, and a breakfast bar. Vinyl wood flooring and recessed lighting create continuity through the living areas, while the bathrooms feature upgraded shower systems, custom vanities, framed mirrors, and designer tile niches.
Built in 1971, the property is part of a community with a large swimming pool. Its address places the residence in Phoenix, Arizona, with the unit designation identified as 223.
Built in 1971, the property is part of a community with a large swimming pool. Its address places the residence in Phoenix, Arizona, with the unit designation identified as 223.
Key Highlights
- Professionally remodeled condominium with contemporary interior finishes
- Kitchen includes stainless steel appliances, two‑tone shaker cabinetry, quartz countertops, tile backsplash, and breakfast bar
- Bathrooms upgraded with premium shower systems, custom vanities, framed mirrors, and designer tile niches
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$7,348
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.93%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$146,960
$147.0K
Cap Rate 7%
$104,971
$105.0K
Cap Rate 9%
$81,644
$81.6K
Market Conditions
NOI Build-Up for 630 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$14.2K $22.56/SF
− Vacancy
−$853 −$1.35/SF
EGI
$13.4K $21.21/SF
− OpEx
−$6.0K −$9.54/SF
NOI
$7.3K $11.66/SF
Area
Phoenix, AZ
Vacancy
6.00%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$146,960
Cap Rate 7%
$104,971
Cap Rate 9%
$81,644
Alternative Uses
Best Use
Apartment 5plus
$105.0K
$91.9K – $122.5K
NOI $7,348 @ 7.0% cap · market cap 4.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$190.8K
$167.0K – $222.6K
NOI $13,358 @ 7.0% cap · market cap 8.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,923
Businesses Nearby
Explore this area
Business Placement
Demographics for 85014, AZ
26,381
Population
14,778
Households
1.8
Avg Household Size
37
Median Age
43%
College-Educated
90%
High-School Grad
4.0 sq mi
ZIP Area
6,595
Density / Sq Mi
$69,995
Median Household Income
$48,465
Median Earnings
$1,339
Median Rent
$447,500
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condominium with contemporary finishes, a renovated kitchen, refreshed bathrooms, and access to a community swimming pool.
Where is this residential income property located?
The property is located at 749 E MONTEBELLO Avenue 125 Phoenix, AZ.
What is the asking price?
The asking price for this property is $149,000.
What are key features of this property?
This property features: Professionally remodeled condominium with contemporary interior finishes; Kitchen includes stainless steel appliances, two‑tone shaker cabinetry, quartz countertops, tile backsplash, and breakfast bar; Bathrooms upgraded with premium shower systems, custom vanities, framed mirrors, and designer tile niches
