Upgraded Residential Income
For Sale
$405,000
7887 N 16TH Street 211, Phoenix, AZ 85020
Gated condo community with a private balcony, mountain views, and access to a heated pool and spa.
Property Size1,292 SF
Days on Market110
Property Features for 7887 N 16TH Street 211
General Information
Standard status
Active
Size
1,292 SF
Property subtype
Apartment
Units
Unit Mix
3BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,059
Amenities
heated pool/spa
gated community
Building Details
Building Size
1,292 SF
Year Built
1997
Listing Agency:
Caroline Auza Development
Listed By:
Caroline Auza
(520) 241-7174
Source:
Alexiabertsatos
Added: Jun 1
Changed: Sep 15
Last Checked: Sep 16 at 10:11PM
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 Caroline Auza Development
Investment Insights
Based on property information with market context.
This upgraded residential income condo offers 3 bedrooms and 2 bathrooms within a unit built in 1997. Improvements include updated flooring, kitchen finishes, and bathroom features. A private balcony faces desert surroundings and captures mountain views, adding outdoor space to the residence.
The property is located in a gated community with a heated pool and spa. Restaurants and the Hilton Tapatio Resort are nearby, providing established recreational and dining context. The residence combines a three-bedroom layout with community amenities and a desert-facing setting.
The property is located in a gated community with a heated pool and spa. Restaurants and the Hilton Tapatio Resort are nearby, providing established recreational and dining context. The residence combines a three-bedroom layout with community amenities and a desert-facing setting.
Key Highlights
- 3‑bedroom, 2‑bath condo with upgraded flooring, kitchen, and bathrooms
- Private balcony overlooking desert surroundings with mountain views
- Gated community with heated pool and spa
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
$15,069
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
3.72%
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%
$301,380
$301.4K
Cap Rate 7%
$215,271
$215.3K
Cap Rate 9%
$167,433
$167.4K
Market Conditions
NOI Build-Up for 1,292 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
$29.1K $22.56/SF
− Vacancy
−$1.7K −$1.35/SF
EGI
$27.4K $21.21/SF
− OpEx
−$12.3K −$9.54/SF
NOI
$15.1K $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%
$301,380
Cap Rate 7%
$215,271
Cap Rate 9%
$167,433
Alternative Uses
Best Use
Apartment 5plus
$215.3K
$188.4K – $251.2K
NOI $15,069 @ 7.0% cap · market cap 3.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$391.4K
$342.4K – $456.6K
NOI $27,395 @ 7.0% cap · market cap 6.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,329
Businesses Nearby
Explore this area
Business Placement
Demographics for 85020, AZ
34,534
Population
18,231
Households
1.9
Avg Household Size
43
Median Age
43%
College-Educated
90%
High-School Grad
8.8 sq mi
ZIP Area
3,924
Density / Sq Mi
$78,412
Median Household Income
$48,230
Median Earnings
$1,389
Median Rent
$400,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Gated condo community with a private balcony, mountain views, and access to a heated pool and spa.
Where is this residential income property located?
The property is located at 7887 N 16TH Street 211 Phoenix, AZ.
What is the asking price?
The asking price for this property is $405,000.
What are key features of this property?
This property features: 3‑bedroom, 2‑bath condo with upgraded flooring, kitchen, and bathrooms; Private balcony overlooking desert surroundings with mountain views; Gated community with heated pool and spa
