Corner-Unit Residential Income
For Sale
$419,000
2302 N CENTRAL Avenue 313, Phoenix, AZ 85004
Three-bedroom condominium with flexible den use, private balcony, underground parking, and access to shared recreational amenities.
Property Size1,716 SF
Days on Market37
Property Features for 2302 N CENTRAL Avenue 313
General Information
Standard status
Active
Size
1,716 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$3,087
Building Details
Building Size
1,716 SF
Year Built
2006
Listing Agency:
My Home Group Real Estate
(602) 738-3594
Listed By:
Robert Maurice · License #SA562083000
(602) 738-3594
Source:
Alexiabertsatos
Added: Jul 24
Changed: Aug 23
Last Checked: Aug 28 at 6:21PM
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 My Home Group Real Estate
Investment Insights
Based on property information with market context.
Located at 2302 N Central Avenue #313 in Phoenix, this 1,716-square-foot, third-floor corner residence was built in 2006. The floor plan provides three bedrooms and two bathrooms, with flexibility to use one room as a den. A split-bedroom arrangement separates the primary suite, which includes a walk-in closet, soaking tub, double vanity, and balcony access. The living room has a gas fireplace and feature wall, while the kitchen includes refinished cabinetry. A newer HVAC system is also installed.
The north-facing bedroom or den and large balcony capture city-light and Camelback Mountain views. Light rail access is steps from the building entrance. The property includes two underground parking spaces, secured entry, a heated pool and spa, workout facility, clubhouse, and ground-floor Walgreens pharmacy and nail salon.
The north-facing bedroom or den and large balcony capture city-light and Camelback Mountain views. Light rail access is steps from the building entrance. The property includes two underground parking spaces, secured entry, a heated pool and spa, workout facility, clubhouse, and ground-floor Walgreens pharmacy and nail salon.
Key Highlights
- 1,716‑square‑foot third‑floor corner unit at 2302 N Central Avenue #313
- Three bedrooms and two bathrooms, with flexible den use
- Primary suite features a walk‑in closet, soaking tub, double vanity, and balcony access
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
$20,015
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
4.78%
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%
$400,300
$400.3K
Cap Rate 7%
$285,929
$285.9K
Cap Rate 9%
$222,389
$222.4K
Market Conditions
NOI Build-Up for 1,716 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
$38.7K $22.56/SF
− Vacancy
−$2.3K −$1.35/SF
EGI
$36.4K $21.21/SF
− OpEx
−$16.4K −$9.54/SF
NOI
$20.0K $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%
$400,300
Cap Rate 7%
$285,929
Cap Rate 9%
$222,389
Alternative Uses
Best Use
Apartment 5plus
$285.9K
$250.2K – $333.6K
NOI $20,015 @ 7.0% cap · market cap 4.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$519.8K
$454.8K – $606.4K
NOI $36,385 @ 7.0% cap · market cap 8.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,992
Businesses Nearby
Explore this area
Business Placement
Demographics for 85004, AZ
8,833
Population
6,455
Households
1.4
Avg Household Size
32
Median Age
59%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
4,206
Density / Sq Mi
$71,250
Median Household Income
$46,376
Median Earnings
$1,759
Median Rent
$365,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-bedroom condominium with flexible den use, private balcony, underground parking, and access to shared recreational amenities.
Where is this residential income property located?
The property is located at 2302 N CENTRAL Avenue 313 Phoenix, AZ.
What is the asking price?
The asking price for this property is $419,000.
What are key features of this property?
This property features: 1,716‑square‑foot third‑floor corner unit at 2302 N Central Avenue #313; Three bedrooms and two bathrooms, with flexible den use; Primary suite features a walk‑in closet, soaking tub, double vanity, and balcony access
