Residential Income Property with
New
For Sale
$239,999
920 E DEVONSHIRE Avenue 1031, Phoenix, AZ 85014
A first-floor unit pairs a bedroom with a flexible den and access to shared recreation amenities.
Property Size1,024 SF
Days on Market6
Property Features for 920 E DEVONSHIRE Avenue 1031
General Information
Standard status
Active
Size
1,024 SF
Property subtype
Apartment
Site & Location
Neighborhood
Encanto
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$774
Amenities
pool
heated spa
fitness center
clubhouse
ADA accessibility features
Building Details
Building Size
1,024 SF
Year Built
2006
Listing Agency:
HomeSmart
Listed By:
Rachel Russo · License #SA523021000
(602) 499-2475
Source:
Alexiabertsatos
Added: Oct 28
Changed: Nov 2
Last Checked: Nov 1 at 3:38PM
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 HomeSmart
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Investment Insights
Based on property information with market context.
Built in 2006, this first-floor Phoenix condo offers one bedroom, a den, and 1.5 baths. The den can serve as office space or a second sleeping area. Interior features include a whole-home 3M water filtration system, 50-gallon water heater, Nest thermostat, whirlpool tub, bidets, ceiling fans, newer carpet, ADA accessibility features, and a Ring security system with cameras. The AC was replaced in 2024.
Residents have use of a pool, heated spa, fitness center, and clubhouse. Downtown Phoenix, shopping, restaurants, the airport, light rail, and major freeways are accessible from the property.
Residents have use of a pool, heated spa, fitness center, and clubhouse. Downtown Phoenix, shopping, restaurants, the airport, light rail, and major freeways are accessible from the property.
Key Highlights
- First‑floor condo with one bedroom, a den, and 1.5 baths
- Den offers flexibility for office use or a second bedroom
- AC replaced in 2024; 50‑gallon water heater and whole‑home 3M water filtration system
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,943
Cap Rate
4.98%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$238,860
$238.9K
Cap Rate 7%
$170,614
$170.6K
Cap Rate 9%
$132,700
$132.7K
Market Conditions
NOI Build-Up for 1,024 SF
Gross rent
$23.1K $22.56/SF
− Vacancy
−$1.4K −$1.35/SF
EGI
$21.7K $21.21/SF
− OpEx
−$9.8K −$9.54/SF
NOI
$11.9K $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 Rate 5%
$238,860
Cap Rate 7%
$170,614
Cap Rate 9%
$132,700
Alternative Uses
Best Use
Apartment 5plus
$170.6K
$149.3K – $199.1K
NOI $11,943 @ 7.0% cap · market cap 4.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$310.2K
$271.4K – $361.9K
NOI $21,712 @ 7.0% cap · market cap 9.05%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,275
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
Frequently Asked Questions
What type of property is this?
Residential income property - A first-floor unit pairs a bedroom with a flexible den and access to shared recreation amenities.
Where is this residential income property located?
The property is located at 920 E DEVONSHIRE Avenue 1031 Phoenix, AZ.
What is the asking price?
The asking price for this property is $239,999.
What are key features of this property?
This property features: First‑floor condo with one bedroom, a den, and 1.5 baths; Den offers flexibility for office use or a second bedroom; AC replaced in 2024; 50‑gallon water heater and whole‑home 3M water filtration system
