Top-Floor Residential Income
For Sale
$297,000
920 E Devonshire Avenue #4001, Phoenix, AZ 85014
Corner residence with tandem garage, mountain views, custom finishes, and access to renovated community amenities.
Property Size1,184 SF
Days on Market13
Property Features for 920 E Devonshire Avenue #4001
General Information
Standard status
Active
Size
1,184 SF
Total Parking Spaces
2
Elevators
Yes
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$914
Amenities
clubhouse
business center
pool
fitness center
Building Details
Building Size
1,184 SF
Year Built
2004
Stories
1
Listing Agency:
West USA Realty
(602) 571-0875
Listed By:
Paul Griffin
(602) 571-0875
Source:
Sunhaven-realestate
Added: Aug 11
Changed: Aug 16
Last Checked: Aug 22 at 1:39PM
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 West USA Realty
Investment Insights
Based on property information with market context.
This top-floor corner condominium at 920 E Devonshire Avenue #4001 offers two bedrooms, two bathrooms, and a two-car tandem garage. The residence features custom shutters on the windows and sliding patio door, a tiled patio with city and South Mountain views, and custom finishes throughout. A new refrigerator and water heater were installed within the past year, while the air-conditioning unit was replaced in March 2019. The unit is also positioned close to the elevators.
The monthly HOA fee includes water, Cox Internet, and use of the community clubhouse, business center, pool, and fitness center. The clubhouse has been newly renovated. The property is located in Phoenix, with restaurants, bars, parks, and shopping within minutes.
The monthly HOA fee includes water, Cox Internet, and use of the community clubhouse, business center, pool, and fitness center. The clubhouse has been newly renovated. The property is located in Phoenix, with restaurants, bars, parks, and shopping within minutes.
Key Highlights
- Two‑bedroom, two‑bathroom corner unit with a two‑car tandem garage
- Top‑floor residence near the elevators at 920 E Devonshire Avenue #4001
- Tiled patio offers city and South Mountain views
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
$13,810
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
4.65%
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%
$276,200
$276.2K
Cap Rate 7%
$197,286
$197.3K
Cap Rate 9%
$153,444
$153.4K
Market Conditions
NOI Build-Up for 1,184 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
$26.7K $22.56/SF
− Vacancy
−$1.6K −$1.35/SF
EGI
$25.1K $21.21/SF
− OpEx
−$11.3K −$9.54/SF
NOI
$13.8K $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%
$276,200
Cap Rate 7%
$197,286
Cap Rate 9%
$153,444
Alternative Uses
Best Use
Apartment 5plus
$197.3K
$172.6K – $230.2K
NOI $13,810 @ 7.0% cap · market cap 4.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$358.6K
$313.8K – $418.4K
NOI $25,105 @ 7.0% cap · market cap 8.45%
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Corner residence with tandem garage, mountain views, custom finishes, and access to renovated community amenities.
Where is this residential income property located?
The property is located at 920 E Devonshire Avenue #4001 Phoenix, AZ.
What is the asking price?
The asking price for this property is $297,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bathroom corner unit with a two‑car tandem garage; Top‑floor residence near the elevators at 920 E Devonshire Avenue #4001; Tiled patio offers city and South Mountain views
