Field Property Partners — Investment Memo
2415 E Camelback Rd, Phoenix, AZ 85016
? units · Built ? · ? sqft total
PASS
Going-in cap
6.66%
Y1 cash-on-cash
5.7%
Levered IRR (5Y)
9.4%
Equity multiple
1.50x
DSCR (Y1)
1.46
Macro context
2Y
3.98%
10Y
4.46%
30Y
5.03%
SOFR
3.59%
Going-in cap of 6.66% represents +220 bps vs 10Y.
FRED · 5/15/2026
Key risks
- Macro rate environment — 50-100bps Treasury moves materially shift exit cap assumptions; see Page 4 rate-shift table.
PASSRecommendation rationale
PASS — Levered IRR 9.4% is below acceptable hurdle.
Page 2 · Underwriting
| Line item | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|
| GPR | $373,680 | $384,890 | $396,437 | $408,330 | $420,580 |
| Vacancy | $-18,684 | $-19,245 | $-19,822 | $-20,417 | $-21,029 |
| EGI | $354,996 | $365,646 | $376,615 | $387,914 | $399,551 |
| Total OpEx | $-141,998 | $-146,258 | $-150,646 | $-155,165 | $-159,820 |
| NOI | $212,998 | $219,388 | $225,969 | $232,748 | $239,731 |
| Debt service | $-145,600 | $-145,600 | $-145,600 | $-145,600 | $-145,600 |
| CFADS | $67,398 | $73,788 | $80,369 | $87,148 | $94,131 |
OpEx ratio (Y1): 40.0% of EGI. Multifamily institutional benchmark: 35–45%.
Page 3 · Sale & Rent Comps
No sale comps available.
Rent comps (active listings)
| Address | Unit mix | Asking rent | SqFt | Distance | Source |
|---|---|---|---|---|---|
| 4301 N 24th St, Unit 2, Phoenix, AZ 85016 | 2BR/2BA | $2,040 | 900 | 0.64 mi | rentcast |
| 4301 N 24th St, Apt 154, Phoenix, AZ 85016 | 2BR/2BA | $1,840 | 900 | 0.64 mi | rentcast |
| 4341 N 24th St, Unit 113, Phoenix, AZ 85016 | 2BR/2BA | $1,500 | 860 | 0.55 mi | rentcast |
| 2704 E Turney Ave, Phoenix, AZ 85016 | 2BR/2BA | $1,495 | 900 | 0.60 mi | rentcast |
| 4341 N 24th St, Unit 240, Phoenix, AZ 85016 | 2BR/2BA | $1,399 | 860 | 0.55 mi | rentcast |
| 4341 N 24th St, Unit 141, Phoenix, AZ 85016 | 2BR/2BA | $1,399 | 860 | 0.55 mi | rentcast |
| 4341 N 24th St, Unit 219, Phoenix, AZ 85016 | 2BR/2BA | $1,399 | 860 | 0.55 mi | rentcast |
| 4341 N 24th St, Unit 239, Phoenix, AZ 85016 | 2BR/2BA | $1,399 | 860 | 0.55 mi | rentcast |
| 2629 E Turney Ave, Apt 3, Phoenix, AZ 85016 | 2BR/2BA | $1,495 | 950 | 0.59 mi | rentcast |
| 2228 E Campbell Ave, Apt 234, Phoenix, AZ 85016 | 2BR/2BA | $1,295 | 956 | 0.47 mi | rentcast |
Page 4 · Sensitivities
Sensitivities populate when assumptions update.
Page 5 · Sources & Uses + Returns Waterfall
Sources
| Senior debt 65% LTV @ 7.00% | $2.08M |
| Equity 36% of capital stack | $1.18M |
| Total sources | $3.26M |
Uses
| Purchase price | $3.20M |
| Closing costs 2.0% of price | $64,000 |
| CapEx reserve 1.5% of price | $48,000 |
| Working capital 0.5% of price | $16,000 |
| Total uses | $3.33M |
Cap stack
Senior debt 64%
Equity 36%
Returns waterfall · 70/30 LP/GP · 8% preferred return
| Party | Capital share | Approx IRR |
|---|---|---|
| LP | 70% | 9.0% |
| GP | 30% | 8.4% |
| Blended (= levered deal IRR) | 100% | 9.4% |
Equity multiple at deal level: 1.50x. Pref calculation assumes IRR pro-rata distribution of total promote.
Page 6 · Forward Estimates & Methodology
| Horizon | Projected value | CI low | CI high | Source |
|---|---|---|---|---|
| Today (AVM) | $0 | $0 | $0 | housecanary |
| 1-year forecast | $0 | $0 | $0 | housecanary |
| 3-year forecast | $0 | $0 | $0 | housecanary |
| 5-year forecast | $0 | $0 | $0 | housecanary |
Forward AVM, value forecasts, and MSA risk scores powered by HouseCanary (housecanary.com).
Data provenance
| Provider | Endpoint | Status | Cost ($) |
|---|