Phoenix Multifamily Investment
3301 W HARMONT Drive, Phoenix, AZ 85051
8, 760 SQFT 4 Unit Multi-Family Apartment Building
Property size:
3,656 SFPrice / SF:
$240/SF- Added:
- Jan 10, 2025
- Days on Market:
- 542
- Last Refresh:
- Mar 16 at 9:06 am
Property Features for 3301 W HARMONT Drive
General Information
- Standard status
- Active
- Property type
- Multifamily properties, Residential income homes, Residential land & home lots, Residential income properties, Investment properties, Land
- Size
- 3,656 SF
- Elevators
- N/A
Building Details
- Year Built
- 1974
- Stories
- 2
- Units
- 4
Listing agent Daniel (630) 779-6013
Listing office (630) 779-6013
Listing date Jan 10, 2025
Overview
This four-unit multifamily property, located in Phoenix, Arizona, offers an investment opportunity. The 3,656 square foot building has three fully occupied units, generating a gross monthly rental income of $4,000. A vacant fourth unit presents a value-add potential, suitable for either owner-occupancy or rental. Renting the fourth unit could increase the property's gross monthly income to $5,700. The property is located at 3301 W HARMONT Drive, Phoenix, AZ 85051.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $72.4k | $19.80 |
| − Vacancy | −$4.0k | −$1.09 |
| EGI | $68.4k | $18.71 |
| − OpEx | −$20.5k | −$5.61 |
| NOI | $47.9k | $13.10 |
3,656 SF · lease $19.80/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$684.1K
$598.6K – $798.1K
NOI $47,885 @ 7.0% cap · market cap 5.45%
Second Best
Apartment 5plus
$609.2K
$533.0K – $710.7K
NOI $42,642 @ 7.0% cap · market cap 4.85%
Theoretical Best
Office A
$1.11M
$969.0K – $1.29M
NOI $77,520 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Residential income homes
Location Insight
- Map
- Local Demand
- City
- Phoenix
- County
- Maricopa
- State
- Arizona
- Longitude
- -112.133
- Latitude
- 33.5595
Nearby Similar for Sale
FAQs
What type of property is this?
Multifamily property - 8, 760 SQFT 4 Unit Multi-Family Apartment Building
Where is this multifamily property located?
The property is located at 3301 W HARMONT Drive Phoenix, AZ.
What is the asking price?
The asking price for this property is $879,000.
