Phoenix Multifamily Investment
For Sale
$879,000
3301 W HARMONT Drive, Phoenix, AZ 85051
8, 760 SQFT 4 Unit Multi-Family Apartment Building
Property Size3,656 SF
Price / SF$240.43
Days on Market641
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
Listed By:
Daniel Papin
(630) 779-6013
Added: Jan 10, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,885
Cap Rate
5.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$957,700
$957.7K
Cap Rate 7%
$684,071
$684.1K
Cap Rate 9%
$532,056
$532.1K
Market Conditions
NOI Build-Up for 3,656 SF
Gross rent
$72.4K $19.80/SF
− Vacancy
−$4.0K −$1.09/SF
EGI
$68.4K $18.71/SF
− OpEx
−$20.5K −$5.61/SF
NOI
$47.9K $13.10/SF
Area
Phoenix, AZ
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$957,700
Cap Rate 7%
$684,071
Cap Rate 9%
$532,056
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 authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
541
Businesses Nearby
Explore this area
Business Placement
Demographics for 85051, AZ
46,123
Population
16,818
Households
2.7
Avg Household Size
34
Median Age
20%
College-Educated
81%
High-School Grad
6.4 sq mi
ZIP Area
7,207
Density / Sq Mi
$63,665
Median Household Income
$38,980
Median Earnings
$1,256
Median Rent
$288,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
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.
