Residential Income
For Sale
$346,900
Pending
1225 N 36TH Street 1109, Phoenix, AZ 85008
Gated townhome community with a primary suite, attached garage, and shared pool and spa.
Property Size1,385 SF
Days on Market37
Property Features for 1225 N 36TH Street 1109
General Information
Standard status
Pending
Size
1,385 SF
Total Parking Spaces
2
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2.5BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,512
Amenities
heated pool
spa
Building Details
Building Size
1,385 SF
Year Built
2005
Listing Agency:
MMRE Advisors
Listed By:
Jesus Pino Perez · License #SA680889000
(602) 478-4647
Source:
Alexiabertsatos
Added: Aug 12
Changed: Sep 9
Last Checked: Sep 16 at 11:29PM
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 MMRE Advisors
Investment Insights
Based on property information with market context.
This 1,385-square-foot townhome was built in 2005 and offers two bedrooms, 2.5 bathrooms, vaulted ceilings, and nine-foot ceilings. The primary suite is located on the first floor, while the attached two-car garage provides direct access into the home. Recent interior updates include lighter paint in most areas, new carpet in the primary bedroom, and new upstairs blinds. The property also has a relatively new HVAC system and a newer water heater.
Located in the gated Enclave Villas community, the home includes access to a heated pool and spa. The setting is near Sky Harbor Airport, Loop 202, Downtown Phoenix, Tempe, and Scottsdale. HOA services cover the roof, exterior, water, sewer, trash, pest control, and master insurance.
Located in the gated Enclave Villas community, the home includes access to a heated pool and spa. The setting is near Sky Harbor Airport, Loop 202, Downtown Phoenix, Tempe, and Scottsdale. HOA services cover the roof, exterior, water, sewer, trash, pest control, and master insurance.
Key Highlights
- Two‑bedroom, 2.5‑bath townhome with 1,385 square feet
- Built in 2005 within gated Enclave Villas
- Downstairs primary suite with vaulted and 9‑foot ceilings
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
$14,530
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
4.19%
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%
$290,600
$290.6K
Cap Rate 7%
$207,571
$207.6K
Cap Rate 9%
$161,444
$161.4K
Market Conditions
NOI Build-Up for 1,385 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
$28.3K $20.40/SF
− Vacancy
−$1.8K −$1.33/SF
EGI
$26.4K $19.07/SF
− OpEx
−$11.9K −$8.58/SF
NOI
$14.5K $10.49/SF
Area
ZIP 85008
Vacancy
6.50%
Lease Rate
$20.40 /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%
$290,600
Cap Rate 7%
$207,571
Cap Rate 9%
$161,444
Alternative Uses
Best Use
Apartment 5plus
$207.6K
$181.6K – $242.2K
NOI $14,530 @ 7.0% cap · market cap 4.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$428.0K
$374.5K – $499.4K
NOI $29,962 @ 7.0% cap · market cap 8.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
567
Businesses Nearby
Explore this area
Business Placement
Demographics for 85008, AZ
59,047
Population
24,508
Households
2.4
Avg Household Size
30
Median Age
24%
College-Educated
75%
High-School Grad
10.2 sq mi
ZIP Area
5,789
Density / Sq Mi
$61,369
Median Household Income
$36,969
Median Earnings
$1,300
Median Rent
$323,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Gated townhome community with a primary suite, attached garage, and shared pool and spa.
Where is this residential income property located?
The property is located at 1225 N 36TH Street 1109 Phoenix, AZ.
What is the asking price?
The asking price for this property is $346,900.
What are key features of this property?
This property features: Two‑bedroom, 2.5‑bath townhome with 1,385 square feet; Built in 2005 within gated Enclave Villas; Downstairs primary suite with vaulted and 9‑foot ceilings
