Updated 2-Bedroom
New
For Sale
$159,999
1234 N 36th Street #203, Phoenix, AZ 85008
Refreshed condominium with in-unit laundry, community pool access, and covered and uncovered parking options.
Property Size707 SF
Days on Market4
Property Features for 1234 N 36th Street #203
General Information
Standard status
Active
Size
707 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/1.5BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$378
Amenities
community pool
inside laundry
Building Details
Building Size
707 SF
Year Built
1985
Stories
2
Listing Agency:
Success Property Brokers
(602) 320-4388
Listed By:
Larry Crider · License #BR664471000
(602) 320-4388
Source:
Sunhaven-realestate
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 23 at 12:13PM
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 Success Property Brokers
Investment Insights
Based on property information with market context.
This condominium was built in 1985 and has received a range of interior improvements, including fresh paint, luxury vinyl flooring, quartz countertops, a tiled tub surround, updated bathroom vanities, recessed lighting, and honeycomb cellular window shades. The kitchen includes real wood cabinetry, while inside laundry adds everyday convenience. The residence also includes two bedrooms and one and a half bathrooms.
Located at 1234 N 36th Street #203 in Phoenix, the property is minutes from Sky Harbor Airport, Arizona State University, Downtown Phoenix, and Old Town Scottsdale. Parking is available in both covered and non-covered unassigned spaces, and residents have access to a community pool.
Located at 1234 N 36th Street #203 in Phoenix, the property is minutes from Sky Harbor Airport, Arizona State University, Downtown Phoenix, and Old Town Scottsdale. Parking is available in both covered and non-covered unassigned spaces, and residents have access to a community pool.
Key Highlights
- Two‑bedroom, 1.5‑bath condominium at 1234 N 36th Street #203
- Interior improvements include quartz countertops, luxury vinyl flooring, and updated bathroom finishes
- Real wood kitchen cabinets and inside laundry
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
$7,417
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
4.64%
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%
$148,340
$148.3K
Cap Rate 7%
$105,957
$106.0K
Cap Rate 9%
$82,411
$82.4K
Market Conditions
NOI Build-Up for 707 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
$14.4K $20.40/SF
− Vacancy
−$937 −$1.33/SF
EGI
$13.5K $19.07/SF
− OpEx
−$6.1K −$8.58/SF
NOI
$7.4K $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%
$148,340
Cap Rate 7%
$105,957
Cap Rate 9%
$82,411
Alternative Uses
Best Use
Apartment 5plus
$106.0K
$92.7K – $123.6K
NOI $7,417 @ 7.0% cap · market cap 4.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$218.5K
$191.2K – $254.9K
NOI $15,295 @ 7.0% cap · market cap 9.56%
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Refreshed condominium with in-unit laundry, community pool access, and covered and uncovered parking options.
Where is this residential income property located?
The property is located at 1234 N 36th Street #203 Phoenix, AZ.
What is the asking price?
The asking price for this property is $159,999.
What are key features of this property?
This property features: Two‑bedroom, 1.5‑bath condominium at 1234 N 36th Street #203; Interior improvements include quartz countertops, luxury vinyl flooring, and updated bathroom finishes; Real wood kitchen cabinets and inside laundry
