2-Bedroom Phoenix
For Sale
$235,000
Pending
2228 N 52nd St #241, Phoenix, AZ 85008
Two-bath condominium with refreshed interiors and convenient access to shopping, dining, and major Valley routes.
Property Size890 SF
Days on Market40
Property Features for 2228 N 52nd St #241
General Information
Standard status
Pending
Size
890 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
1
Building Details
Year Built
1986
Listing Agency:
Homesmart
(602) 230-7600
Listed By:
Legacy Real Estate Team
(480) 681-4001
Source:
Legacyrealestateteam
Added: Aug 3
Changed: Sep 10
Last Checked: Sep 10 at 6:22AM
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 Homesmart
Investment Insights
Based on property information with market context.
This 890-square-foot condominium includes two bedrooms and two bathrooms within a residential income property classification. Built in 1986, the unit has received fresh interior paint and offers a compact residential layout suited to low-maintenance living.
The property is in Central Phoenix with access to Arcadia, Biltmore, Scottsdale, and Downtown Phoenix. Shopping, restaurants, coffee shops, and entertainment are nearby, while Interstate 202 provides a direct connection across the Valley. The address is 2228 N 52nd St #241, Phoenix, AZ 85008.
The property is in Central Phoenix with access to Arcadia, Biltmore, Scottsdale, and Downtown Phoenix. Shopping, restaurants, coffee shops, and entertainment are nearby, while Interstate 202 provides a direct connection across the Valley. The address is 2228 N 52nd St #241, Phoenix, AZ 85008.
Key Highlights
- 2‑bedroom, 2‑bath condominium
- 890 square feet of residential space
- Fresh interior paint
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
$9,337
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
3.97%
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%
$186,740
$186.7K
Cap Rate 7%
$133,386
$133.4K
Cap Rate 9%
$103,744
$103.7K
Market Conditions
NOI Build-Up for 890 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
$18.2K $20.40/SF
− Vacancy
−$1.2K −$1.33/SF
EGI
$17.0K $19.07/SF
− OpEx
−$7.6K −$8.58/SF
NOI
$9.3K $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%
$186,740
Cap Rate 7%
$133,386
Cap Rate 9%
$103,744
Alternative Uses
Best Use
Apartment 5plus
$133.4K
$116.7K – $155.6K
NOI $9,337 @ 7.0% cap · market cap 3.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$275.0K
$240.7K – $320.9K
NOI $19,253 @ 7.0% cap · market cap 8.19%
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
749
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 - Two-bath condominium with refreshed interiors and convenient access to shopping, dining, and major Valley routes.
Where is this residential income property located?
The property is located at 2228 N 52nd St #241 Phoenix, AZ.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: 2‑bedroom, 2‑bath condominium; 890 square feet of residential space; Fresh interior paint
