Residential Income Condo with
For Sale
$259,900
5401 E Van Buren St #3109, Phoenix, AZ 85008
Gated condo community with updated flooring, replaced air conditioning, and extensive shared amenities.
Property Size1,042 SF
Price / SF$249.42
Days on Market17
Property Features for 5401 E Van Buren St #3109
General Information
Standard status
Active
Size
1,042 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
1
Amenities
gated community
walk-in closets
fireplace
appliances included
two heated pools
hot tub
seven gas grills
fitness center
putting green
clubhouse with billiards, ping pong, and media center
Building Details
Year Built
1999
Listing Agency:
1St Dream Realty
(602) 353-7034
Listed By:
House of AZ
(602) 353-7034
Source:
Houseofarizona
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 26 at 12:41PM
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 1St Dream Realty
Investment Insights
Based on property information with market context.
This two-bedroom, two-bath condominium is located within the gated Red Rox community. The interior includes an open great room with a fireplace, walk-in closets in both bedrooms, and a kitchen that conveys with its appliances. Vinyl plank flooring was installed in 2022, and the air-conditioning system was replaced in 2025.
Shared amenities include two heated pools, a hot tub, seven gas grills, a fitness center, putting green, and clubhouse facilities with billiards, ping pong, and a media center. The property is near Loop 202, with access to Tempe, Scottsdale, Downtown Phoenix, and the airport. Papago Park, the Phoenix Zoo, and the Desert Botanical Garden are located within blocks. HOA services include water, sewer, and trash.
Shared amenities include two heated pools, a hot tub, seven gas grills, a fitness center, putting green, and clubhouse facilities with billiards, ping pong, and a media center. The property is near Loop 202, with access to Tempe, Scottsdale, Downtown Phoenix, and the airport. Papago Park, the Phoenix Zoo, and the Desert Botanical Garden are located within blocks. HOA services include water, sewer, and trash.
Key Highlights
- Two‑bedroom, two‑bath condominium in the gated Red Rox community
- Vinyl plank flooring installed in 2022
- Air‑conditioning system replaced in 2025
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
$10,931
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
4.21%
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%
$218,620
$218.6K
Cap Rate 7%
$156,157
$156.2K
Cap Rate 9%
$121,456
$121.5K
Market Conditions
NOI Build-Up for 1,042 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
$21.3K $20.40/SF
− Vacancy
−$1.4K −$1.33/SF
EGI
$19.9K $19.07/SF
− OpEx
−$8.9K −$8.58/SF
NOI
$10.9K $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%
$218,620
Cap Rate 7%
$156,157
Cap Rate 9%
$121,456
Alternative Uses
Best Use
Apartment 5plus
$156.2K
$136.6K – $182.2K
NOI $10,931 @ 7.0% cap · market cap 4.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$322.0K
$281.8K – $375.7K
NOI $22,542 @ 7.0% cap · market cap 8.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
626
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 - Gated condo community with updated flooring, replaced air conditioning, and extensive shared amenities.
Where is this residential income property located?
The property is located at 5401 E Van Buren St #3109 Phoenix, AZ.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condominium in the gated Red Rox community; Vinyl plank flooring installed in 2022; Air‑conditioning system replaced in 2025
