Updated 2-Bedroom
New
For Sale
$415,000
5104 N 32nd St #236, Phoenix, AZ 85018
Renovated condominium with a split layout, private tree-facing balcony, and access to gated community amenities.
Property Size1,257 SF
Price / SF$330.15
Days on Market6
Property Features for 5104 N 32nd St #236
General Information
Standard status
Active
Size
1,257 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Amenities
gated entry
underground parking
heated community pool
sauna
clubhouse
fitness center
Building Details
Year Built
1990
Year Renovated
2018
Listing Agency:
1St Dream Realty
(602) 909-6513
Listed By:
Brandon Howe Team
(602) 909-6513
Source:
Howerealtygroup
Added: Aug 24
Changed: Aug 28
Last Checked: Aug 29 at 9:07AM
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 1,257-square-foot condominium includes two bedrooms, two bathrooms, and a split-bedroom arrangement within a 1990-built community. A 2018 renovation introduced luxury vinyl plank flooring, recessed lighting, ceiling fans, updated paint, and a refreshed kitchen with white shaker cabinetry, new countertops, subway-tile backsplash, and stainless steel GE appliances. Both bathrooms feature updated vanities, undermount sinks, and faucets; the primary suite adds a custom-tiled shower. In-unit laundry includes a Whirlpool washer and dryer with additional cabinetry.
The living area opens to a private balcony oriented toward the trees, with updated ceramic tile flooring. Meridian Condominiums provides gated entry, designated underground parking, a heated pool, sauna, clubhouse, and fitness center with hours extending until 10 p.m. The property is at 5104 N 32nd St #236 in Phoenix, near the Biltmore and Arcadia areas, Whole Foods Market, Safeway, Biltmore Fashion Park, and Camelback Mountain.
The living area opens to a private balcony oriented toward the trees, with updated ceramic tile flooring. Meridian Condominiums provides gated entry, designated underground parking, a heated pool, sauna, clubhouse, and fitness center with hours extending until 10 p.m. The property is at 5104 N 32nd St #236 in Phoenix, near the Biltmore and Arcadia areas, Whole Foods Market, Safeway, Biltmore Fashion Park, and Camelback Mountain.
Key Highlights
- 2‑bedroom, 2‑bath condominium with a split‑bedroom layout
- 2018 renovation with LVP flooring, recessed lighting, and updated finishes
- Updated kitchen with white shaker cabinetry, new countertops, tile backsplash, and GE appliances
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
$14,661
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
3.53%
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%
$293,220
$293.2K
Cap Rate 7%
$209,443
$209.4K
Cap Rate 9%
$162,900
$162.9K
Market Conditions
NOI Build-Up for 1,257 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
$28.4K $22.56/SF
− Vacancy
−$1.7K −$1.35/SF
EGI
$26.7K $21.21/SF
− OpEx
−$12.0K −$9.54/SF
NOI
$14.7K $11.66/SF
Area
Phoenix, AZ
Vacancy
6.00%
Lease Rate
$22.56 /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%
$293,220
Cap Rate 7%
$209,443
Cap Rate 9%
$162,900
Alternative Uses
Best Use
Apartment 5plus
$209.4K
$183.3K – $244.4K
NOI $14,661 @ 7.0% cap · market cap 3.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$380.8K
$333.2K – $444.2K
NOI $26,653 @ 7.0% cap · market cap 6.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,591
Businesses Nearby
Explore this area
Business Placement
Demographics for 85018, AZ
37,944
Population
19,487
Households
1.9
Avg Household Size
40
Median Age
57%
College-Educated
92%
High-School Grad
15.1 sq mi
ZIP Area
2,513
Density / Sq Mi
$87,637
Median Household Income
$58,555
Median Earnings
$1,411
Median Rent
$805,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Renovated condominium with a split layout, private tree-facing balcony, and access to gated community amenities.
Where is this residential income property located?
The property is located at 5104 N 32nd St #236 Phoenix, AZ.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: 2‑bedroom, 2‑bath condominium with a split‑bedroom layout; 2018 renovation with LVP flooring, recessed lighting, and updated finishes; Updated kitchen with white shaker cabinetry, new countertops, tile backsplash, and GE appliances
