Residential Income Property with
For Sale
$295,000
3242 E Camelback Rd #204, Phoenix, AZ 85018
Phoenix condo features two covered balconies, oversized windows, and HOA-provided HVAC and water service.
Property Size869 SF
Price / SF$339.47
Days on Market24
Property Features for 3242 E Camelback Rd #204
General Information
Standard status
Active
Size
869 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
1
Building Details
Year Built
1960
Listing Agency:
Compass
(480) 776-1555
Listed By:
Arizona Network Realty
(602) 737-2552
Source:
Arizonarealestate
Added: Aug 14
Changed: Sep 5
Last Checked: Sep 5 at 7:34AM
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 Compass
Investment Insights
Based on property information with market context.
This 869-square-foot condominium was built in 1960 and has been recently renovated with finished interiors, plantation shutters, oversized windows, and abundant natural light. Two private covered balconies extend the living space outdoors, with views of greenery and mountains.
The property is located along E Camelback Rd in Phoenix’s Camelback Corridor, near Biltmore and Arcadia. Biltmore Fashion Park, The Global Ambassador, restaurants, shopping, golf, and other Valley destinations are within minutes. HOA service includes HVAC and water, adding a defined utility component to the property’s operating structure.
The property is located along E Camelback Rd in Phoenix’s Camelback Corridor, near Biltmore and Arcadia. Biltmore Fashion Park, The Global Ambassador, restaurants, shopping, golf, and other Valley destinations are within minutes. HOA service includes HVAC and water, adding a defined utility component to the property’s operating structure.
Key Highlights
- 869‑square‑foot condominium renovated with finished interiors
- Two private covered balconies with greenery and mountain views
- Plantation shutters and oversized windows
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
$10,136
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
3.44%
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%
$202,720
$202.7K
Cap Rate 7%
$144,800
$144.8K
Cap Rate 9%
$112,622
$112.6K
Market Conditions
NOI Build-Up for 869 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
$19.6K $22.56/SF
− Vacancy
−$1.2K −$1.35/SF
EGI
$18.4K $21.21/SF
− OpEx
−$8.3K −$9.54/SF
NOI
$10.1K $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%
$202,720
Cap Rate 7%
$144,800
Cap Rate 9%
$112,622
Alternative Uses
Best Use
Apartment 5plus
$144.8K
$126.7K – $168.9K
NOI $10,136 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$263.2K
$230.3K – $307.1K
NOI $18,426 @ 7.0% cap · market cap 6.25%
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
1,686
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 - Phoenix condo features two covered balconies, oversized windows, and HOA-provided HVAC and water service.
Where is this residential income property located?
The property is located at 3242 E Camelback Rd #204 Phoenix, AZ.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 869‑square‑foot condominium renovated with finished interiors; Two private covered balconies with greenery and mountain views; Plantation shutters and oversized windows
