New Construction
For Sale
$683,990
1712 S 3RD Street, Phoenix, AZ 85004
MULTI_FAMILY - Phoenix, AZ
Property Size2,554 SF
Price / SF$267.81
Days on Market203
Property Features for 1712 S 3RD Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
R3
Bedrooms
3
Bathrooms
25
Full bathrooms
25
Rooms
Bathroom 7, Bathroom 24, Bathroom 4, Bathroom 3, Bathroom 23, Bathroom 10, Bathroom 18, Bathroom 11, Bedroom 1, Bathroom 2, Bathroom 1, Bathroom 22, Bathroom 13, Bathroom 20, Bathroom 9, Bathroom 5, Bathroom 15, Bathroom 12, Bathroom 21, Bathroom 14, Bathroom 6, Bedroom 3, Bathroom 17, Bathroom 16, Bathroom 25, Bathroom 19, Bathroom 8, Bedroom 2
Parking features
Garage - Attached
Exterior features
Rain Gutters
Appliances
Disposal, Free-Standing Electric Oven, Microwave
Subdivision
COPE ADD BLKS 7-10
Elementary school
Silvestre S Herrera School
Middle school
Silvestre S Herrera School
High school
Central High School
Elementary school district
Phoenix Elementary District
Middle school district
Phoenix Union High School District
High school district
Phoenix Union High School District
Directions
From Central, East on Mohave St to 3rd St. South (Right) to Lot on Right.
Standard status
Active
APN
112-39-013
Taxes and HOA fees
Tax Year
2025
Tax Description
COPE ADD
Tax Annual Amount
488
Legal Description
COPE ADD
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Energy Star Qualified Equipment (Heating), Electric (Heating)
Cooling system
Heat Pump
Building Details
Year built
2026
Number of units
2
Flooring type
Laminate, Vinyl
Building materials
Lap Siding, Wood Frame, Stucco
Roof type
Composition
Listing Agency:
eXp Realty
(888) 897-7821
Listed By:
Steven Zajdzinski · License #BR514106000
(480) 241-9927
Added: Feb 20
Changed: Aug 13
Last Checked: Sep 11 at 2:06PM
MLS# 6987709
Copyright © 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This planned duplex is under construction with two residences, each offering three bedrooms, 2.5 bathrooms, and 1,277 square feet. The combined building area is 2,554 square feet. Construction details include wood-frame and stucco materials, laminate and vinyl flooring, heat-pump heating and cooling, Energy Star qualified heating equipment, and an attached garage. The property will connect to public sewer and carries R3 zoning.
The site is positioned within the growth corridor identified for the South Central Light Rail expansion. Downtown Phoenix-area access is highlighted, with Footprint Center, Chase Field, and Arizona Science Center described as minutes away by car. Dining, shopping, entertainment, and freeway access are also cited in the surrounding area.
The site is positioned within the growth corridor identified for the South Central Light Rail expansion. Downtown Phoenix-area access is highlighted, with Footprint Center, Chase Field, and Arizona Science Center described as minutes away by car. Dining, shopping, entertainment, and freeway access are also cited in the surrounding area.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 2.5 bathrooms per residence
- 1,277 sf per home; 2,554 total for both
- Under construction with a 2026 year built
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
$33,452
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
4.89%
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%
$669,040
$669.0K
Cap Rate 7%
$477,886
$477.9K
Cap Rate 9%
$371,689
$371.7K
Market Conditions
NOI Build-Up for 2,554 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
$50.6K $19.80/SF
− Vacancy
−$2.8K −$1.09/SF
EGI
$47.8K $18.71/SF
− OpEx
−$14.3K −$5.61/SF
NOI
$33.5K $13.10/SF
Area
Phoenix, AZ
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$669,040
Cap Rate 7%
$477,886
Cap Rate 9%
$371,689
Alternative Uses
Best Use
Multifamily LT 5
$477.9K
$418.2K – $557.5K
NOI $33,452 @ 7.0% cap · market cap 4.89%
Second Best
Apartment 5plus
$425.6K
$372.4K – $496.5K
NOI $29,789 @ 7.0% cap · market cap 4.36%
Theoretical Best
Office A
$773.6K
$676.9K – $902.6K
NOI $54,154 @ 7.0% cap · market cap 7.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
840
Businesses Nearby
Explore this area
Business Placement
Demographics for 85004, AZ
8,833
Population
6,455
Households
1.4
Avg Household Size
32
Median Age
59%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
4,206
Density / Sq Mi
$71,250
Median Household Income
$46,376
Median Earnings
$1,759
Median Rent
$365,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two attached residences under construction with separate living space and income-producing potential.
Where is this duplex located?
The property is located at 1712 S 3RD Street Phoenix, AZ.
What is the asking price?
The asking price for this property is $683,990.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 2.5 bathrooms per residence; 1,277 sf per home; 2,554 total for both; Under construction with a 2026 year built
