Updated 2BR Condo with
For Sale
$240,000
3102 E Clarendon Avenue #206, Phoenix, AZ 85016
Light-filled 2-bedroom, 2-bath condo with vaulted ceilings, wood flooring, and a covered balcony with storage.
Property Size1,017 SF
Days on Market33
Property Features for 3102 E Clarendon Avenue #206
General Information
Standard status
Active
Size
1,017 SF
Total Parking Spaces
2
Property subtype
Apartment
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$673
Building Details
Building Size
1,017 SF
Year Built
1984
Stories
2
Listing Agency:
Coldwell Banker Realty
(480) 236-4973
Listed By:
Tina L. Halpin
(480) 236-4973
Source:
Sunhaven-realestate
Added: Jul 20
Changed: Aug 14
Last Checked: Aug 20 at 2:06PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Move-in ready, updated 2-bedroom, 2-bath condo featuring soaring vaulted ceilings and warm wood flooring throughout with no carpet. Located on the 2nd floor (about 15 steps to the front door), the living room includes a wood-burning fireplace and opens to the dining area. The bright kitchen offers abundant cabinetry plus stainless steel appliances and ample counter space. Both bathrooms have been updated with contemporary finishes, and the unit also includes a private covered balcony with storage.
Residents can enjoy the community pool and spa. The HOA covers roof and water. Two assigned covered parking spaces are included.
For added convenience, the home is described as being near freeway access, dining, Biltmore Fashion Park, Camelback Mountain hiking, and Sky Harbor Airport.
Residents can enjoy the community pool and spa. The HOA covers roof and water. Two assigned covered parking spaces are included.
For added convenience, the home is described as being near freeway access, dining, Biltmore Fashion Park, Camelback Mountain hiking, and Sky Harbor Airport.
Key Highlights
- 2‑bedroom, 2‑bath condo built in 1984 with vaulted ceilings and warm wood flooring throughout (no carpet)
- 2nd‑floor unit with easy entry—about 15 steps to the front door
- Living room features a wood‑burning fireplace and flows into the dining area
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
$11,862
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
4.94%
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%
$237,240
$237.2K
Cap Rate 7%
$169,457
$169.5K
Cap Rate 9%
$131,800
$131.8K
Market Conditions
NOI Build-Up for 1,017 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
$22.9K $22.56/SF
− Vacancy
−$1.4K −$1.35/SF
EGI
$21.6K $21.21/SF
− OpEx
−$9.7K −$9.54/SF
NOI
$11.9K $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%
$237,240
Cap Rate 7%
$169,457
Cap Rate 9%
$131,800
Alternative Uses
Best Use
Apartment 5plus
$169.5K
$148.3K – $197.7K
NOI $11,862 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$308.1K
$269.6K – $359.4K
NOI $21,564 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,124
Businesses Nearby
Explore this area
Business Placement
Demographics for 85016, AZ
37,326
Population
21,363
Households
1.7
Avg Household Size
38
Median Age
50%
College-Educated
94%
High-School Grad
8.2 sq mi
ZIP Area
4,552
Density / Sq Mi
$85,085
Median Household Income
$53,781
Median Earnings
$1,575
Median Rent
$508,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Light-filled 2-bedroom, 2-bath condo with vaulted ceilings, wood flooring, and a covered balcony with storage.
Where is this residential income property located?
The property is located at 3102 E Clarendon Avenue #206 Phoenix, AZ.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: 2‑bedroom, 2‑bath condo built in 1984 with vaulted ceilings and warm wood flooring throughout (no carpet); 2nd‑floor unit with easy entry—about 15 steps to the front door; Living room features a wood‑burning fireplace and flows into the dining area
