Ground-Floor Residential Income
For Sale
$165,000
3230 E PINCHOT Avenue 3, Phoenix, AZ 85018
Two-bedroom condo with assigned parking in a gated community near freeway access.
Property Size1,032 SF
Days on Market170
Property Features for 3230 E PINCHOT Avenue 3
General Information
Standard status
Active
Size
1,032 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$610
Amenities
pool
courtyard
gated community
Building Details
Building Size
1,032 SF
Year Built
1970
Listing Agency:
HomeSmart Lifestyles
Listed By:
Christopher J Oster
(602) 363-2633
Source:
Alexiabertsatos
Added: Apr 2
Changed: Sep 15
Last Checked: Sep 16 at 11:55PM
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 HomeSmart Lifestyles
Investment Insights
Based on property information with market context.
This ground-floor condominium includes 2 bedrooms and 2 bathrooms within an open layout. The unit overlooks the community pool and courtyard, and recent upgrades have been completed throughout. Built in 1970, the property also includes assigned parking.
The residence is located in a gated community with convenient freeway access. HOA coverage includes hot water, gas, and exterior maintenance, providing a defined structure for ongoing property care.
The residence is located in a gated community with convenient freeway access. HOA coverage includes hot water, gas, and exterior maintenance, providing a defined structure for ongoing property care.
Key Highlights
- 2‑bedroom, 2‑bath ground‑floor condo
- Views of the community pool and courtyard
- Assigned parking included
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
$12,037
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
7.30%
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%
$240,740
$240.7K
Cap Rate 7%
$171,957
$172.0K
Cap Rate 9%
$133,744
$133.7K
Market Conditions
NOI Build-Up for 1,032 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
$23.3K $22.56/SF
− Vacancy
−$1.4K −$1.35/SF
EGI
$21.9K $21.21/SF
− OpEx
−$9.8K −$9.54/SF
NOI
$12.0K $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%
$240,740
Cap Rate 7%
$171,957
Cap Rate 9%
$133,744
Alternative Uses
Best Use
Apartment 5plus
$172.0K
$150.5K – $200.6K
NOI $12,037 @ 7.0% cap · market cap 7.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$312.6K
$273.5K – $364.7K
NOI $21,882 @ 7.0% cap · market cap 13.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
904
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condo with assigned parking in a gated community near freeway access.
Where is this residential income property located?
The property is located at 3230 E PINCHOT Avenue 3 Phoenix, AZ.
What is the asking price?
The asking price for this property is $165,000.
What are key features of this property?
This property features: 2‑bedroom, 2‑bath ground‑floor condo; Views of the community pool and courtyard; Assigned parking included
