Updated Residential Income
New
For Sale
$394,990
3235 E Camelback Road #220, Phoenix, AZ 85018
Second-floor condominium with an open living area, two full bathrooms, and a private balcony.
Property Size1,149 SF
Days on Market4
Property Features for 3235 E Camelback Road #220
General Information
Standard status
Active
Size
1,149 SF
Property subtype
Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,410
Amenities
private balcony
Building Details
Building Size
1,149 SF
Year Built
1989
Stories
2
Listing Agency:
GPS AZ Real Estate
(602) 413-0997
Listed By:
Rodrigo A Moreno · License #BR519394000
(602) 413-0997
Source:
Sunhaven-realestate
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 22 at 2:21PM
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 GPS AZ Real Estate
Investment Insights
Based on property information with market context.
Built in 1989, this second-floor condominium has been updated with an open-concept arrangement linking the living room, dining area, and kitchen. The kitchen includes professionally refinished cabinetry, while the bedrooms feature luxury vinyl plank flooring. Two full bathrooms and a private balcony add functional appeal to the residence.
The property is located in the Biltmore area at 3235 E Camelback Road #220, Phoenix, AZ 85018. Shopping, dining, and entertainment are nearby, with access to SR-51 and a stated 10-minute drive to Downtown Scottsdale.
The property is located in the Biltmore area at 3235 E Camelback Road #220, Phoenix, AZ 85018. Shopping, dining, and entertainment are nearby, with access to SR-51 and a stated 10-minute drive to Downtown Scottsdale.
Key Highlights
- Second‑floor condominium in the Biltmore area
- Open‑concept living room, dining area, and kitchen
- Professionally refinished kitchen cabinetry
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
$13,401
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
3.39%
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%
$268,020
$268.0K
Cap Rate 7%
$191,443
$191.4K
Cap Rate 9%
$148,900
$148.9K
Market Conditions
NOI Build-Up for 1,149 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
$25.9K $22.56/SF
− Vacancy
−$1.6K −$1.35/SF
EGI
$24.4K $21.21/SF
− OpEx
−$11.0K −$9.54/SF
NOI
$13.4K $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%
$268,020
Cap Rate 7%
$191,443
Cap Rate 9%
$148,900
Alternative Uses
Best Use
Apartment 5plus
$191.4K
$167.5K – $223.4K
NOI $13,401 @ 7.0% cap · market cap 3.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$348.0K
$304.5K – $406.1K
NOI $24,363 @ 7.0% cap · market cap 6.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,863
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 - Second-floor condominium with an open living area, two full bathrooms, and a private balcony.
Where is this residential income property located?
The property is located at 3235 E Camelback Road #220 Phoenix, AZ.
What is the asking price?
The asking price for this property is $394,990.
What are key features of this property?
This property features: Second‑floor condominium in the Biltmore area; Open‑concept living room, dining area, and kitchen; Professionally refinished kitchen cabinetry
