Remodeled Residential Income
For Sale
$235,000
351 E THOMAS Road D208, Phoenix, AZ 85012
The HOA covers all utilities, and the gated community offers elevator access and an on-site laundry facility.
Property Size1,620 SF
Price / SF$145.06
Days on Market148
Property Features for 351 E THOMAS Road D208
General Information
Standard status
Active
Size
1,620 SF
Elevators
Yes
Property subtype
Apartment
Site & Location
Neighborhood
Encanto
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$553
Amenities
gated community
BBQ area
pool
community laundry facility
Building Details
Building Size
1,620 SF
Year Built
1960
Listing Agency:
HomeSmart
Listed By:
Melody Holehan-Kopas · License #SA637393000
(623) 910-5788
Source:
Arizonaproperrealestate
Added: Jun 8
Changed: Oct 26
Last Checked: Oct 31 at 4:06AM
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
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Investment Insights
Based on property information with market context.
This 2-bedroom, 2-bath residence contains 1,620 square feet and was built in 1960. Its open living area connects with a renovated kitchen featuring new cabinetry, counters, and appliances. The primary suite has two closets, and the floor plan can be reconfigured to restore its original third bedroom. Interior laundry, replacement energy-efficient windows, and a newer patio slider are additional features.
The home is in a gated community with elevator access. HOA dues include all utilities; residents also have access to a community laundry facility and a pool and barbecue area in a nearby building. Light rail, retail, and dining are within walking distance.
The home is in a gated community with elevator access. HOA dues include all utilities; residents also have access to a community laundry facility and a pool and barbecue area in a nearby building. Light rail, retail, and dining are within walking distance.
Key Highlights
- 2 bedrooms and 2 bathrooms across 1,620 square feet
- Original three‑bedroom layout can be reinstated
- Updated kitchen with new cabinets, countertops, and appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,895
Cap Rate
8.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$377,900
$377.9K
Cap Rate 7%
$269,929
$269.9K
Cap Rate 9%
$209,944
$209.9K
Market Conditions
NOI Build-Up for 1,620 SF
Gross rent
$36.5K $22.56/SF
− Vacancy
−$2.2K −$1.35/SF
EGI
$34.4K $21.21/SF
− OpEx
−$15.5K −$9.54/SF
NOI
$18.9K $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 Rate 5%
$377,900
Cap Rate 7%
$269,929
Cap Rate 9%
$209,944
Alternative Uses
Best Use
Apartment 5plus
$269.9K
$236.2K – $314.9K
NOI $18,895 @ 7.0% cap · market cap 8.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$490.7K
$429.4K – $572.5K
NOI $34,350 @ 7.0% cap · market cap 14.62%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Lease Details
1
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
4,133
Businesses Nearby
Explore this area
Business Placement
Demographics for 85012, AZ
8,201
Population
5,269
Households
1.6
Avg Household Size
39
Median Age
60%
College-Educated
95%
High-School Grad
2.3 sq mi
ZIP Area
3,566
Density / Sq Mi
$80,242
Median Household Income
$57,228
Median Earnings
$1,693
Median Rent
$701,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - The HOA covers all utilities, and the gated community offers elevator access and an on-site laundry facility.
Where is this residential income property located?
The property is located at 351 E THOMAS Road D208 Phoenix, AZ.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: 2 bedrooms and 2 bathrooms across 1,620 square feet; Original three‑bedroom layout can be reinstated; Updated kitchen with new cabinets, countertops, and appliances
