Ground-Level Residential Income
For Sale
$195,000
355 E THOMAS Road B106, Phoenix, AZ 85012
The two-bedroom layout includes an open living area, kitchen island, and private covered patio.
Property Size1,102 SF
Days on Market142
Property Features for 355 E THOMAS Road B106
General Information
Standard status
Active
Size
1,102 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$398
Building Details
Building Size
1,102 SF
Year Built
1960
Listing Agency:
eXp Realty
Listed By:
Mayte Marquez Morier
(602) 434-2488
Source:
Alexiabertsatos
Added: May 14
Changed: Sep 25
Last Checked: Oct 1 at 5:29PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This ground-floor, two-bedroom unit has an open-plan interior with tile flooring and fresh paint. The kitchen includes stainless steel appliances, a tile backsplash, pendant lights, cabinet storage, and an island with breakfast seating. The primary bedroom features a walk-in closet and an en-suite bathroom with two vessel sinks.
A covered patio extends the living space outdoors. Community amenities are also available, and the HOA fee covers all utilities. The property was built in 1960.
A covered patio extends the living space outdoors. Community amenities are also available, and the HOA fee covers all utilities. The property was built in 1960.
Key Highlights
- Ground‑level unit with 2 bedrooms
- HOA fees cover all utilities
- Kitchen features stainless steel appliances, tile backsplash, and island with breakfast bar
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
$12,853
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
6.59%
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%
$257,060
$257.1K
Cap Rate 7%
$183,614
$183.6K
Cap Rate 9%
$142,811
$142.8K
Market Conditions
NOI Build-Up for 1,102 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
$24.9K $22.56/SF
− Vacancy
−$1.5K −$1.35/SF
EGI
$23.4K $21.21/SF
− OpEx
−$10.5K −$9.54/SF
NOI
$12.9K $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%
$257,060
Cap Rate 7%
$183,614
Cap Rate 9%
$142,811
Alternative Uses
Best Use
Apartment 5plus
$183.6K
$160.7K – $214.2K
NOI $12,853 @ 7.0% cap · market cap 6.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$333.8K
$292.1K – $389.4K
NOI $23,366 @ 7.0% cap · market cap 11.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,375
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - The two-bedroom layout includes an open living area, kitchen island, and private covered patio.
Where is this residential income property located?
The property is located at 355 E THOMAS Road B106 Phoenix, AZ.
What is the asking price?
The asking price for this property is $195,000.
What are key features of this property?
This property features: Ground‑level unit with 2 bedrooms; HOA fees cover all utilities; Kitchen features stainless steel appliances, tile backsplash, and island with breakfast bar
