Two-Bedroom Residential Income
For Sale
$280,000
3655 N 5th Ave #106, Phoenix, AZ 85013
Mid-century condominium with an open layout, private patio, pool access, and HOA-covered utilities.
Property Size1,376 SF
Price / SF$203.49
Days on Market8
Property Features for 3655 N 5th Ave #106
General Information
Standard status
Active
Size
1,376 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR
Multifamily Units
1
Amenities
pool
spa
private outdoor patio
Building Details
Year Built
1962
Listing Agency:
Coldwell Banker Realty
(928) 282-4666
Listed By:
Jeremy Jennings · License #SA684096000
(623) 986-6650
Source:
Theazliving
Added: Sep 19
Changed: Sep 24
Last Checked: Sep 24 at 9:59AM
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.
This mid-century condominium at 3655 N 5th Ave #106 in Phoenix features two bedrooms, an open floor plan, and abundant natural light. The kitchen is equipped with granite countertops, a tile backsplash, and stainless steel appliances. The primary suite includes dual closets and an ensuite bathroom, while shutters add a finished interior detail. A private outdoor patio overlooks the pool area.
Community amenities include a heated pool and spa. The HOA covers electricity, air conditioning, heat, water, trash, and internet, consolidating several ongoing property services under the association. Built in 1962, the residence offers a central Phoenix setting with access to dining, entertainment, and workplaces.
Community amenities include a heated pool and spa. The HOA covers electricity, air conditioning, heat, water, trash, and internet, consolidating several ongoing property services under the association. Built in 1962, the residence offers a central Phoenix setting with access to dining, entertainment, and workplaces.
Key Highlights
- Two‑bedroom condominium with 1,376 property size
- Private patio overlooking the pool area
- Kitchen with granite counters, backsplash, and stainless appliances
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
$16,049
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
5.73%
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%
$320,980
$321.0K
Cap Rate 7%
$229,271
$229.3K
Cap Rate 9%
$178,322
$178.3K
Market Conditions
NOI Build-Up for 1,376 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
$31.0K $22.56/SF
− Vacancy
−$1.9K −$1.35/SF
EGI
$29.2K $21.21/SF
− OpEx
−$13.1K −$9.54/SF
NOI
$16.0K $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%
$320,980
Cap Rate 7%
$229,271
Cap Rate 9%
$178,322
Alternative Uses
Best Use
Apartment 5plus
$229.3K
$200.6K – $267.5K
NOI $16,049 @ 7.0% cap · market cap 5.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$416.8K
$364.7K – $486.3K
NOI $29,176 @ 7.0% cap · market cap 10.42%
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
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
3,318
Businesses Nearby
Explore this area
Business Placement
Demographics for 85013, AZ
21,970
Population
11,618
Households
1.9
Avg Household Size
38
Median Age
47%
College-Educated
90%
High-School Grad
3.7 sq mi
ZIP Area
5,938
Density / Sq Mi
$68,895
Median Household Income
$53,067
Median Earnings
$1,435
Median Rent
$476,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
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 - Mid-century condominium with an open layout, private patio, pool access, and HOA-covered utilities.
Where is this residential income property located?
The property is located at 3655 N 5th Ave #106 Phoenix, AZ.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: Two‑bedroom condominium with 1,376 property size; Private patio overlooking the pool area; Kitchen with granite counters, backsplash, and stainless appliances
