Remodeled Two-Bedroom Income
For Sale
$325,000
3655 N 5TH Avenue 203, Phoenix, AZ 85013
Updated condominium features two private bathrooms, a patio, and access to a community pool and spa.
Property Size1,376 SF
Days on Market189
Property Features for 3655 N 5TH Avenue 203
General Information
Standard status
Active
Size
1,376 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$764
Building Details
Building Size
1,376 SF
Year Built
1962
Listing Agency:
Coldwell Banker Realty
(602) 531-8333
Listed By:
Linda Jeffries · License #SA642972000
(602) 531-8333
Source:
Jcluxuryresidential
Added: Feb 5
Changed: Aug 13
Last Checked: Aug 13 at 3:59AM
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 two-bedroom, two-bath condominium underwent remodeling in 2025 and combines mid-century architectural character with contemporary interior updates. The floor plan includes open living space, a dedicated dining area, and a kitchen equipped with high-end appliances. Both bedrooms have direct access to bathrooms, while the primary suite adds a private bath and generous closet space. A private patio extends the unit’s usable living area.
Residents also have access to a community pool and spa. The property is located minutes from downtown Phoenix, with dining, shopping, and cultural attractions nearby. Its combination of updated interiors, two-bedroom accommodation, and shared recreational amenities provides a defined residential configuration within the broader residential income property classification.
Residents also have access to a community pool and spa. The property is located minutes from downtown Phoenix, with dining, shopping, and cultural attractions nearby. Its combination of updated interiors, two-bedroom accommodation, and shared recreational amenities provides a defined residential configuration within the broader residential income property classification.
Key Highlights
- Remodeled in 2025
- Two‑bedroom, two‑bath condominium
- Open living area with dedicated dining space
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
4.94%
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 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$416.8K
$364.7K – $486.3K
NOI $29,176 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condominium features two private bathrooms, a patio, and access to a community pool and spa.
Where is this residential income property located?
The property is located at 3655 N 5TH Avenue 203 Phoenix, AZ.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Remodeled in 2025; Two‑bedroom, two‑bath condominium; Open living area with dedicated dining space
