Residential Income Property with Mountain
For Sale
$258,000
4141 N 31ST Street 426, Phoenix, AZ 85016
A refreshed upper-floor residence in a gated 55+ community with shared recreation amenities.
Property Size1,018 SF
Days on Market12
Property Features for 4141 N 31ST Street 426
General Information
Standard status
Active
Size
1,018 SF
Elevators
Yes
Property subtype
Apartment
Site & Location
Neighborhood
Camelback East
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,205
Amenities
private balcony
heated pool
heated community spa
clubhouse with recreation room
gated community
Building Details
Building Size
1,018 SF
Year Built
1984
Listing Agency:
Compass
Listed By:
Susan Solliday · License #SA678056000
(602) 690-4238
Source:
Alexiabertsatos
Added: Oct 17
Changed: Oct 25
Last Checked: Oct 28 at 4:40PM
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 Compass
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Investment Insights
Based on property information with market context.
This two-bedroom, two-bath residence occupies an upper floor of Heritage Park and includes a private balcony. Interior work includes new flooring and paint, updated lighting, switches, outlets and fixtures, plus new plumbing fixtures. The HVAC system has been serviced and updated. Elevators provide access to every floor, and the unit’s elevated position looks toward the surrounding Phoenix mountain ranges.
Heritage Park is a gated, 55+ community in central Phoenix. Residents have access to a heated pool, a heated community spa and a clubhouse with a recreation room. The property is at 4141 N 31ST Street in Phoenix, and the building was constructed in 1984.
Heritage Park is a gated, 55+ community in central Phoenix. Residents have access to a heated pool, a heated community spa and a clubhouse with a recreation room. The property is at 4141 N 31ST Street in Phoenix, and the building was constructed in 1984.
Key Highlights
- Two‑bedroom, two‑bath residence with a private balcony
- Upper‑floor position with views of Phoenix mountain ranges
- Interior updates include flooring, paint, lighting, electrical fixtures and plumbing fixtures
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,873
Cap Rate
4.60%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$237,460
$237.5K
Cap Rate 7%
$169,614
$169.6K
Cap Rate 9%
$131,922
$131.9K
Market Conditions
NOI Build-Up for 1,018 SF
Gross rent
$23.0K $22.56/SF
− Vacancy
−$1.4K −$1.35/SF
EGI
$21.6K $21.21/SF
− OpEx
−$9.7K −$9.54/SF
NOI
$11.9K $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%
$237,460
Cap Rate 7%
$169,614
Cap Rate 9%
$131,922
Alternative Uses
Best Use
Apartment 5plus
$169.6K
$148.4K – $197.9K
NOI $11,873 @ 7.0% cap · market cap 4.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$308.4K
$269.8K – $359.8K
NOI $21,585 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,383
Businesses Nearby
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Business Placement
Demographics for 85016, AZ
37,326
Population
21,363
Households
1.7
Avg Household Size
38
Median Age
50%
College-Educated
94%
High-School Grad
8.2 sq mi
ZIP Area
4,552
Density / Sq Mi
$85,085
Median Household Income
$53,781
Median Earnings
$1,575
Median Rent
$508,400
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - A refreshed upper-floor residence in a gated 55+ community with shared recreation amenities.
Where is this residential income property located?
The property is located at 4141 N 31ST Street 426 Phoenix, AZ.
What is the asking price?
The asking price for this property is $258,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath residence with a private balcony; Upper‑floor position with views of Phoenix mountain ranges; Interior updates include flooring, paint, lighting, electrical fixtures and plumbing fixtures
