Top-Floor Residential Income
For Sale
$160,000
4141 N 31ST Street #406, Phoenix, AZ 85016
Gated 55+ community offering a private balcony, resort-style amenities, and elevator access.
Property Size847 SF
Days on Market211
Property Features for 4141 N 31ST Street #406
General Information
Standard status
Active
Size
847 SF
Property subtype
Apartment
Amenities
Electric
Central Air
Ceiling Fan(s)
Dryer
Washer
Refrigerator
Dishwasher
Disposal
Electric Cooktop
Built-In Electric Oven
Deck, SRP, Built-Up
Building Details
Building Size
847 SF
Year Built
1984
Stories
4
Listing Agency:
COLDWELL BANKER REALTY
Listed By:
COLDWELL BANKER REALTY
Source:
Kw
Added: Feb 19
Changed: Sep 17
Last Checked: Sep 16 at 8:13PM
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 top-floor condominium at 4141 N 31ST Street #406 provides a spacious great room, private balcony, generous storage, and brand-new carpet. Interior appointments include central air, ceiling fans, a washer and dryer, refrigerator, dishwasher, disposal, electric cooktop, and built-in electric oven. The building dates to 1984 and includes elevator access.
Heritage Park is a gated 55+ community in Phoenix near the Biltmore and Camelback Corridor. Community amenities include a heated pool and spa, clubhouse, fitness area, and landscaped courtyards. HOA services cover water, trash, roof, and exterior maintenance. The property is also positioned near shopping, dining, and Sky Harbor Airport.
Heritage Park is a gated 55+ community in Phoenix near the Biltmore and Camelback Corridor. Community amenities include a heated pool and spa, clubhouse, fitness area, and landscaped courtyards. HOA services cover water, trash, roof, and exterior maintenance. The property is also positioned near shopping, dining, and Sky Harbor Airport.
Key Highlights
- Top‑floor condominium with a private balcony and generous storage
- Gated 55+ community with a heated pool, spa, clubhouse, and fitness area
- Central air, ceiling fans, washer, dryer, and full kitchen 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
$9,879
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
6.17%
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%
$197,580
$197.6K
Cap Rate 7%
$141,129
$141.1K
Cap Rate 9%
$109,767
$109.8K
Market Conditions
NOI Build-Up for 847 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
$19.1K $22.56/SF
− Vacancy
−$1.1K −$1.35/SF
EGI
$18.0K $21.21/SF
− OpEx
−$8.1K −$9.54/SF
NOI
$9.9K $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%
$197,580
Cap Rate 7%
$141,129
Cap Rate 9%
$109,767
Alternative Uses
Best Use
Apartment 5plus
$141.1K
$123.5K – $164.7K
NOI $9,879 @ 7.0% cap · market cap 6.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$256.6K
$224.5K – $299.3K
NOI $17,959 @ 7.0% cap · market cap 11.22%
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
1,383
Businesses Nearby
Explore this area
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
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 - Gated 55+ community offering a private balcony, resort-style amenities, and elevator access.
Where is this residential income property located?
The property is located at 4141 N 31ST Street #406 Phoenix, AZ.
What is the asking price?
The asking price for this property is $160,000.
What are key features of this property?
This property features: Top‑floor condominium with a private balcony and generous storage; Gated 55+ community with a heated pool, spa, clubhouse, and fitness area; Central air, ceiling fans, washer, dryer, and full kitchen appliances
