Updated Residential Income
For Sale
$258,000
Pending
4141 N 31ST Street #426, Phoenix, AZ 85016
A private balcony and elevator access complement this two-bedroom residence in a gated 55+ community.
Property Size1,018 SF
Days on Market17
Property Features for 4141 N 31ST Street #426
General Information
Standard status
Pending
Size
1,018 SF
Elevators
Yes
Property subtype
Apartment
Site & Location
Neighborhood
Camelback East
Additional Details
Multifamily Units
1
Amenities
private balcony
heated pool
heated community spa
clubhouse
recreation room
gated community
Building Details
Year Built
1984
Listing Agency:
Berkshire Hathaway Homeservices Arizona Properties
Listed By:
Kathryn Thomas
(480) 505-6300
Source:
Kathrynthomas
Added: Oct 17
Changed: Nov 1
Last Checked: Nov 1 at 2:09AM
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 Berkshire Hathaway Homeservices Arizona Properties
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Investment Insights
Based on property information with market context.
This 1,018-square-foot, two-bedroom, two-bath residence sits on the top floor of an elevator-served building. Interior work includes new flooring and paint, updated lighting, switches, outlets, fixtures, and plumbing fixtures, along with a recently serviced and updated HVAC system. A private balcony extends the living area, with views of the Phoenix mountain ranges. The building was constructed in 1984.
The residence is part of Heritage Park, a gated 55+ community in central Phoenix. Shared amenities include a heated pool, a heated community spa, and a clubhouse with a recreation room.
The residence is part of Heritage Park, a gated 55+ community in central Phoenix. Shared amenities include a heated pool, a heated community spa, and a clubhouse with a recreation room.
Key Highlights
- Top‑floor residence with views of the Phoenix mountain ranges
- 1,018 square feet with two bedrooms and two bathrooms
- New flooring and paint, plus updated lighting, switches, outlets, and 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 private balcony and elevator access complement this two-bedroom residence in a gated 55+ community.
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: Top‑floor residence with views of the Phoenix mountain ranges; 1,018 square feet with two bedrooms and two bathrooms; New flooring and paint, plus updated lighting, switches, outlets, and fixtures
