Residential Income Property with Private
For Sale
$225,000
5035 N 10TH Place 107, Phoenix, AZ 85014
Residential income property with updated flooring, multiple outdoor areas, and a gas fireplace.
Property Size1,089 SF
Days on Market140
Property Features for 5035 N 10TH Place 107
General Information
Standard status
Active
Size
1,089 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$1,122
Amenities
gas fireplace
private patios
breakfast nook
walk in closet
dedicated makeup vanity
private covered patio
en suite bedroom
HVAC
washer and dryer
Building Details
Building Size
1,089 SF
Year Built
1984
Listing Agency:
My Home Group Real Estate
(480) 648-9234
Listed By:
Daniel Brown · License #SA586198000
(480) 648-9234
Source:
Alexiabertsatos
Added: Mar 26
Changed: Aug 12
Last Checked: Aug 12 at 3:09PM
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 My Home Group Real Estate
Investment Insights
Based on property information with market context.
This residential income property at 5035 N 10TH Place 107 in Phoenix features open living areas with laminate flooring installed in 2024. The interior includes a gas fireplace and a kitchen with a breakfast nook or eat-in area. Three private patios provide ground-level outdoor access, including a covered patio connected to the primary suite.
The primary suite includes a walk-in closet and makeup vanity. A separate en suite bedroom offers its own walk-in closet and access to a private patio. The HVAC system was replaced in 2021 and is regularly serviced. A new washer and dryer are also included. The property was built in 1984.
The primary suite includes a walk-in closet and makeup vanity. A separate en suite bedroom offers its own walk-in closet and access to a private patio. The HVAC system was replaced in 2021 and is regularly serviced. A new washer and dryer are also included. The property was built in 1984.
Key Highlights
- Three private patios with ground‑level outdoor access
- Laminate flooring installed in 2024
- Gas fireplace in the open living areas
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
$12,702
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
5.65%
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%
$254,040
$254.0K
Cap Rate 7%
$181,457
$181.5K
Cap Rate 9%
$141,133
$141.1K
Market Conditions
NOI Build-Up for 1,089 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
$24.6K $22.56/SF
− Vacancy
−$1.5K −$1.35/SF
EGI
$23.1K $21.21/SF
− OpEx
−$10.4K −$9.54/SF
NOI
$12.7K $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%
$254,040
Cap Rate 7%
$181,457
Cap Rate 9%
$141,133
Alternative Uses
Best Use
Apartment 5plus
$181.5K
$158.8K – $211.7K
NOI $12,702 @ 7.0% cap · market cap 5.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$329.9K
$288.6K – $384.9K
NOI $23,091 @ 7.0% cap · market cap 10.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,142
Businesses Nearby
Explore this area
Business Placement
Demographics for 85014, AZ
26,381
Population
14,778
Households
1.8
Avg Household Size
37
Median Age
43%
College-Educated
90%
High-School Grad
4.0 sq mi
ZIP Area
6,595
Density / Sq Mi
$69,995
Median Household Income
$48,465
Median Earnings
$1,339
Median Rent
$447,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Residential income property with updated flooring, multiple outdoor areas, and a gas fireplace.
Where is this residential income property located?
The property is located at 5035 N 10TH Place 107 Phoenix, AZ.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Three private patios with ground‑level outdoor access; Laminate flooring installed in 2024; Gas fireplace in the open living areas
