One-Bedroom Income
For Sale
$324,900
5104 N 32ND Street 454, Phoenix, AZ 85018
Gated community residence with a gas fireplace, in-unit laundry, underground parking, and access to extensive shared amenities.
Property Size1,069 SF
Days on Market125
Property Features for 5104 N 32ND Street 454
General Information
Standard status
Active
Size
1,069 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$2,145
Building Details
Building Size
1,069 SF
Year Built
1990
Listing Agency:
HomeSmart
Listed By:
Melissa Feldbaumer
(480) 440-3981
Source:
Alexiabertsatos
Added: May 17
Changed: Sep 15
Last Checked: Sep 17 at 1:03AM
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 HomeSmart
Investment Insights
Based on property information with market context.
This 1 bedroom/1 bath residential income property was built in 1990 and includes a gas fireplace, recessed lighting, kitchen appliances, a washer/dryer, and a double-sink bathroom. The residence also has views toward Camelback Mountain and underground parking.
Community amenities include gated entry, a swimming pool, sauna, jacuzzi, exercise facility, and recreation room. The property is within walking distance of Biltmore golf course, restaurants, a bank, and a grocery store, with access to the Biltmore shopping area, Old Town Scottsdale, Phoenix, SR 51, the 202 Freeway, and Sky Harbor airport.
Community amenities include gated entry, a swimming pool, sauna, jacuzzi, exercise facility, and recreation room. The property is within walking distance of Biltmore golf course, restaurants, a bank, and a grocery store, with access to the Biltmore shopping area, Old Town Scottsdale, Phoenix, SR 51, the 202 Freeway, and Sky Harbor airport.
Key Highlights
- 1 bedroom/1 bath residence with gas fireplace and recessed lighting
- Kitchen appliances, washer/dryer, and double‑sink bathroom included
- Camelback Mountain views and underground parking
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
$12,468
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
3.84%
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%
$249,360
$249.4K
Cap Rate 7%
$178,114
$178.1K
Cap Rate 9%
$138,533
$138.5K
Market Conditions
NOI Build-Up for 1,069 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
$24.1K $22.56/SF
− Vacancy
−$1.4K −$1.35/SF
EGI
$22.7K $21.21/SF
− OpEx
−$10.2K −$9.54/SF
NOI
$12.5K $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%
$249,360
Cap Rate 7%
$178,114
Cap Rate 9%
$138,533
Alternative Uses
Best Use
Apartment 5plus
$178.1K
$155.9K – $207.8K
NOI $12,468 @ 7.0% cap · market cap 3.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$323.8K
$283.3K – $377.8K
NOI $22,667 @ 7.0% cap · market cap 6.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,591
Businesses Nearby
Explore this area
Business Placement
Demographics for 85018, AZ
37,944
Population
19,487
Households
1.9
Avg Household Size
40
Median Age
57%
College-Educated
92%
High-School Grad
15.1 sq mi
ZIP Area
2,513
Density / Sq Mi
$87,637
Median Household Income
$58,555
Median Earnings
$1,411
Median Rent
$805,800
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Gated community residence with a gas fireplace, in-unit laundry, underground parking, and access to extensive shared amenities.
Where is this residential income property located?
The property is located at 5104 N 32ND Street 454 Phoenix, AZ.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: 1 bedroom/1 bath residence with gas fireplace and recessed lighting; Kitchen appliances, washer/dryer, and double‑sink bathroom included; Camelback Mountain views and underground parking
