Updated Condo Income
For Sale
$325,000
5104 N 32ND Street 218, Phoenix, AZ 85018
Corner-unit condominium with mountain views, flexible second bedroom, gated access, and community recreation amenities.
Property Size1,248 SF
Days on Market352
Property Features for 5104 N 32ND Street 218
General Information
Standard status
Active
Size
1,248 SF
Elevators
Yes
Property subtype
Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,824
Amenities
gas fireplace
heated pool
spa
fitness center
secure gated entry
private patio
Building Details
Building Size
1,248 SF
Year Built
1990
Listing Agency:
Compass
Listed By:
Kerry Tishuck
(480) 231-6254
Source:
Alexiabertsatos
Added: Oct 3, 2025
Changed: Sep 12
Last Checked: Sep 18 at 10:36AM
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
Investment Insights
Based on property information with market context.
This updated corner-unit condominium offers an open interior with two flexible bedroom areas, allowing the second room to function as a bedroom, office, den, or gym. Interior improvements include wood-style flooring without carpet, soft-close shaker cabinets, black leathered granite counters, black stainless-steel appliances, and an induction range. A gas fireplace, dual-sink marble vanity, and oversized tub add further detail to the living and bath areas. The private patio and second bedroom provide views toward Piestewa Peak, while Camelback Mountain is visible from the entry.
The residence includes assigned underground parking near the elevator, with an additional space available for a monthly fee. The gated community features a heated pool, spa, fitness center, and secure entry. A pedestrian gate connects to the Arizona Biltmore area, with shopping, restaurants, golf, and entertainment nearby. SR-51, Sky Harbor Airport, Camelback Mountain, and the Phoenix Mountain Preserve are also within minutes. Built in 1990.
The residence includes assigned underground parking near the elevator, with an additional space available for a monthly fee. The gated community features a heated pool, spa, fitness center, and secure entry. A pedestrian gate connects to the Arizona Biltmore area, with shopping, restaurants, golf, and entertainment nearby. SR-51, Sky Harbor Airport, Camelback Mountain, and the Phoenix Mountain Preserve are also within minutes. Built in 1990.
Key Highlights
- Corner‑unit condominium with a flexible second bedroom, private patio, and mountain views
- Assigned underground parking near the elevator; a second space is available for a monthly fee
- Updated interior with no carpet, shaker cabinetry, leathered granite, and black stainless‑steel 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
$14,556
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
4.48%
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%
$291,120
$291.1K
Cap Rate 7%
$207,943
$207.9K
Cap Rate 9%
$161,733
$161.7K
Market Conditions
NOI Build-Up for 1,248 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
$28.2K $22.56/SF
− Vacancy
−$1.7K −$1.35/SF
EGI
$26.5K $21.21/SF
− OpEx
−$11.9K −$9.54/SF
NOI
$14.6K $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%
$291,120
Cap Rate 7%
$207,943
Cap Rate 9%
$161,733
Alternative Uses
Best Use
Apartment 5plus
$207.9K
$182.0K – $242.6K
NOI $14,556 @ 7.0% cap · market cap 4.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$378.0K
$330.8K – $441.0K
NOI $26,462 @ 7.0% cap · market cap 8.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
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 - Corner-unit condominium with mountain views, flexible second bedroom, gated access, and community recreation amenities.
Where is this residential income property located?
The property is located at 5104 N 32ND Street 218 Phoenix, AZ.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Corner‑unit condominium with a flexible second bedroom, private patio, and mountain views; Assigned underground parking near the elevator; a second space is available for a monthly fee; Updated interior with no carpet, shaker cabinetry, leathered granite, and black stainless‑steel appliances
