Two-Bedroom Residential Income
For Sale
$438,000
5104 N 32nd St #123, Phoenix, AZ 85018
Updated condominium with designer finishes, private covered patio, underground parking, and access to resort-style community amenities.
Property Size1,277 SF
Price / SF$342.99
Days on Market9
Property Features for 5104 N 32nd St #123
General Information
Standard status
Active
Size
1,277 SF
Elevators
Yes
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
1
Amenities
heated pool and spa
fitness center
clubhouse
BBQ grills
fountain
lush greenbelts
mature trees
shaded pathways
Building Details
Year Built
1990
Listing Agency:
Exp Realty
(602) 460-5545
Listed By:
arrt of Real Estate / Amelia Goudeau
(602) 460-5545
Source:
Arrtofrealestate
Added: Aug 21
Changed: Aug 28
Last Checked: Aug 28 at 10:14AM
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 Exp Realty
Investment Insights
Based on property information with market context.
This 1,277-square-foot condominium, built in 1990, offers a split two-bedroom, two-bath layout with wood and stone flooring and extensive interior updates. The kitchen includes Carrara quartz counters, white shaker cabinets, a glazed brick backsplash, custom drawer storage, and display shelving. The primary suite has a walk-in closet, upgraded lighting, and a remodeled bath with quartz cabinetry, custom shelving, and a tiled shower with glass enclosure. Both bedrooms connect to the covered patio, while plantation shutters and custom shades add practical finish details.
The residence is at Meridian in Phoenix’s Biltmore/Camelback Corridor. Community features include heated pool and spa, fitness center, clubhouse, BBQ grills, fountain, greenbelts, shaded paths, elevator access, and assigned underground garage parking. A pedestrian gate connects to nearby groceries, coffee, restaurants, salons, and daily services. The property also offers access to nearby golf, resort amenities, canal paths, mountain trails, Scottsdale, Downtown Phoenix, SR-51, and Sky Harbor.
The residence is at Meridian in Phoenix’s Biltmore/Camelback Corridor. Community features include heated pool and spa, fitness center, clubhouse, BBQ grills, fountain, greenbelts, shaded paths, elevator access, and assigned underground garage parking. A pedestrian gate connects to nearby groceries, coffee, restaurants, salons, and daily services. The property also offers access to nearby golf, resort amenities, canal paths, mountain trails, Scottsdale, Downtown Phoenix, SR-51, and Sky Harbor.
Key Highlights
- 1,277 SF two‑bedroom, two‑bath condominium built in 1990
- Carrara quartz kitchen counters, white shaker cabinetry, glazed brick backsplash, and custom storage
- Primary suite includes walk‑in closet, upgraded lighting, and tiled shower with glass enclosure
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
$14,894
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
3.40%
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%
$297,880
$297.9K
Cap Rate 7%
$212,771
$212.8K
Cap Rate 9%
$165,489
$165.5K
Market Conditions
NOI Build-Up for 1,277 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
$28.8K $22.56/SF
− Vacancy
−$1.7K −$1.35/SF
EGI
$27.1K $21.21/SF
− OpEx
−$12.2K −$9.54/SF
NOI
$14.9K $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%
$297,880
Cap Rate 7%
$212,771
Cap Rate 9%
$165,489
Alternative Uses
Best Use
Apartment 5plus
$212.8K
$186.2K – $248.2K
NOI $14,894 @ 7.0% cap · market cap 3.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$386.8K
$338.5K – $451.3K
NOI $27,077 @ 7.0% cap · market cap 6.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condominium with designer finishes, private covered patio, underground parking, and access to resort-style community amenities.
Where is this residential income property located?
The property is located at 5104 N 32nd St #123 Phoenix, AZ.
What is the asking price?
The asking price for this property is $438,000.
What are key features of this property?
This property features: 1,277 SF two‑bedroom, two‑bath condominium built in 1990; Carrara quartz kitchen counters, white shaker cabinetry, glazed brick backsplash, and custom storage; Primary suite includes walk‑in closet, upgraded lighting, and tiled shower with glass enclosure
