End-Unit Residential Income
For Sale
$344,900
5104 N 32nd St #208, Phoenix, AZ 85018
Move-in-ready end unit with updated interiors, private balcony, pool access, and assigned underground parking.
Property Size1,248 SF
Price / SF$276.36
Days on Market35
Property Features for 5104 N 32nd St #208
General Information
Standard status
Active
Size
1,248 SF
Total Parking Spaces
1
Elevators
Yes
Property subtype
Multi-Family
Additional Details
Multifamily Units
1
Amenities
pool
fitness center
gas fireplace
barbeque
Building Details
Year Built
1990
Listing Agency:
Delex Realty
(602) 456-7600
Listed By:
AZ & Associates
(602) 456-7600
Source:
Azandassociates
Added: Jul 28
Changed: Aug 30
Last Checked: Aug 30 at 4:14PM
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 Delex Realty
Investment Insights
Based on property information with market context.
This 1,248-square-foot end unit in a 1990 residential income property offers a flexible two-bedroom layout with home-like proportions. Recent improvements include interior paint and carpet completed in 2025, a 2024 water heater, HVAC identified as brand-new in July 2026, travertine tile, quartz bathroom counters, and an oversized glass-enclosed shower with built-in seat. The kitchen includes stainless appliances, tile granite counters, matching cabinetry, and a newer faucet. Additional features include a gas fireplace, walk-in closets, blackout bedroom curtains, updated lighting and fans, and a matching washer and dryer.
Located at 5104 N 32nd St #208 in Phoenix, the unit includes an assigned underground garage space positioned across from the elevator. A slate-tiled private balcony overlooks the heated pool and barbecue area, with no neighboring balconies directly across. The HOA covers gas, water, sewer, trash, pest control, roofing, and exterior maintenance. Rentals and STRs are permitted, subject to buyer verification.
Located at 5104 N 32nd St #208 in Phoenix, the unit includes an assigned underground garage space positioned across from the elevator. A slate-tiled private balcony overlooks the heated pool and barbecue area, with no neighboring balconies directly across. The HOA covers gas, water, sewer, trash, pest control, roofing, and exterior maintenance. Rentals and STRs are permitted, subject to buyer verification.
Key Highlights
- 1,248 SF end unit at 5104 N 32nd St #208, Phoenix, AZ 85018
- Interior paint and carpet updated in 2025; water heater replaced in 2024
- HVAC identified as brand‑new in July 2026
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
4.22%
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 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$378.0K
$330.8K – $441.0K
NOI $26,462 @ 7.0% cap · market cap 7.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Move-in-ready end unit with updated interiors, private balcony, pool access, and assigned underground parking.
Where is this residential income property located?
The property is located at 5104 N 32nd St #208 Phoenix, AZ.
What is the asking price?
The asking price for this property is $344,900.
What are key features of this property?
This property features: 1,248 SF end unit at 5104 N 32nd St #208, Phoenix, AZ 85018; Interior paint and carpet updated in 2025; water heater replaced in 2024; HVAC identified as brand‑new in July 2026
