End-Unit Residential Income
For Sale
$188,000
5104 N 32ND Street #446, Phoenix, AZ 85018
Fourth-floor condominium with a private balcony, underground parking, and access to a gated community pool, spa, and fitness center.
Property Size811 SF
Price / SF$231.81
Days on Market83
Property Features for 5104 N 32ND Street #446
General Information
Standard status
Active
Size
811 SF
Total Parking Spaces
1
Elevators
Yes
Property subtype
Apartment
Property Condition
Severity
Repairs Needed
Evidence
refresh and personalize
Units
Multifamily Units
1
Parking per Unit
1
Amenities
pool and spa
fitness center
community room
gated community
in-unit laundry
Fireplace
Security System
Ceiling Fan(s)
Electric
Central Air
Refrigerator
Built-in Microwave
Dishwasher
Disposal
Electric Range
Deck, SRP, Tile
Building Details
Year Built
1990
Stories
4
Listed By:
Barbara Woyak · License #SA566481000
(602) 329-6655
Source:
Kw
Added: Jun 27
Changed: Sep 17
Last Checked: Sep 16 at 7:53PM
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 Barbara Woyak
Investment Insights
Based on property information with market context.
This fourth-floor end-unit condominium at Meridian includes 1 bedroom, 1 bath, and 811 square feet of living space. The floor plan features a living room with gas fireplace, dining area, appliance-equipped kitchen, and in-unit laundry hookups. A private balcony extends from the living room and includes an exterior storage closet, while the bedroom offers a walk-in closet. The residence is being sold in as-is condition and was built in 1990.
Meridian is a gated community near the intersection of Camelback and 32nd Street in Phoenix. Community amenities include elevators, underground parking, a pool and spa, fitness center, and community room. The property address is 5104 N 32ND Street #446, Phoenix, AZ 85018, with access to the Biltmore area, downtown Scottsdale, shopping, dining, resorts, golf, and major employment corridors.
Meridian is a gated community near the intersection of Camelback and 32nd Street in Phoenix. Community amenities include elevators, underground parking, a pool and spa, fitness center, and community room. The property address is 5104 N 32ND Street #446, Phoenix, AZ 85018, with access to the Biltmore area, downtown Scottsdale, shopping, dining, resorts, golf, and major employment corridors.
Key Highlights
- 811 SF, 1‑bedroom, 1‑bath fourth‑floor end unit
- Private balcony with exterior storage closet
- One assigned underground parking space
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
$9,459
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
5.03%
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%
$189,180
$189.2K
Cap Rate 7%
$135,129
$135.1K
Cap Rate 9%
$105,100
$105.1K
Market Conditions
NOI Build-Up for 811 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
$18.3K $22.56/SF
− Vacancy
−$1.1K −$1.35/SF
EGI
$17.2K $21.21/SF
− OpEx
−$7.7K −$9.54/SF
NOI
$9.5K $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%
$189,180
Cap Rate 7%
$135,129
Cap Rate 9%
$105,100
Alternative Uses
Best Use
Apartment 5plus
$135.1K
$118.2K – $157.7K
NOI $9,459 @ 7.0% cap · market cap 5.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$245.7K
$215.0K – $286.6K
NOI $17,196 @ 7.0% cap · market cap 9.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - Fourth-floor condominium with a private balcony, underground parking, and access to a gated community pool, spa, and fitness center.
Where is this residential income property located?
The property is located at 5104 N 32ND Street #446 Phoenix, AZ.
What is the asking price?
The asking price for this property is $188,000.
What are key features of this property?
This property features: 811 SF, 1‑bedroom, 1‑bath fourth‑floor end unit; Private balcony with exterior storage closet; One assigned underground parking space
