Corner-Unit Residential Income
5110 N 31ST Way 321, Phoenix, AZ 85016
For Sale
$325,000
Residents have access to community pools, spas, a fitness room, clubhouse, lakes, and golf courses.
Property Size1,170 SF
Price / SF$277.78
Days on Market182
Property Features for 5110 N 31ST Way 321
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
pool
spa
workout room
clubhouse
lakes
golf courses
Building Details
Building Size
Year Built
Listing Agency:
Coldwell Banker Realty
Listed By:
Thomas Ross · License AZ SA642903000
(602) 368-1904
Source:
Inspiredrealestatelife
Added: May 12
Changed: Nov 7
Last Checked: Nov 9 at 12:33PM
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 Coldwell Banker Realty
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Investment Insights
Based on property information with market context.
This 1,170-square-foot, second-floor corner residence has two bedrooms and two bathrooms. Hardwood flooring and upgraded finishes run through the unit, with a kitchen that opens toward the living and dining areas. A patio provides an outdoor space, and the corner position allows for cross-breezes. The community includes two pools, spas, a workout room, a clubhouse, two lakes, and two golf courses. Water and trash are included through the HOA.
The property is within walking distance of the Biltmore Resort, grocery shopping, and restaurants. Phoenix Sky Harbor International Airport is 7.5 miles away. The community has received FHA Spot Approval, and most units are occupied by full-time or seasonal owners, with rentals described as limited.
The property is within walking distance of the Biltmore Resort, grocery shopping, and restaurants. Phoenix Sky Harbor International Airport is 7.5 miles away. The community has received FHA Spot Approval, and most units are occupied by full-time or seasonal owners, with rentals described as limited.
Key Highlights
- 1,170‑square‑foot second‑floor corner unit with 2 bedrooms and 2 bathrooms
- Kitchen opens to the living and dining areas; hardwood floors and upgraded finishes
- Community amenities include 2 pools, spas, a workout room, and clubhouse
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,646
Cap Rate
4.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$272,920
$272.9K
Cap Rate 7%
$194,943
$194.9K
Cap Rate 9%
$151,622
$151.6K
Market Conditions
NOI Build-Up for 1,170 SF
Gross rent
$26.4K $22.56/SF
− Vacancy
−$1.6K −$1.35/SF
EGI
$24.8K $21.21/SF
− OpEx
−$11.2K −$9.54/SF
NOI
$13.6K $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 Rate 5%
$272,920
Cap Rate 7%
$194,943
Cap Rate 9%
$151,622
Alternative Uses
Best Use
Apartment 5plus
$194.9K
$170.6K – $227.4K
NOI $13,646 @ 7.0% cap · market cap 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$354.4K
$310.1K – $413.5K
NOI $24,808 @ 7.0% cap · market cap 7.63%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,526
Businesses Nearby
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Business Placement
Demographics for 85016, AZ
37,326
Population
21,363
Households
1.7
Avg Household Size
38
Median Age
50%
College-Educated
94%
High-School Grad
8.2 sq mi
ZIP Area
4,552
Density / Sq Mi
$85,085
Median Household Income
$53,781
Median Earnings
$1,575
Median Rent
$508,400
Median Home Value
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Market
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Frequently Asked Questions
What type of property is this?
Residential income property - Residents have access to community pools, spas, a fitness room, clubhouse, lakes, and golf courses.
Where is this residential income property located?
The property is located at 5110 N 31ST Way 321 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: 1,170‑square‑foot second‑floor corner unit with 2 bedrooms and 2 bathrooms; Kitchen opens to the living and dining areas; hardwood floors and upgraded finishes; Community amenities include 2 pools, spas, a workout room, and clubhouse
