Residential Income Property with
5122 N 31ST Way 217, Phoenix, AZ 85016
For Sale
$339,000
The home includes an in-unit laundry area and access to shared recreational amenities.
Property Size1,319 SF
Price / SF$257.01
Days on Market64
Property Features for 5122 N 31ST Way 217
General Information
Standard status
Size
Elevators
Property subtype
Site & Location
Neighborhood
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
walking paths
pool
spa
clubhouse
fitness center
controlled access gated
security patrolled
Building Details
Building Size
Year Built
Listing Agency:
RETSY
Listed By:
Babbi L Gabel · License AZ SA028866000
(602) 741-7750
Source:
1912realty
Added: Sep 7
Changed: Nov 9
Last Checked: Nov 9 at 7:17AM
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 RETSY
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Investment Insights
Based on property information with market context.
This 1,319-square-foot residence, built in 1981, has a spacious kitchen with a breakfast area, an owner’s suite with dressing and conversation areas, and two bathrooms with updated vanities and LED lighting. Additional features include carpeting, a desk, in-unit laundry, and a south-facing balcony. Hot and cold water are included through the HOA.
The gated community has controlled access and security patrols. Shared amenities include walking paths, two pools, two spas, a clubhouse on the golf course, a fitness center, and an elevator. Pedestrian access connects the community with Biltmore Plaza, which has restaurants and Safeway grocery stores.
The gated community has controlled access and security patrols. Shared amenities include walking paths, two pools, two spas, a clubhouse on the golf course, a fitness center, and an elevator. Pedestrian access connects the community with Biltmore Plaza, which has restaurants and Safeway grocery stores.
Key Highlights
- 1,319‑square‑foot residence built in 1981
- South‑facing balcony
- Two bathrooms with updated vanities and LED lighting
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,384
Cap Rate
4.54%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$307,680
$307.7K
Cap Rate 7%
$219,771
$219.8K
Cap Rate 9%
$170,933
$170.9K
Market Conditions
NOI Build-Up for 1,319 SF
Gross rent
$29.8K $22.56/SF
− Vacancy
−$1.8K −$1.35/SF
EGI
$28.0K $21.21/SF
− OpEx
−$12.6K −$9.54/SF
NOI
$15.4K $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%
$307,680
Cap Rate 7%
$219,771
Cap Rate 9%
$170,933
Alternative Uses
Best Use
Apartment 5plus
$219.8K
$192.3K – $256.4K
NOI $15,384 @ 7.0% cap · market cap 4.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$399.5K
$349.6K – $466.1K
NOI $27,968 @ 7.0% cap · market cap 8.25%
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
1,591
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
Properties on Market for Residential income properties in Phoenix
Frequently Asked Questions
What type of property is this?
Residential income property - The home includes an in-unit laundry area and access to shared recreational amenities.
Where is this residential income property located?
The property is located at 5122 N 31ST Way 217 Phoenix, AZ.
What is the asking price?
The asking price for this property is $339,000.
What are key features of this property?
This property features: 1,319‑square‑foot residence built in 1981; South‑facing balcony; Two bathrooms with updated vanities and LED lighting
