Penthouse Residential Income
For Sale
$424,900
5136 N 31st Place #645, Phoenix, AZ 85016
Two primary suites, private balcony access, and extensive interior updates complement expansive lake and golf course outlooks.
Property Size1,415 SF
Price / SF$300.28
Days on Market63
Property Features for 5136 N 31st Place #645
General Information
Standard status
Active
Size
1,415 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Camelback East
Additional Details
Multifamily Units
1
Amenities
pool
spa
fitness center
clubhouse
walking paths
private pedestrian gate
balcony
Building Details
Year Built
1981
Listing Agency:
Red Fox Real Estate
(520) 431-8828
Listed By:
arrt of Real Estate / Amelia Goudeau
(602) 460-5545
Source:
Arrtofrealestate
Added: Sep 1
Changed: Oct 31
Last Checked: Nov 1 at 4:55AM
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 Red Fox Real Estate
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Investment Insights
Based on property information with market context.
This 1,415-square-foot penthouse residential income property, built in 1981, features a split-bedroom plan with two primary suites. The living room and main suite open directly to the balcony, which overlooks the lake, golf course, and mature landscaping. Interior improvements include remodeled bathrooms with dual sinks, bidets, updated showers, fixtures, and lighting; Pella windows; engineered wood flooring in both suites; tiled laundry space; refreshed kitchen cabinetry and hardware; a Kraus faucet and sprayer; and Frank Lloyd Wright lighting in the kitchen and dining area.
The gated community provides two pools, a spa, fitness center, clubhouse, walking paths, and a private pedestrian gate to a major grocery store. Shopping, dining, and everyday services are nearby, with the Arizona Biltmore Golf Club and Camelback corridor minutes away. HOA services include water, sewer, garbage collection, exterior and roof maintenance, blanket insurance, pest control, front yard and common-area maintenance, and street maintenance.
The gated community provides two pools, a spa, fitness center, clubhouse, walking paths, and a private pedestrian gate to a major grocery store. Shopping, dining, and everyday services are nearby, with the Arizona Biltmore Golf Club and Camelback corridor minutes away. HOA services include water, sewer, garbage collection, exterior and roof maintenance, blanket insurance, pest control, front yard and common-area maintenance, and street maintenance.
Key Highlights
- 1,415‑square‑foot penthouse built in 1981
- Two primary suites arranged in a split‑bedroom layout
- Direct balcony access from the living room and main primary suite
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,504
Cap Rate
3.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$330,080
$330.1K
Cap Rate 7%
$235,771
$235.8K
Cap Rate 9%
$183,378
$183.4K
Market Conditions
NOI Build-Up for 1,415 SF
Gross rent
$31.9K $22.56/SF
− Vacancy
−$1.9K −$1.35/SF
EGI
$30.0K $21.21/SF
− OpEx
−$13.5K −$9.54/SF
NOI
$16.5K $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 Rate 5%
$330,080
Cap Rate 7%
$235,771
Cap Rate 9%
$183,378
Alternative Uses
Best Use
Apartment 5plus
$235.8K
$206.3K – $275.1K
NOI $16,504 @ 7.0% cap · market cap 3.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$428.6K
$375.0K – $500.1K
NOI $30,003 @ 7.0% cap · market cap 7.06%
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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Frequently Asked Questions
What type of property is this?
Residential income property - Two primary suites, private balcony access, and extensive interior updates complement expansive lake and golf course outlooks.
Where is this residential income property located?
The property is located at 5136 N 31st Place #645 Phoenix, AZ.
What is the asking price?
The asking price for this property is $424,900.
What are key features of this property?
This property features: 1,415‑square‑foot penthouse built in 1981; Two primary suites arranged in a split‑bedroom layout; Direct balcony access from the living room and main primary suite
