Penthouse Residential Income
For Sale
$445,000
Pending
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
Days on Market11
Property Features for 5136 N 31st Place #645
General Information
Standard status
Pending
Size
1,415 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
1
Amenities
pool
spa
fitness center
clubhouse
walking paths
private pedestrian gate
balcony
Building Details
Year Built
1981
Listing Agency:
Realty One Group
Listed By:
arrt of Real Estate / Amelia Goudeau
(602) 460-5545
Source:
Arrtofrealestate
Added: Sep 1
Changed: Sep 10
Last Checked: Sep 10 at 6:32AM
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 Realty One Group
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 = 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
$16,504
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
3.71%
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%
$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
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
$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 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%
$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 3.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$428.6K
$375.0K – $500.1K
NOI $30,003 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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 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
Questions? Ask Rey
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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 $445,000.
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
