Ground-Floor Residential Income
For Sale
$299,000
Pending
5211 N 24TH Street 105, Phoenix, AZ 85016
Condominium with updated finishes, community amenities, and no rental restrictions.
Property Size870 SF
Days on Market73
Property Features for 5211 N 24TH Street 105
General Information
Standard status
Pending
Size
870 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,377
Amenities
pool
hot tub
fitness center
Tea House
guard-gated
Building Details
Building Size
870 SF
Year Built
1979
Listing Agency:
The Brokery
Listed By:
Alice Blakely
(602) 320-4066
Source:
Alexiabertsatos
Added: Jul 8
Changed: Sep 17
Last Checked: Sep 16 at 10:46PM
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 The Brokery
Investment Insights
Based on property information with market context.
This ground-level condominium is located within the guard-gated Cloisters community and was built in 1979. Interior updates include fresh paint, new carpet, and LED can lighting with dimmer controls. The residence receives natural light and is positioned away from parking-lot views.
Community amenities include two pools, hot tubs, a fitness center, and the Tea House. The property has no rental restrictions. Its Phoenix setting places it near Sky Harbor Airport, golf, shopping, dining, and hiking destinations.
Community amenities include two pools, hot tubs, a fitness center, and the Tea House. The property has no rental restrictions. Its Phoenix setting places it near Sky Harbor Airport, golf, shopping, dining, and hiking destinations.
Key Highlights
- Ground‑floor condominium in the guard‑gated Cloisters community
- No rental restrictions
- Fresh paint and new carpet
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
$10,147
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
3.39%
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%
$202,940
$202.9K
Cap Rate 7%
$144,957
$145.0K
Cap Rate 9%
$112,744
$112.7K
Market Conditions
NOI Build-Up for 870 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
$19.6K $22.56/SF
− Vacancy
−$1.2K −$1.35/SF
EGI
$18.4K $21.21/SF
− OpEx
−$8.3K −$9.54/SF
NOI
$10.1K $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%
$202,940
Cap Rate 7%
$144,957
Cap Rate 9%
$112,744
Alternative Uses
Best Use
Apartment 5plus
$145.0K
$126.8K – $169.1K
NOI $10,147 @ 7.0% cap · market cap 3.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$263.5K
$230.6K – $307.5K
NOI $18,447 @ 7.0% cap · market cap 6.17%
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
3,531
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 - Condominium with updated finishes, community amenities, and no rental restrictions.
Where is this residential income property located?
The property is located at 5211 N 24TH Street 105 Phoenix, AZ.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Ground‑floor condominium in the guard‑gated Cloisters community; No rental restrictions; Fresh paint and new carpet
