Two-Bedroom Residential Income
For Sale
$239,000
5401 E VAN BUREN Street 3109, Phoenix, AZ 85008
Updated flooring and air conditioning complement gated community amenities with pools, fitness facilities, and a clubhouse.
Property Size1,042 SF
Days on Market38
Property Features for 5401 E VAN BUREN Street 3109
General Information
Standard status
Active
Size
1,042 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$1,270
Building Details
Building Size
1,042 SF
Year Built
1999
Listing Agency:
Real Broker
Listed By:
Brenda Cooney
(480) 353-0313
Source:
Alexiabertsatos
Added: Aug 12
Changed: Sep 11
Last Checked: Sep 16 at 11:49PM
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 Real Broker
Investment Insights
Based on property information with market context.
This two-bedroom, two-bath condominium in the gated Red Rox community offers an open great room with a fireplace, walk-in closets in both bedrooms, and included appliances. Vinyl plank flooring was installed in 2022, and the air-conditioning system was replaced in 2025. The residence was built in 1999.
Community amenities include two heated pools, a hot tub, seven gas grills, a fitness center, putting green, and a clubhouse with billiards, ping pong, and a media center. HOA fees include water, sewer, and trash. The property is near Loop 202, with access to Tempe, Scottsdale, Downtown Phoenix, and the airport, and is located blocks from Papago Park, the Phoenix Zoo, and the Desert Botanical Garden.
Community amenities include two heated pools, a hot tub, seven gas grills, a fitness center, putting green, and a clubhouse with billiards, ping pong, and a media center. HOA fees include water, sewer, and trash. The property is near Loop 202, with access to Tempe, Scottsdale, Downtown Phoenix, and the airport, and is located blocks from Papago Park, the Phoenix Zoo, and the Desert Botanical Garden.
Key Highlights
- Two‑bedroom, two‑bath condominium in gated Red Rox community
- Vinyl plank flooring installed in 2022
- Air‑conditioning system replaced in 2025
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
$10,931
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
4.57%
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%
$218,620
$218.6K
Cap Rate 7%
$156,157
$156.2K
Cap Rate 9%
$121,456
$121.5K
Market Conditions
NOI Build-Up for 1,042 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
$21.3K $20.40/SF
− Vacancy
−$1.4K −$1.33/SF
EGI
$19.9K $19.07/SF
− OpEx
−$8.9K −$8.58/SF
NOI
$10.9K $10.49/SF
Area
ZIP 85008
Vacancy
6.50%
Lease Rate
$20.40 /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%
$218,620
Cap Rate 7%
$156,157
Cap Rate 9%
$121,456
Alternative Uses
Best Use
Apartment 5plus
$156.2K
$136.6K – $182.2K
NOI $10,931 @ 7.0% cap · market cap 4.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$322.0K
$281.8K – $375.7K
NOI $22,542 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
626
Businesses Nearby
Explore this area
Business Placement
Demographics for 85008, AZ
59,047
Population
24,508
Households
2.4
Avg Household Size
30
Median Age
24%
College-Educated
75%
High-School Grad
10.2 sq mi
ZIP Area
5,789
Density / Sq Mi
$61,369
Median Household Income
$36,969
Median Earnings
$1,300
Median Rent
$323,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated flooring and air conditioning complement gated community amenities with pools, fitness facilities, and a clubhouse.
Where is this residential income property located?
The property is located at 5401 E VAN BUREN Street 3109 Phoenix, AZ.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condominium in gated Red Rox community; Vinyl plank flooring installed in 2022; Air‑conditioning system replaced in 2025
