Residential Income Property with Pool
For Sale
$230,000
5401 E VAN BUREN Street 2046, Phoenix, AZ 85008
Second-floor condominium with an open layout, updated finishes, and access to multiple community amenities.
Property Size711 SF
Price / SF$323.49
Days on Market10
Property Features for 5401 E VAN BUREN Street 2046
General Information
Standard status
Active
Size
711 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$768
Amenities
pool
hot tubs
fitness center
game room
water features
putting green
Building Details
Building Size
711 SF
Year Built
1999
Listing Agency:
W and Partners, LLC
(602) 696-1721
Listed By:
Jason Watton · License #SA585233000
(602) 696-1721
Source:
Alexiabertsatos
Added: Aug 12
Changed: Aug 18
Last Checked: Aug 20 at 12:24PM
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 W and Partners, LLC
Investment Insights
Based on property information with market context.
Built in 1999, this 711-square-foot second-floor condominium at Red Rox Condominiums features an open floor plan with 9-foot ceilings and views toward the pool and courtyard. Improvements include new wood flooring throughout, newer stainless steel kitchen appliances, an upgraded shower, and appliances in both the kitchen and laundry room.
Community amenities include two pools, hot tubs, an updated fitness center, game room, water features, and a putting green. The property is adjacent to Papago Park and near Tempe Town Lake, Old Town Scottsdale, and the Metro Phoenix Lightrail.
Community amenities include two pools, hot tubs, an updated fitness center, game room, water features, and a putting green. The property is adjacent to Papago Park and near Tempe Town Lake, Old Town Scottsdale, and the Metro Phoenix Lightrail.
Key Highlights
- 711‑square‑foot second‑floor condominium with pool and courtyard views
- Open floor plan with 9‑foot ceilings
- New wood flooring throughout the condominium
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
$7,459
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
3.24%
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%
$149,180
$149.2K
Cap Rate 7%
$106,557
$106.6K
Cap Rate 9%
$82,878
$82.9K
Market Conditions
NOI Build-Up for 711 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
$14.5K $20.40/SF
− Vacancy
−$943 −$1.33/SF
EGI
$13.6K $19.07/SF
− OpEx
−$6.1K −$8.58/SF
NOI
$7.5K $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%
$149,180
Cap Rate 7%
$106,557
Cap Rate 9%
$82,878
Alternative Uses
Best Use
Apartment 5plus
$106.6K
$93.2K – $124.3K
NOI $7,459 @ 7.0% cap · market cap 3.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$219.7K
$192.3K – $256.4K
NOI $15,381 @ 7.0% cap · market cap 6.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Second-floor condominium with an open layout, updated finishes, and access to multiple community amenities.
Where is this residential income property located?
The property is located at 5401 E VAN BUREN Street 2046 Phoenix, AZ.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: 711‑square‑foot second‑floor condominium with pool and courtyard views; Open floor plan with 9‑foot ceilings; New wood flooring throughout the condominium
