5132 N 31st Way 131, Phoenix, AZ 85016, Phoenix, 85016 - 2 bed, 2 bath
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Phoenix, AZ 85016
This Biltmore Income-Producing Asset is listed at $309,000, representing a stable acquisition in the high-demand 85016 zip code. Positioned at its $286,635 Fair Market Value, the property functions as a turnkey rental with a tenant secured through December 2026. Maintaining a Fair Condition Rating, the residence benefits from a New HVAC (2023), Mountain and Golf Course Views, and resort-style amenities including two pools and a spa. Located near Camelback High School and Biltmore Fashion Park, this asset is perfectly suited for Buy-and-Hold Investors or Owner-Occupants planning a future relocation.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 5132 N 31st Way 131 Subject | $309,000* List Price | 2 | 2 | 1,170 | $245 | - |
A 5124 N 31st Place 546 Sold | $375,000 List Price | 1 | 1 | 1,240 | 0.0 mi | |
B 5132 N 31st Way 114 Sold | $245,000 | 1 | 1 | 1,073 | $228 | 0.0 mi |
C 5132 N 31ST Way 123 Sold | $255,000 | 1 | 1 | 1,032 | $247 | 0.0 mi |
D 5102 N 31ST Place 425 Sold | $360,000 | 1 | 1 | 1,073 | $336 | 0.1 mi |
E 5110 N 31st Way 345 Sold | $390,000 | 2 | 2 | 1,415 | $276 | 0.1 mi |
F 5132 N 31st Way N 134 Active | $365,000 List Price | 2 | 1 | 1,231 | $297 | 0.0 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
The property is in livable condition but shows significant signs of age consistent with its 1981 build date. While it features a new HVAC system (2023), the interior remains largely outdated with popcorn ceilings, older carpeting, and basic white cabinetry in the kitchen and bathrooms. The kitchen appliances and bathroom fixtures appear functional but are older models, and the overall aesthetic has not undergone a comprehensive modern renovation, placing it firmly in the 'fair' category.
Situated within the prestigious Biltmore Resort area, this property offers exceptional walkability to Safeway, Biltmore Fashion Park, and high-end dining, providing a luxury lifestyle and high demand.
The unit features a brand-new HVAC system installed in October 2023, significantly reducing immediate maintenance concerns and improving energy efficiency for the buyer.
With a tenant already in place through December 2026, this property serves as a ready-made income generator for investors seeking long-term stability in a gated community.
The existing lease through late 2026 prevents immediate owner-occupancy, which limits the buyer pool to investors or those with a very long-term relocation timeline.
At $680 per month, the association fees are relatively high, which may impact the net rental yield for investors or the monthly affordability for future residents.
Biltmore's Hidden Gem! Biltmore Terrace First Class Condo Community. Professionally managed and conveniently located in Phoenix's Biltmore Resort Property with 2 golf courses, lakes & Biltmore Waldorf Astoria Hotel Resort. Cross-breeze corner patio unit, 2 BR 2 BA 1,170 sq.ft.OPEN FLOOR PLAN LR/DR/Kitchen. New HVAC 10/2023.Walk out the back gate to Safeway Supermarket, Matt's Big Breakfast, hair and nail salons, fine dining, and pub dining. Walk to the Biltmore Fashion Park and more. Airport only 7.5 miles. Gated Community recently upgraded. H&C water & trash & sewer included in Lower HOA dues. 2 Pools and Hot Tub Spas & Workout & Clubhouse. Rented through 12/6/26. Buy as an income property for long term or short term or live here! Rare 2 BR, 2 BA, reasonably priced. Don't miss this one
No exterior & parking available.
Grades 5-8 • 1.8 mi
Grades PK-4 • 2.6 mi
Grades 9-12 • 0.7 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 2.0 | 50% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,170 | 1,185 | 47% |
| Lot Size | 1,164 | 1,008 | 70% |
| Price | $309.0K | $360.0K | 48% |
| Price per sq ft | $264 | $312 | 38% |
| Built year | 1981 | 1984 | 44% |
| HOA | $680 | $365 | 78% |
| Days on market | 24 | 1430 | 1% |
Apr 2, 2026
$309,000
Initial Listing