Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    37207 N Nighthawk Way unit 5 Carefree, AZ 85377

    View on Map
    For Sale
    $850,000

    LAND - Carefree, AZ

    Lot size:
    2.56 Acres
    Added:
    Nov 14, 2025
    Days on Market:
    142
    Last Refresh:
    Apr 5 at 11:06 am

    Property Features for 37207 N Nighthawk Way unit 5

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R-70
    Standard status
    Active
    APN
    216-28-069
    Lot size
    2.56 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    1667

    We can help!

    Listing Contact
    Debbie Omundson
    Debbie Omundson

    Listing agent Debbie Omundson License #BR043321000

    Listing office Russ Lyon Sotheby's International Realty 34305 N Scottsdale Rd, Scottsdale, AZ

    Listing date Nov 14, 2025

    MLS# 6947179 Listing URL

    Copyright © 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Carefree Land with Mountain Views

    This 2.5-acre homesite is located in Nighthawk on Black Mountain, a gated luxury enclave in Carefree, Arizona. Envisioned by desert architect Gerry Jones, this exclusive community has custom homesites available for new construction. The property offers panoramic views of Black Mountain, the Continental Mountains, and the city lights of Carefree. The setting features native Sonoran Desert vegetation and boulder formations, providing complete privacy. Every homesite in Nighthawk was meticulously planned to harmonize with the mountain terrain, preserve natural beauty, and ensure optimal orientation and privacy between neighbors. Located on the north side of Black Mountain, Nighthawk is moments from the town center's fine dining, galleries, and shopping. With all utilities in place, this is an opportunity to build within one of Arizona's luxury communities. Additional lots are available.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Auto Repair Shop Building Supply Big Box & Wholesale Store Pharmacy Dental Office Food Market Electronics & Wireless Store Grocery & Convenience Store Grocery & Convenience Store Restaurant

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Carefree
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.932579
    Latitude
    33.822141

    Nearby Similar for Sale

    • $699,000

      Carefree Land with Mountain Views

      Elevated homesite with panoramic views in a sought-after location.
      6308 E VILLA CASSANDRA Way unit: 40, Carefree, AZ 85377
      View Details
    • $925,000

      Carefree Land with Mountain Views

      3.68 acre homesite in gated luxury community.
      37292 N Nighthawk Way unit: 2, Carefree, AZ 85377
      View Details
    • $799,000

      Carefree Hillside Lot with Views

      Buildable 5.17-acre lot with well, views, and no HOA.
      39805 N FATHER KINO Trail unit: 1A, Carefree, AZ 85377
      View Details
    • $910,000

      Carefree Land with Mountain Views

      Spacious 2.31-acre lot with mountain views, convenient to Carefree.
      37156 N CAREFREE Drive unit: 6, Carefree, AZ 85377
      View Details
    • $1,000,000

      Carefree Ridgetop Lot with Views

      Rare 3.9-acre lot with panoramic views near downtown Carefree.
      8537 E Sombrero Drive unit: 31, Carefree, AZ 85377
      View Details
    • $380,000

      Carefree Hillside Lot

      Almost 6 acres to build your dream custom home.
      N Father Kino Trail N unit: 2, Carefree, AZ 85377
      View Details
    • $850,000

      Carefree Land with Mountain Views

      4.72-acre double lot with panoramic views and utilities available.
      7018 E STAGECOACH PASS Road unit: 535 And 536, Carefree, AZ 85377
      View Details
    • $660,000

      Carefree Hillside Land Opportunity

      13.88 acres to build your dream custom home.
      N Father Kino Trail unit: 2&3, Carefree, AZ 85377
      View Details
    • $280,000

      Carefree Hillside Lot

      Almost 6 acres to build your dream custom home.
      N Father Kino Trail N unit: 3, Carefree, AZ 85377
      View Details
    • $849,000
      1,847 SF

      Carefree Residence with Versatile Loft

      Well-designed 2-bedroom residence in downtown Carefree with flexible layout.
      1 EASY Street 7, Carefree, AZ 85377
      View Details
    • $600,000

      Carefree Land with Mountain Views

      5.10-acre homesite in gated Hawksnest Subdivision with utilities.
      6630 Hawksnest Road N unit: 2, Carefree, AZ 85377
      View Details
    • $595,000

      Carefree Land with Mountain Views

      Acre+ lot with slab and approved plans in Carefree.
      36264 N SUN ROCK Way unit: 7, Carefree, AZ 85377
      View Details

    FAQs

    What type of property is this?
    Land - 2.5-acre homesite in gated community with panoramic views.
    Where is this land located?
    The property is located at 37207 N Nighthawk Way unit 5 Carefree, AZ.
    What is the asking price?
    The asking price for this property is $850,000.
    What are key features of this property?
    This property features: 2. 5‑acre homesite with **panoramic views of Black Mountain, Continental Mountains, and city lights.**; Located in Nighthawk on Black Mountain, a gated luxury community in Carefree, Arizona.; Designed by renowned desert architect Gerry Jones, ensuring a design legacy.
    (480) 375-1522
    We can help!
    Listing Contact
    Debbie Omundson
    Debbie Omundson
    Real Estate License ID: BR043321000
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!