Updated Residential Income
For Sale
$290,000
10136 E Southern Avenue Unit 2085, Mesa, AZ 85209
Second-floor residence in a gated community with a garage and shared recreational amenities.
Property Size1,268 SF
Days on Market23
Property Features for 10136 E Southern Avenue Unit 2085
General Information
Standard status
Active
Size
1,268 SF
Total Parking Spaces
1
Property subtype
Apartment
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,487
Amenities
fitness center
heated pool and spa
basketball court
kids' tot lot
Building Details
Building Size
1,268 SF
Year Built
2014
Listing Agency:
Built By Referral Rlty Grp 02
Listed By:
Alex Durham · License #BR664325000
(480) 254-6385
Source:
Gillettegroupaz
Added: Sep 10
Changed: Sep 23
Last Checked: Oct 1 at 4:42PM
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 Built By Referral Rlty Grp 02
Investment Insights
Based on property information with market context.
Built in 2014, this second-floor residential income property includes three bedrooms, two bathrooms, and a one-car garage. Recent interior improvements include new flooring and fresh paint, while the primary suite is equipped with dual sinks and a tiled shower.
The residence is located within Coyote Landing, a gated community at 10136 E Southern Avenue in Mesa. Community amenities include a fitness center, heated pool and spa, basketball court, and children’s tot lot. The layout provides separate living areas within a practical residential configuration.
The residence is located within Coyote Landing, a gated community at 10136 E Southern Avenue in Mesa. Community amenities include a fitness center, heated pool and spa, basketball court, and children’s tot lot. The layout provides separate living areas within a practical residential configuration.
Key Highlights
- Three‑bedroom, two‑bath second‑floor residence
- One‑car garage included
- New flooring and fresh interior paint
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
$12,911
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
4.45%
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%
$258,220
$258.2K
Cap Rate 7%
$184,443
$184.4K
Cap Rate 9%
$143,456
$143.5K
Market Conditions
NOI Build-Up for 1,268 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
$25.1K $19.80/SF
− Vacancy
−$1.6K −$1.29/SF
EGI
$23.5K $18.51/SF
− OpEx
−$10.6K −$8.33/SF
NOI
$12.9K $10.18/SF
Area
ZIP 85209
Vacancy
6.50%
Lease Rate
$19.80 /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%
$258,220
Cap Rate 7%
$184,443
Cap Rate 9%
$143,456
Alternative Uses
Best Use
Apartment 5plus
$184.4K
$161.4K – $215.2K
NOI $12,911 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$421.0K
$368.4K – $491.2K
NOI $29,472 @ 7.0% cap · market cap 10.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
620
Businesses Nearby
Explore this area
Business Placement
Demographics for 85209, AZ
44,192
Population
21,921
Households
2
Avg Household Size
44
Median Age
33%
College-Educated
93%
High-School Grad
11.8 sq mi
ZIP Area
3,745
Density / Sq Mi
$80,498
Median Household Income
$46,682
Median Earnings
$1,798
Median Rent
$363,800
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Second-floor residence in a gated community with a garage and shared recreational amenities.
Where is this residential income property located?
The property is located at 10136 E Southern Avenue Unit 2085 Mesa, AZ.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: Three‑bedroom, two‑bath second‑floor residence; One‑car garage included; New flooring and fresh interior paint
