Remodeled Residential Income
New
For Sale
$314,900
1041 N Granite Reef Road, Scottsdale, AZ 85257
Updated interiors combine quartz kitchen and bathroom counters with added in-unit laundry and enhanced storage.
Property Size1,107 SF
Days on Market3
Property Features for 1041 N Granite Reef Road
General Information
Standard status
Active
Size
1,107 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$838
Amenities
in-unit laundry
Building Details
Building Size
1,107 SF
Year Built
1972
Year Renovated
2021
Stories
1
Listing Agency:
Incyte Realty, LLC
(480) 390-8676
Listed By:
Gabriel I. Ostrovsky
(480) 390-8676
Source:
Sunhaven-realestate
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 21 at 6:17AM
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 Incyte Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1972, this residential income property received a comprehensive interior renovation at the end of 2021. Improvements include tile flooring, refreshed wall finishes, updated fixtures, new cabinetry in both the kitchen and bathroom, and quartz countertops. Additional cabinetry and custom closet shelving expand the available storage.
A full-size laundry room was incorporated into the hall closet, providing in-unit laundry within the residence. The property is located at 1041 N Granite Reef Road in Scottsdale, Arizona.
A full-size laundry room was incorporated into the hall closet, providing in-unit laundry within the residence. The property is located at 1041 N Granite Reef Road in Scottsdale, Arizona.
Key Highlights
- Renovated at the end of 2021
- New tile flooring, paint, and updated fixtures
- Kitchen and bathroom upgraded with new cabinets and quartz counters
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
$12,809
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
4.07%
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%
$256,180
$256.2K
Cap Rate 7%
$182,986
$183.0K
Cap Rate 9%
$142,322
$142.3K
Market Conditions
NOI Build-Up for 1,107 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
$24.3K $21.96/SF
− Vacancy
−$1.0K −$0.92/SF
EGI
$23.3K $21.04/SF
− OpEx
−$10.5K −$9.47/SF
NOI
$12.8K $11.57/SF
Area
Scottsdale, AZ
Vacancy
4.20%
Lease Rate
$21.96 /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%
$256,180
Cap Rate 7%
$182,986
Cap Rate 9%
$142,322
Alternative Uses
Best Use
Apartment 5plus
$183.0K
$160.1K – $213.5K
NOI $12,809 @ 7.0% cap · market cap 4.07%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$363.4K
$318.0K – $424.0K
NOI $25,438 @ 7.0% cap · market cap 8.08%
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
602
Businesses Nearby
Explore this area
Business Placement
Demographics for 85257, AZ
29,187
Population
16,392
Households
1.8
Avg Household Size
39
Median Age
46%
College-Educated
95%
High-School Grad
6.9 sq mi
ZIP Area
4,230
Density / Sq Mi
$79,828
Median Household Income
$54,580
Median Earnings
$1,812
Median Rent
$453,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated interiors combine quartz kitchen and bathroom counters with added in-unit laundry and enhanced storage.
Where is this residential income property located?
The property is located at 1041 N Granite Reef Road Scottsdale, AZ.
What is the asking price?
The asking price for this property is $314,900.
What are key features of this property?
This property features: Renovated at the end of 2021; New tile flooring, paint, and updated fixtures; Kitchen and bathroom upgraded with new cabinets and quartz counters
