Ground-Floor Short-Term Rental
For Sale
$279,000
10410 N CAVE CREEK Road 1071, Phoenix, AZ 85020
Furnished condominium with split-bedroom layout, private patios, and community amenities supporting short-term rental use.
Property Size1,038 SF
Days on Market13
Property Features for 10410 N CAVE CREEK Road 1071
General Information
Standard status
Active
Size
1,038 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$1,104
Building Details
Building Size
1,038 SF
Year Built
1986
Listing Agency:
HomeSmart
(602) 688-4059
Listed By:
Joel M Edwards
(602) 688-4059
Source:
Alexiabertsatos
Added: Aug 14
Changed: Aug 20
Last Checked: Aug 25 at 11:21AM
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 HomeSmart
Investment Insights
Based on property information with market context.
This ground-level condominium at 10410 N Cave Creek Road in Phoenix offers a two-bedroom, two-bath layout with no interior steps and a split-bedroom design. The open living area includes tile and LVP flooring, a fireplace, dining space, and patio access. The kitchen has granite counters, refreshed cabinetry, and stainless steel appliances, while a stackable washer and dryer and entry storage add convenience. Both bedrooms feature ensuite bathrooms, closet space, and access to outdoor areas.
The home has operated as a short-term rental for more than 10 years, and the HOA and CC&Rs allow short-term rentals. It may remain furnished, with furniture, televisions, linens, cookware, and household essentials available through a separate bill of sale. Community amenities include three heated swimming pools, heated spas, tennis, pickleball, basketball, barbecue areas, outdoor seating, and walking paths. One reserved covered parking space is included. HOA fees cover water, sewer, trash, common-area maintenance, and Cox cable service. Built in 1986.
The home has operated as a short-term rental for more than 10 years, and the HOA and CC&Rs allow short-term rentals. It may remain furnished, with furniture, televisions, linens, cookware, and household essentials available through a separate bill of sale. Community amenities include three heated swimming pools, heated spas, tennis, pickleball, basketball, barbecue areas, outdoor seating, and walking paths. One reserved covered parking space is included. HOA fees cover water, sewer, trash, common-area maintenance, and Cox cable service. Built in 1986.
Key Highlights
- Two‑bedroom, two‑bath ground‑floor condo with no interior steps
- Short‑term rentals permitted by the HOA and CC&Rs; more than 10 years of rental history
- Updated kitchen with granite countertops, cabinetry, and stainless steel appliances
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
$12,107
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
4.34%
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%
$242,140
$242.1K
Cap Rate 7%
$172,957
$173.0K
Cap Rate 9%
$134,522
$134.5K
Market Conditions
NOI Build-Up for 1,038 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
$23.4K $22.56/SF
− Vacancy
−$1.4K −$1.35/SF
EGI
$22.0K $21.21/SF
− OpEx
−$9.9K −$9.54/SF
NOI
$12.1K $11.66/SF
Area
Phoenix, AZ
Vacancy
6.00%
Lease Rate
$22.56 /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%
$242,140
Cap Rate 7%
$172,957
Cap Rate 9%
$134,522
Alternative Uses
Best Use
Apartment 5plus
$173.0K
$151.3K – $201.8K
NOI $12,107 @ 7.0% cap · market cap 4.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$314.4K
$275.1K – $366.8K
NOI $22,009 @ 7.0% cap · market cap 7.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
443
Businesses Nearby
Explore this area
Business Placement
Demographics for 85020, AZ
34,534
Population
18,231
Households
1.9
Avg Household Size
43
Median Age
43%
College-Educated
90%
High-School Grad
8.8 sq mi
ZIP Area
3,924
Density / Sq Mi
$78,412
Median Household Income
$48,230
Median Earnings
$1,389
Median Rent
$400,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Furnished condominium with split-bedroom layout, private patios, and community amenities supporting short-term rental use.
Where is this short term rental property located?
The property is located at 10410 N CAVE CREEK Road 1071 Phoenix, AZ.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath ground‑floor condo with no interior steps; Short‑term rentals permitted by the HOA and CC&Rs; more than 10 years of rental history; Updated kitchen with granite countertops, cabinetry, and stainless steel appliances
