Ground-Level Residential Income
New
For Sale
$132,500
10828 N Biltmore Dr #102, Phoenix, AZ 85029
The condo has two private patios, including a rear patio with access from the living room and primary bedroom.
Property Size1,036 SF
Price / SF$127.90
Days on Market3
Property Features for 10828 N Biltmore Dr #102
General Information
Standard status
Active
Size
1,036 SF
Property subtype
Multi-Family
Building Details
Year Built
1979
Listing Agency:
West Usa Realty
(602) 942-4200
Listed By:
Ryan Bieber
(623) 323-9559
Source:
Searcharizonahomesforsale
Added: Sep 30
Changed: Oct 1
Last Checked: Oct 1 at 11:29AM
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 West Usa Realty
Investment Insights
Based on property information with market context.
This 1,036-square-foot, ground-level condo in Lakebrook Villas 2 has two bedrooms, two bathrooms, and an open layout connecting the kitchen, dining area, and living room. There are no interior steps. Two private patios extend the living space; the rear patio is accessible from both the living room and primary bedroom, while the front patio includes a storage closet. Two parking spaces, one covered, are located outside the front door.
Community amenities include a pool, spa, and walking paths leading to a lake where catch-and-release fishing is permitted. The property is in Phoenix, near shopping, dining, and entertainment, with access to I-17. Built in 1979.
Community amenities include a pool, spa, and walking paths leading to a lake where catch-and-release fishing is permitted. The property is in Phoenix, near shopping, dining, and entertainment, with access to I-17. Built in 1979.
Key Highlights
- 1,036‑square‑foot condo with two bedrooms and two bathrooms
- Ground‑level layout with no interior steps
- Two private patios; rear patio opens to the living room and primary bedroom
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
$12,083
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
9.12%
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%
$241,660
$241.7K
Cap Rate 7%
$172,614
$172.6K
Cap Rate 9%
$134,256
$134.3K
Market Conditions
NOI Build-Up for 1,036 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%
$241,660
Cap Rate 7%
$172,614
Cap Rate 9%
$134,256
Alternative Uses
Best Use
Apartment 5plus
$172.6K
$151.0K – $201.4K
NOI $12,083 @ 7.0% cap · market cap 9.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$313.8K
$274.6K – $366.1K
NOI $21,967 @ 7.0% cap · market cap 16.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,765
Businesses Nearby
Explore this area
Business Placement
Demographics for 85029, AZ
47,101
Population
19,723
Households
2.4
Avg Household Size
35
Median Age
22%
College-Educated
82%
High-School Grad
9.4 sq mi
ZIP Area
5,011
Density / Sq Mi
$60,384
Median Household Income
$37,282
Median Earnings
$1,319
Median Rent
$307,800
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - The condo has two private patios, including a rear patio with access from the living room and primary bedroom.
Where is this residential income property located?
The property is located at 10828 N Biltmore Dr #102 Phoenix, AZ.
What is the asking price?
The asking price for this property is $132,500.
What are key features of this property?
This property features: 1,036‑square‑foot condo with two bedrooms and two bathrooms; Ground‑level layout with no interior steps; Two private patios; rear patio opens to the living room and primary bedroom
