Residential Income Condo with Pool
For Sale
$199,900
10828 N BILTMORE Drive 223, Phoenix, AZ 85029
Two-bath condominium with included appliances, assigned parking, and access to a community pool.
Property Size1,036 SF
Days on Market263
Property Features for 10828 N BILTMORE Drive 223
General Information
Standard status
Active
Size
1,036 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$556
Building Details
Building Size
1,036 SF
Year Built
1979
Listing Agency:
Real Broker
(480) 334-8101
Listed By:
Krzysztof Okolita
(480) 334-8101
Source:
Alexiabertsatos
Added: Dec 1, 2025
Changed: Aug 18
Last Checked: Aug 21 at 11:45AM
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 Real Broker
Investment Insights
Based on property information with market context.
This residential income condominium was built in 1979 and offers 1,036 square feet with two bedrooms and two bathrooms. The unit includes all appliances and overlooks the community pool, providing a defined residential setting within Lakebrook Villas. Two assigned parking spaces convey with the property, including one covered space.
The condominium is located in central Phoenix with access to I-17 and a light rail station expansion. Its combination of a two-bedroom layout, pool outlook, appliance package, and designated parking supports use as a residential income asset.
The condominium is located in central Phoenix with access to I-17 and a light rail station expansion. Its combination of a two-bedroom layout, pool outlook, appliance package, and designated parking supports use as a residential income asset.
Key Highlights
- 1,036‑square‑foot condominium with 2 bedrooms and 2 bathrooms
- Community pool view within Lakebrook Villas
- All appliances included
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
6.04%
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 6.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$313.8K
$274.6K – $366.1K
NOI $21,967 @ 7.0% cap · market cap 10.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bath condominium with included appliances, assigned parking, and access to a community pool.
Where is this residential income property located?
The property is located at 10828 N BILTMORE Drive 223 Phoenix, AZ.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 1,036‑square‑foot condominium with 2 bedrooms and 2 bathrooms; Community pool view within Lakebrook Villas; All appliances included
