Updated Residential Income
New
For Sale
$189,900
10841 W Santa Fe Dr, Sun City, AZ 85351
Condominium with refreshed systems, pet-friendly terms, and rental eligibility.
Property Size1,146 SF
Price / SF$165.71
Days on Market3
Property Features for 10841 W Santa Fe Dr
General Information
Standard status
Active
Size
1,146 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Building Details
Year Built
1976
Listing Agency:
Barrett Real Estate
(480) 864-2100
Listed By:
Ryan Bieber
(623) 323-9559
Source:
Searcharizonahomesforsale
Added: Sep 21
Last Checked: Sep 22 at 5:00PM
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 Barrett Real Estate
Investment Insights
Based on property information with market context.
This 1,146-square-foot condominium offers two bedrooms, one bathroom, and a 1.5-car garage. Improvements include a 2020 roof, 2018 air-conditioning system, 2025 water heater, updated kitchen cabinetry, new insulated garage door, and added attic insulation. Dual-pane windows and Milgard doors with a 10-year warranty add further detail to the property’s updates. Tile flooring runs through the home except for berber carpet in the second bedroom, while the bathroom includes copper plumbing, updated shower fixtures, and a bidet-equipped toilet.
The condominium is located at 10841 W Santa Fe Dr in Sun City, Arizona. The unit permits up to two pets of any size and may be rented, providing flexibility for an owner-occupant or income-property owner. Built in 1976, the residence combines an established construction date with multiple recent improvements.
The condominium is located at 10841 W Santa Fe Dr in Sun City, Arizona. The unit permits up to two pets of any size and may be rented, providing flexibility for an owner-occupant or income-property owner. Built in 1976, the residence combines an established construction date with multiple recent improvements.
Key Highlights
- 1,146‑square‑foot condominium with two bedrooms and one bathroom
- 1.5‑car garage with a new insulated garage door
- Roof replaced in 2020; air conditioning updated in 2018
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
$12,934
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
6.81%
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%
$258,680
$258.7K
Cap Rate 7%
$184,771
$184.8K
Cap Rate 9%
$143,711
$143.7K
Market Conditions
NOI Build-Up for 1,146 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
$24.8K $21.60/SF
− Vacancy
−$1.2K −$1.08/SF
EGI
$23.5K $20.52/SF
− OpEx
−$10.6K −$9.23/SF
NOI
$12.9K $11.29/SF
Area
Maricopa County, AZ
Vacancy
5.00%
Lease Rate
$21.60 /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%
$258,680
Cap Rate 7%
$184,771
Cap Rate 9%
$143,711
Alternative Uses
Best Use
Apartment 5plus
$184.8K
$161.7K – $215.6K
NOI $12,934 @ 7.0% cap · market cap 6.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$354.5K
$310.2K – $413.6K
NOI $24,814 @ 7.0% cap · market cap 13.07%
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
1,119
Businesses Nearby
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Business Placement
Demographics for 85351, AZ
29,795
Population
20,414
Households
1.5
Avg Household Size
73
Median Age
24%
College-Educated
93%
High-School Grad
10.9 sq mi
ZIP Area
2,733
Density / Sq Mi
$50,812
Median Household Income
$29,786
Median Earnings
$1,477
Median Rent
$250,300
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium with refreshed systems, pet-friendly terms, and rental eligibility.
Where is this residential income property located?
The property is located at 10841 W Santa Fe Dr Sun City, AZ.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: 1,146‑square‑foot condominium with two bedrooms and one bathroom; 1.5‑car garage with a new insulated garage door; Roof replaced in 2020; air conditioning updated in 2018
