Lake-View Residential
For Sale
$230,000
11032 N 28TH Drive 303, Phoenix, AZ 85029
This two-bedroom, two-bath home includes a screened balcony, community recreation facilities, and an assigned parking space.
Property Size1,087 SF
Days on Market12
Property Features for 11032 N 28TH Drive 303
General Information
Standard status
Active
Size
1,087 SF
Total Parking Spaces
1
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,148
Amenities
pickleball courts
tennis court
pool
spa
Building Details
Building Size
1,087 SF
Year Built
1977
Listing Agency:
Realty Executives Arizona Territory
Listed By:
Susan Fitzpatrick
(917) 992-6002
Source:
Alexiabertsatos
Added: Sep 25
Changed: Oct 2
Last Checked: Oct 5 at 10:55PM
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 Realty Executives Arizona Territory
Investment Insights
Based on property information with market context.
Built in 1977, this two-bedroom, two-bath residence has lake views and a screened balcony with a private storage closet. Interior features include a renovated kitchen with quartz countertops, laminate flooring throughout, and an A/C system installed in 2025. Storage includes a laundry room with pantry use, three hall closets, and a walk-in closet in the primary bedroom.
Community amenities include two pickleball courts, a tennis court, a pool, and a spa; the pool and spa are undergoing renovation. The residence also has one assigned parking space. The property is near The Metropolitan redevelopment, where residential, dining, shopping, and recreational development is planned.
Community amenities include two pickleball courts, a tennis court, a pool, and a spa; the pool and spa are undergoing renovation. The residence also has one assigned parking space. The property is near The Metropolitan redevelopment, where residential, dining, shopping, and recreational development is planned.
Key Highlights
- Two‑bedroom, two‑bath residence with lake views
- Renovated kitchen with quartz countertops and laminate flooring throughout
- A/C installed in 2025
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,678
Cap Rate
5.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$253,560
$253.6K
Cap Rate 7%
$181,114
$181.1K
Cap Rate 9%
$140,867
$140.9K
Market Conditions
NOI Build-Up for 1,087 SF
Gross rent
$24.5K $22.56/SF
− Vacancy
−$1.5K −$1.35/SF
EGI
$23.1K $21.21/SF
− OpEx
−$10.4K −$9.54/SF
NOI
$12.7K $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 Rate 5%
$253,560
Cap Rate 7%
$181,114
Cap Rate 9%
$140,867
Alternative Uses
Best Use
Apartment 5plus
$181.1K
$158.5K – $211.3K
NOI $12,678 @ 7.0% cap · market cap 5.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$329.3K
$288.1K – $384.1K
NOI $23,048 @ 7.0% cap · market cap 10.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,397
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 - This two-bedroom, two-bath home includes a screened balcony, community recreation facilities, and an assigned parking space.
Where is this residential income property located?
The property is located at 11032 N 28TH Drive 303 Phoenix, AZ.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath residence with lake views; Renovated kitchen with quartz countertops and laminate flooring throughout; A/C installed in 2025
