Two-Bedroom Residential
New
For Sale
$230,000
11032 N 28th Dr #303, Phoenix, AZ 85029
Updated kitchen, in-unit laundry, and a screened balcony complement this residence with lake views.
Property Size1,087 SF
Price / SF$211.59
Days on Market5
Property Features for 11032 N 28th Dr #303
General Information
Standard status
Active
Size
1,087 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Amenities
two pickleball courts
tennis court
pool and spa
Building Details
Year Built
1977
Listing Agency:
West Usa Realty
(602) 942-4200
Listed By:
Ryan Bieber
(623) 323-9559
Source:
Searcharizonahomesforsale
Added: Sep 28
Changed: Oct 1
Last Checked: Oct 1 at 11:24AM
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 1,087-square-foot residence has two bedrooms and two bathrooms, with lake views and a screened balcony that includes a storage closet. Interior features include a renovated kitchen with quartz countertops, laminate flooring, a laundry room with pantry, three hall closets, and a walk-in primary closet. The A/C was updated in 2025. Built in 1977, the property also includes an assigned parking space.
Community amenities include two pickleball courts, a tennis court, and a pool and spa undergoing renovation. The residence is near The Metropolitan redevelopment, where residential, dining, shopping, and recreational uses are planned.
Community amenities include two pickleball courts, a tennis court, and a pool and spa undergoing renovation. The residence is near The Metropolitan redevelopment, where residential, dining, shopping, and recreational uses are planned.
Key Highlights
- Two bedrooms and two bathrooms in 1,087 square feet
- Lake views and a screened balcony with a storage closet
- Renovated kitchen with quartz countertops; laminate flooring throughout
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
$12,678
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
5.51%
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%
$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
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
$24.5K $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 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%
$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 - Updated kitchen, in-unit laundry, and a screened balcony complement this residence with lake views.
Where is this residential income property located?
The property is located at 11032 N 28th Dr #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 bedrooms and two bathrooms in 1,087 square feet; Lake views and a screened balcony with a storage closet; Renovated kitchen with quartz countertops; laminate flooring throughout
