Residential Income Property with Mountain
For Sale
$524,900
11500 E Cochise Dr #2085, Scottsdale, AZ 85259
Updated condominium with a split-bedroom layout, attached garage, private balcony, and access to resort-style community amenities.
Property Size1,564 SF
Price / SF$335.61
Days on Market21
Property Features for 11500 E Cochise Dr #2085
General Information
Standard status
Active
Size
1,564 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Amenities
gas fireplace
surround sound speakers
lagoon-style heated pool and spa
fitness center
clubhouse
scenic walking paths
community barbecue and seating areas
Building Details
Year Built
2001
Listing Agency:
1St Dream Realty
(602) 353-7034
Listed By:
House of AZ · License #SA665100000
(602) 353-7034
Source:
Houseofarizona
Added: Aug 9
Changed: Aug 28
Last Checked: Aug 28 at 10:17AM
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 1St Dream Realty
Investment Insights
Based on property information with market context.
This 1,564-square-foot end-unit condominium includes 3 bedrooms, 2 bathrooms, and an attached one-car garage. The split-bedroom layout places the primary suite apart from two secondary bedrooms, while the open great room connects the living and dining areas. Improvements include a remodeled kitchen with contemporary cabinetry, granite countertops, stainless steel appliances, and a peninsula breakfast bar. The primary bathroom has been renovated with a step-in shower, double vanity, walk-in closet, and added linen storage. Additional features include laminate flooring, a dedicated laundry room, garage storage, surround sound speakers, and a south-facing balcony with mountain views.
Built in 2001, the home is located within Mirage Crossing, a gated community offering a heated lagoon-style pool and spa, fitness center, clubhouse, walking paths, and barbecue and seating areas. A new air conditioning system was installed in May 2026 and includes a transferable warranty.
Built in 2001, the home is located within Mirage Crossing, a gated community offering a heated lagoon-style pool and spa, fitness center, clubhouse, walking paths, and barbecue and seating areas. A new air conditioning system was installed in May 2026 and includes a transferable warranty.
Key Highlights
- 1,564‑square‑foot end‑unit condominium with 3 bedrooms and 2 bathrooms
- Private south‑facing balcony with expansive mountain views
- Remodeled kitchen with granite countertops and stainless steel appliances
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
$18,097
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
3.45%
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%
$361,940
$361.9K
Cap Rate 7%
$258,529
$258.5K
Cap Rate 9%
$201,078
$201.1K
Market Conditions
NOI Build-Up for 1,564 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
$34.3K $21.96/SF
− Vacancy
−$1.4K −$0.92/SF
EGI
$32.9K $21.04/SF
− OpEx
−$14.8K −$9.47/SF
NOI
$18.1K $11.57/SF
Area
Scottsdale, AZ
Vacancy
4.20%
Lease Rate
$21.96 /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%
$361,940
Cap Rate 7%
$258,529
Cap Rate 9%
$201,078
Alternative Uses
Best Use
Apartment 5plus
$258.5K
$226.2K – $301.6K
NOI $18,097 @ 7.0% cap · market cap 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$513.4K
$449.2K – $599.0K
NOI $35,939 @ 7.0% cap · market cap 6.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
673
Businesses Nearby
Explore this area
Business Placement
Demographics for 85259, AZ
22,548
Population
10,864
Households
2.1
Avg Household Size
51
Median Age
69%
College-Educated
99%
High-School Grad
20.7 sq mi
ZIP Area
1,089
Density / Sq Mi
$145,574
Median Household Income
$80,502
Median Earnings
$1,769
Median Rent
$956,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condominium with a split-bedroom layout, attached garage, private balcony, and access to resort-style community amenities.
Where is this residential income property located?
The property is located at 11500 E Cochise Dr #2085 Scottsdale, AZ.
What is the asking price?
The asking price for this property is $524,900.
What are key features of this property?
This property features: 1,564‑square‑foot end‑unit condominium with 3 bedrooms and 2 bathrooms; Private south‑facing balcony with expansive mountain views; Remodeled kitchen with granite countertops and stainless steel appliances
