Remodeled Residential Income
New
For Sale
$509,000
11500 E Cochise Drive #1047, Scottsdale, AZ 85259
Gated residential property with updated interiors, private garage, patio, and access to shared pool, spa, fitness, and clubhouse amenities.
Property Size1,306 SF
Price / SF$389.74
Days on Market4
Property Features for 11500 E Cochise Drive #1047
General Information
Standard status
Active
Size
1,306 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$1,294
Amenities
heated pool
spa
walking paths
BBQ areas
clubhouse
fitness center
meeting rooms
private patio
private garage
custom fireplace
bar
Building Details
Building Size
1,306 SF
Year Built
2000
Stories
1
Listing Agency:
HomeSmart
(602) 434-6369
Listed By:
Tammy Blackwell · License #SA587094000
(602) 434-6369
Source:
Aznewhorizonrealty
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 22 at 1:40PM
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 HomeSmart
Investment Insights
Based on property information with market context.
This 1,306-square-foot residential income property in Scottsdale was built in 2000 and has undergone a substantial interior remodel. Improvements include new flooring, fresh paint, quartz countertops, soft-close cabinetry, updated plumbing fixtures, contemporary lighting, sinks, and kitchen appliances. The residence also features a bar area, custom fireplace, private patio, and spa-style bathrooms with new vanities and mirrors. New A/C and a new water heater add to the recent upgrades.
The property is located within the gated Mirage Crossing community at 11500 E Cochise Drive #1047. A private garage provides enclosed parking and storage. Community amenities include a heated pool and spa, walking paths, BBQ areas, clubhouse, fitness center, and meeting rooms.
The property is located within the gated Mirage Crossing community at 11500 E Cochise Drive #1047. A private garage provides enclosed parking and storage. Community amenities include a heated pool and spa, walking paths, BBQ areas, clubhouse, fitness center, and meeting rooms.
Key Highlights
- 1,306 SF residential income property in Scottsdale
- Built in 2000 with a substantial interior remodel
- New A/C, water heater, kitchen appliances, flooring, lighting, sinks, and plumbing fixtures
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
$15,111
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
2.97%
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%
$302,220
$302.2K
Cap Rate 7%
$215,871
$215.9K
Cap Rate 9%
$167,900
$167.9K
Market Conditions
NOI Build-Up for 1,306 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
$28.7K $21.96/SF
− Vacancy
−$1.2K −$0.92/SF
EGI
$27.5K $21.04/SF
− OpEx
−$12.4K −$9.47/SF
NOI
$15.1K $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%
$302,220
Cap Rate 7%
$215,871
Cap Rate 9%
$167,900
Alternative Uses
Best Use
Apartment 5plus
$215.9K
$188.9K – $251.9K
NOI $15,111 @ 7.0% cap · market cap 2.97%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$428.7K
$375.1K – $500.2K
NOI $30,011 @ 7.0% cap · market cap 5.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Gated residential property with updated interiors, private garage, patio, and access to shared pool, spa, fitness, and clubhouse amenities.
Where is this residential income property located?
The property is located at 11500 E Cochise Drive #1047 Scottsdale, AZ.
What is the asking price?
The asking price for this property is $509,000.
What are key features of this property?
This property features: 1,306 SF residential income property in Scottsdale; Built in 2000 with a substantial interior remodel; New A/C, water heater, kitchen appliances, flooring, lighting, sinks, and plumbing fixtures
