Two-Bedroom Residential Income
New
For Sale
$435,000
Pending
11640 N TATUM Boulevard 1040, Phoenix, AZ 85028
An updated two-bedroom residence offers a split layout, private covered patio, and two assigned underground parking spaces.
Property Size1,115 SF
Days on Market6
Property Features for 11640 N TATUM Boulevard 1040
General Information
Standard status
Pending
Size
1,115 SF
Total Parking Spaces
2
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Parking per Unit
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,562
Amenities
gated community
heated pool and spa
clubhouse
fitness center
BBQ ramadas
Building Details
Building Size
1,115 SF
Year Built
2008
Listing Agency:
The Ave Collective
Listed By:
Jared Rodham
(480) 404-4788
Source:
Alexiabertsatos
Added: Oct 1
Changed: Oct 6
Last Checked: Oct 5 at 11:03PM
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 The Ave Collective
Investment Insights
Based on property information with market context.
This 2008 residence has two bedrooms and two full bathrooms arranged in a split plan. The kitchen, dining area, and living room share an open layout, while each bedroom includes a walk-in closet. A covered private patio is accessible from the primary bedroom, and the unit comes with two assigned underground parking spaces. The home has been updated.
The gated community provides a heated pool and spa, clubhouse, fitness center, and barbecue ramadas. It is adjacent to Stonecreek Golf Club and within walking distance of the redeveloped Paradise Valley Mall, which includes Whole Foods, Life Time Fitness, shops, and restaurants. Kierland Commons and Scottsdale Quarter are about 10 minutes away. Access to the 51 and 101 connects the property with destinations across the valley.
The gated community provides a heated pool and spa, clubhouse, fitness center, and barbecue ramadas. It is adjacent to Stonecreek Golf Club and within walking distance of the redeveloped Paradise Valley Mall, which includes Whole Foods, Life Time Fitness, shops, and restaurants. Kierland Commons and Scottsdale Quarter are about 10 minutes away. Access to the 51 and 101 connects the property with destinations across the valley.
Key Highlights
- Two bedrooms and two full bathrooms in a split floor plan
- Updated interior with an open kitchen, dining, and living area
- Both bedrooms have walk‑in closets; primary bedroom opens to a covered private patio
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,005
Cap Rate
2.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$260,100
$260.1K
Cap Rate 7%
$185,786
$185.8K
Cap Rate 9%
$144,500
$144.5K
Market Conditions
NOI Build-Up for 1,115 SF
Gross rent
$25.2K $22.56/SF
− Vacancy
−$1.5K −$1.35/SF
EGI
$23.6K $21.21/SF
− OpEx
−$10.6K −$9.54/SF
NOI
$13.0K $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%
$260,100
Cap Rate 7%
$185,786
Cap Rate 9%
$144,500
Alternative Uses
Best Use
Apartment 5plus
$185.8K
$162.6K – $216.8K
NOI $13,005 @ 7.0% cap · market cap 2.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$337.7K
$295.5K – $394.0K
NOI $23,642 @ 7.0% cap · market cap 5.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,148
Businesses Nearby
Explore this area
Business Placement
Demographics for 85028, AZ
19,888
Population
8,642
Households
2.3
Avg Household Size
48
Median Age
56%
College-Educated
97%
High-School Grad
6.9 sq mi
ZIP Area
2,882
Density / Sq Mi
$119,436
Median Household Income
$69,819
Median Earnings
$1,832
Median Rent
$583,000
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - An updated two-bedroom residence offers a split layout, private covered patio, and two assigned underground parking spaces.
Where is this residential income property located?
The property is located at 11640 N TATUM Boulevard 1040 Phoenix, AZ.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: Two bedrooms and two full bathrooms in a split floor plan; Updated interior with an open kitchen, dining, and living area; Both bedrooms have walk‑in closets; primary bedroom opens to a covered private patio
