Golf-Course View
For Sale
$345,000
11640 N TATUM Boulevard 2085, Phoenix, AZ 85028
Gated one-bedroom residence with balcony access, elevator service, and assigned underground parking.
Property Size866 SF
Days on Market203
Property Features for 11640 N TATUM Boulevard 2085
General Information
Standard status
Active
Size
866 SF
Total Parking Spaces
1
Elevators
Yes
Property subtype
Apartment
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,819
Amenities
gas fireplace
heated pool
spa
fitness center
common areas
outdoor grilling stations
gated community
Building Details
Building Size
866 SF
Year Built
2007
Listing Agency:
RETSY
(602) 989-7492
Listed By:
Christine M Espinoza · License #SA507573000
(602) 989-7492
Source:
Jcluxuryresidential
Added: Jan 22
Changed: Aug 12
Last Checked: Aug 12 at 3:39AM
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 RETSY
Investment Insights
Based on property information with market context.
This one-bedroom condominium is positioned within a gated Phoenix community and features an open great room, gas fireplace, stainless steel kitchen appliances, and a private balcony oriented toward Stonecreek Golf Course. The elevator-served building provides step-free interior access, while one assigned underground parking space is included.
Community amenities include a heated pool and spa, fitness center, shared gathering areas, and outdoor grilling stations. The HOA includes water, gas, and basic cable service. Built in 2007, the residence combines a compact condominium layout with on-site recreational and common-area amenities at 11640 N TATUM Boulevard.
Community amenities include a heated pool and spa, fitness center, shared gathering areas, and outdoor grilling stations. The HOA includes water, gas, and basic cable service. Built in 2007, the residence combines a compact condominium layout with on-site recreational and common-area amenities at 11640 N TATUM Boulevard.
Key Highlights
- One‑bedroom condominium with Stonecreek Golf Course views
- Private balcony connected to the great room
- Gas fireplace and stainless steel kitchen 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
$10,101
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
2.93%
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%
$202,020
$202.0K
Cap Rate 7%
$144,300
$144.3K
Cap Rate 9%
$112,233
$112.2K
Market Conditions
NOI Build-Up for 866 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
$19.5K $22.56/SF
− Vacancy
−$1.2K −$1.35/SF
EGI
$18.4K $21.21/SF
− OpEx
−$8.3K −$9.54/SF
NOI
$10.1K $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%
$202,020
Cap Rate 7%
$144,300
Cap Rate 9%
$112,233
Alternative Uses
Best Use
Apartment 5plus
$144.3K
$126.3K – $168.4K
NOI $10,101 @ 7.0% cap · market cap 2.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$262.3K
$229.5K – $306.0K
NOI $18,362 @ 7.0% cap · market cap 5.32%
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Gated one-bedroom residence with balcony access, elevator service, and assigned underground parking.
Where is this residential income property located?
The property is located at 11640 N TATUM Boulevard 2085 Phoenix, AZ.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: One‑bedroom condominium with Stonecreek Golf Course views; Private balcony connected to the great room; Gas fireplace and stainless steel kitchen appliances
