Golf-View Residential Income
For Sale
$349,000
11640 N TATUM Boulevard 1085, Phoenix, AZ 85028
Condominium residence with underground garage parking, resort amenities, fitness facilities, and controlled building access.
Property Size886 SF
Days on Market79
Property Features for 11640 N TATUM Boulevard 1085
General Information
Standard status
Active
Size
886 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$1,518
Building Details
Building Size
886 SF
Year Built
2007
Listing Agency:
Arizona Resource Realty
(928) 474-2550
Listed By:
Tamra Lee Ulmer · License #BR518926000
(928) 474-2550
Source:
Jcluxuryresidential
Added: Jun 4
Changed: Aug 18
Last Checked: Aug 21 at 11:43AM
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 Arizona Resource Realty
Investment Insights
Based on property information with market context.
This residential income property is a condominium residence in the Aderra community, built in 2007. The offering includes secure underground garage parking and access to a heated pool and spa, fitness center, clubhouse, BBQ areas, controlled building entry, and maintained grounds. Views extend toward the golf course, mountains, and Arizona sunsets.
The property is adjacent to the PV development at Tatum and Cactus and offers walkable access to Whole Foods Market, Life Time Fitness, restaurants, retail, wellness services, and entertainment. It is near Paradise Valley, Scottsdale, Desert Ridge, Mayo Clinic, and major freeway access. The surrounding area also includes Blanco Reserva Cocina + Cantina, Flower Child, Federal Pizza, Frost Gelato, Sephora, Trevor's, and Wren House Brewing.
The property is adjacent to the PV development at Tatum and Cactus and offers walkable access to Whole Foods Market, Life Time Fitness, restaurants, retail, wellness services, and entertainment. It is near Paradise Valley, Scottsdale, Desert Ridge, Mayo Clinic, and major freeway access. The surrounding area also includes Blanco Reserva Cocina + Cantina, Flower Child, Federal Pizza, Frost Gelato, Sephora, Trevor's, and Wren House Brewing.
Key Highlights
- Condominium residence in the Aderra community, built in 2007
- Views toward the golf course, mountains, and Arizona sunsets
- Secure underground garage parking and controlled building access
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
$10,334
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
2.96%
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%
$206,680
$206.7K
Cap Rate 7%
$147,629
$147.6K
Cap Rate 9%
$114,822
$114.8K
Market Conditions
NOI Build-Up for 886 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
$20.0K $22.56/SF
− Vacancy
−$1.2K −$1.35/SF
EGI
$18.8K $21.21/SF
− OpEx
−$8.5K −$9.54/SF
NOI
$10.3K $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%
$206,680
Cap Rate 7%
$147,629
Cap Rate 9%
$114,822
Alternative Uses
Best Use
Apartment 5plus
$147.6K
$129.2K – $172.2K
NOI $10,334 @ 7.0% cap · market cap 2.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$268.4K
$234.8K – $313.1K
NOI $18,786 @ 7.0% cap · market cap 5.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Condominium residence with underground garage parking, resort amenities, fitness facilities, and controlled building access.
Where is this residential income property located?
The property is located at 11640 N TATUM Boulevard 1085 Phoenix, AZ.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Condominium residence in the Aderra community, built in 2007; Views toward the golf course, mountains, and Arizona sunsets; Secure underground garage parking and controlled building access
