Residential Income Property with
For Sale
$329,000
11640 N TATUM Boulevard 2021, Phoenix, AZ 85028
Gated condominium setting with private outdoor space and access to shared recreational amenities.
Property Size866 SF
Days on Market142
Property Features for 11640 N TATUM Boulevard 2021
General Information
Standard status
Active
Size
866 SF
Elevators
Yes
Property subtype
Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,274
Amenities
gated community
pool
BBQs
fitness center
clubhouse
underground parking
private balcony/patio
Building Details
Building Size
866 SF
Year Built
2008
Listing Agency:
HomeSmart
(480) 703-2201
Listed By:
Melissa Helmkamp · License #SA510774000
(480) 703-2201
Source:
Jcluxuryresidential
Added: Apr 2
Changed: Aug 17
Last Checked: Aug 21 at 11:57AM
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 one-bedroom, one-bath condominium unit is located within Aderra Condominiums, a gated community in North Phoenix. Built in 2008, the home has an open living arrangement, a kitchen with substantial cabinetry, and a private balcony or patio. Natural light is noted throughout the residence, while elevator access and underground parking support everyday convenience.
Community amenities include a pool, BBQ areas, fitness center, and clubhouse. The property is near Stonecreek Golf Course, shopping, dining, and walking paths, with freeway access also available. The residence is positioned for use as a primary home or seasonal retreat.
Community amenities include a pool, BBQ areas, fitness center, and clubhouse. The property is near Stonecreek Golf Course, shopping, dining, and walking paths, with freeway access also available. The residence is positioned for use as a primary home or seasonal retreat.
Key Highlights
- One‑bedroom, one‑bath condominium unit in Aderra Condominiums
- Gated community in North Phoenix near Stonecreek Golf Course
- Private balcony or patio
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
3.07%
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 3.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$262.3K
$229.5K – $306.0K
NOI $18,362 @ 7.0% cap · market cap 5.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Gated condominium setting with private outdoor space and access to shared recreational amenities.
Where is this residential income property located?
The property is located at 11640 N TATUM Boulevard 2021 Phoenix, AZ.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: One‑bedroom, one‑bath condominium unit in Aderra Condominiums; Gated community in North Phoenix near Stonecreek Golf Course; Private balcony or patio
