Renovated Residential Income
For Sale
$211,900
11666 N 28TH Drive 223, Phoenix, AZ 85029
Second-story condo with two bedrooms, two baths, vaulted ceilings, and lake views.
Property Size874 SF
Days on Market140
Property Features for 11666 N 28TH Drive 223
General Information
Standard status
Active
Size
874 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$482
Building Details
Building Size
874 SF
Year Built
1985
Listing Agency:
Libertas Real Estate
Listed By:
Ashley Howell
(602) 539-1359
Source:
Alexiabertsatos
Added: May 31
Changed: Oct 14
Last Checked: Oct 16 at 4:25PM
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 Libertas Real Estate
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Investment Insights
Based on property information with market context.
This second-story condominium offers a two-bedroom, two-bath layout with vaulted ceilings and an open living area. Lake views provide a defined scenic element, while the interior has been updated with luxury vinyl plank flooring, quartz countertops, contemporary lighting, and modern fixtures. Natural light enters the living spaces, complementing the refreshed finishes and open arrangement.
Built in 1985, the property combines an established residential structure with a substantially updated interior. Its condominium format, bedroom and bathroom count, upper-level position, and lake outlook are the primary physical characteristics.
Built in 1985, the property combines an established residential structure with a substantially updated interior. Its condominium format, bedroom and bathroom count, upper-level position, and lake outlook are the primary physical characteristics.
Key Highlights
- Two‑bedroom, two‑bath second‑story condo
- Lake views from the condominium
- Vaulted ceilings and open living area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$10,194
Cap Rate
4.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$203,880
$203.9K
Cap Rate 7%
$145,629
$145.6K
Cap Rate 9%
$113,267
$113.3K
Market Conditions
NOI Build-Up for 874 SF
Gross rent
$19.7K $22.56/SF
− Vacancy
−$1.2K −$1.35/SF
EGI
$18.5K $21.21/SF
− OpEx
−$8.3K −$9.54/SF
NOI
$10.2K $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%
$203,880
Cap Rate 7%
$145,629
Cap Rate 9%
$113,267
Alternative Uses
Best Use
Apartment 5plus
$145.6K
$127.4K – $169.9K
NOI $10,194 @ 7.0% cap · market cap 4.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$264.7K
$231.7K – $308.9K
NOI $18,532 @ 7.0% cap · market cap 8.75%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
786
Businesses Nearby
Explore this area
Business Placement
Demographics for 85029, AZ
47,101
Population
19,723
Households
2.4
Avg Household Size
35
Median Age
22%
College-Educated
82%
High-School Grad
9.4 sq mi
ZIP Area
5,011
Density / Sq Mi
$60,384
Median Household Income
$37,282
Median Earnings
$1,319
Median Rent
$307,800
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Second-story condo with two bedrooms, two baths, vaulted ceilings, and lake views.
Where is this residential income property located?
The property is located at 11666 N 28TH Drive 223 Phoenix, AZ.
What is the asking price?
The asking price for this property is $211,900.
What are key features of this property?
This property features: Two‑bedroom, two‑bath second‑story condo; Lake views from the condominium; Vaulted ceilings and open living area
