Renovated Residential Income
For Sale
$179,900
11666 N 28th Dr #215, Phoenix, AZ 85029
Second-story condominium with a two-bedroom layout, vaulted ceiling, and updated kitchen and bathroom finishes.
Property Size704 SF
Price / SF$255.54
Days on Market37
Property Features for 11666 N 28th Dr #215
General Information
Standard status
Active
Size
704 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Building Details
Year Built
1985
Listing Agency:
Homesmart
(623) 323-9559
Listed By:
Ryan Bieber
(623) 323-9559
Source:
Searcharizonahomesforsale
Added: Jul 25
Changed: Aug 30
Last Checked: Aug 30 at 6:09AM
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 704-square-foot, second-story condominium offers two bedrooms and one bathroom within an open floor plan. A vaulted ceiling adds volume to the interior, while natural light extends through the living areas. The residence was built in 1985 and has been updated with luxury vinyl plank flooring, granite countertops in the kitchen and bathroom, a double-sink bathroom vanity, and contemporary lighting and fixtures.
Key Highlights
- 704 SF second‑story condominium at 11666 N 28th Dr #215, Phoenix, AZ 85029
- Two‑bedroom, one‑bath configuration
- Vaulted ceiling and open floor plan with natural light
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
$8,211
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
4.56%
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%
$164,220
$164.2K
Cap Rate 7%
$117,300
$117.3K
Cap Rate 9%
$91,233
$91.2K
Market Conditions
NOI Build-Up for 704 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
$15.9K $22.56/SF
− Vacancy
−$953 −$1.35/SF
EGI
$14.9K $21.21/SF
− OpEx
−$6.7K −$9.54/SF
NOI
$8.2K $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 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%
$164,220
Cap Rate 7%
$117,300
Cap Rate 9%
$91,233
Alternative Uses
Best Use
Apartment 5plus
$117.3K
$102.6K – $136.9K
NOI $8,211 @ 7.0% cap · market cap 4.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$213.2K
$186.6K – $248.8K
NOI $14,927 @ 7.0% cap · market cap 8.30%
Zoning and permitted uses should be independently verified with authorities.
Property 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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Second-story condominium with a two-bedroom layout, vaulted ceiling, and updated kitchen and bathroom finishes.
Where is this residential income property located?
The property is located at 11666 N 28th Dr #215 Phoenix, AZ.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: 704 SF second‑story condominium at 11666 N 28th Dr #215, Phoenix, AZ 85029; Two‑bedroom, one‑bath configuration; Vaulted ceiling and open floor plan with natural light
