Renovated Residential Income
For Sale
$224,800
11666 N 28th Drive #284, Phoenix, AZ 85029
Updated home with lake views, included appliances, and access to three community pools.
Property Size1,088 SF
Price / SF$206.62
Days on Market43
Property Features for 11666 N 28th Drive #284
General Information
Standard status
Active
Size
1,088 SF
Property subtype
Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$664
Amenities
community pools
Building Details
Building Size
1,088 SF
Year Built
1985
Stories
2
Listing Agency:
EveryPlace
(623) 256-6510
Listed By:
George Laughton · License #SA579470000
(623) 256-6510
Source:
Aznewhorizonrealty
Added: Jul 2
Changed: Aug 12
Last Checked: Aug 12 at 1:38PM
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 EveryPlace
Investment Insights
Based on property information with market context.
This 1,088-square-foot residential income property was built in 1985 and has been substantially updated. Improvements include interior paint completed in June 2026, a modern kitchen with granite countertops, pantry storage, and ample cabinetry, plus a primary suite with a walk-in closet. The HVAC system was replaced in 2025, and the refrigerator, washer, and dryer convey with the property.
The community borders a lake and includes three community pools. The property is located near shopping, dining, public transportation, and major freeways at 11666 N 28th Drive #284, Phoenix, AZ 85029.
The community borders a lake and includes three community pools. The property is located near shopping, dining, public transportation, and major freeways at 11666 N 28th Drive #284, Phoenix, AZ 85029.
Key Highlights
- 1,088‑square‑foot residential income property built in 1985
- Interior paint completed in June 2026
- HVAC system replaced in 2025
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
$12,690
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
5.65%
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%
$253,800
$253.8K
Cap Rate 7%
$181,286
$181.3K
Cap Rate 9%
$141,000
$141.0K
Market Conditions
NOI Build-Up for 1,088 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
$24.5K $22.56/SF
− Vacancy
−$1.5K −$1.35/SF
EGI
$23.1K $21.21/SF
− OpEx
−$10.4K −$9.54/SF
NOI
$12.7K $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%
$253,800
Cap Rate 7%
$181,286
Cap Rate 9%
$141,000
Alternative Uses
Best Use
Apartment 5plus
$181.3K
$158.6K – $211.5K
NOI $12,690 @ 7.0% cap · market cap 5.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$329.6K
$288.4K – $384.5K
NOI $23,070 @ 7.0% cap · market cap 10.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated home with lake views, included appliances, and access to three community pools.
Where is this residential income property located?
The property is located at 11666 N 28th Drive #284 Phoenix, AZ.
What is the asking price?
The asking price for this property is $224,800.
What are key features of this property?
This property features: 1,088‑square‑foot residential income property built in 1985; Interior paint completed in June 2026; HVAC system replaced in 2025
