Furnished One-Bedroom Rental
New
For Sale
$149,900
12123 W Bell Rd #234, Surprise, AZ 85378
Furnished one-bedroom unit with updated interiors, private balcony access, and access to pool, spa, and pickleball amenities.
Property Size576 SF
Price / SF$260.24
Days on Market2
Property Features for 12123 W Bell Rd #234
General Information
Standard status
Active
Size
576 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Furnished
Yes
Highway Access
Yes
Amenities
pool
spa
pickleball courts
Building Details
Year Built
1987
Listing Agency:
Realty One Group
(623) 383-4697
Listed By:
Ryan Bieber
(623) 323-9559
Source:
Searcharizonahomesforsale
Added: Sep 11
Last Checked: Sep 12 at 7:57AM
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 Realty One Group
Investment Insights
Based on property information with market context.
This 576-square-foot, one-bedroom, one-bath unit is offered furnished and has operated as a mid-term rental. The interior includes LVP flooring, quartz countertops, updated cabinetry, and a 3-year-old HVAC system. A spacious bedroom provides ample closet storage and access to the balcony. Built in 1987, the unit is positioned for continued rental use or owner occupancy.
Community amenities include a pool, spa, and pickleball courts. The property is located at 12123 W Bell Rd #234 in Surprise, with access to the 303 Loop and proximity to the Peoria tech corridor. Rental history includes zero vacancy over the last 4 years.
Community amenities include a pool, spa, and pickleball courts. The property is located at 12123 W Bell Rd #234 in Surprise, with access to the 303 Loop and proximity to the Peoria tech corridor. Rental history includes zero vacancy over the last 4 years.
Key Highlights
- 576 SF furnished 1‑bed, 1‑bath unit
- Mid‑term rental with zero vacancy over the last 4 years
- LVP flooring, quartz counters, and updated cabinetry
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
$5,909
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
3.94%
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%
$118,180
$118.2K
Cap Rate 7%
$84,414
$84.4K
Cap Rate 9%
$65,656
$65.7K
Market Conditions
NOI Build-Up for 576 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
$11.4K $19.80/SF
− Vacancy
−$661 −$1.15/SF
EGI
$10.7K $18.65/SF
− OpEx
−$4.8K −$8.39/SF
NOI
$5.9K $10.26/SF
Area
Surprise, AZ
Vacancy
5.80%
Lease Rate
$19.80 /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%
$118,180
Cap Rate 7%
$84,414
Cap Rate 9%
$65,656
Alternative Uses
Best Use
Apartment 5plus
$84.4K
$73.9K – $98.5K
NOI $5,909 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$177.6K
$155.4K – $207.2K
NOI $12,434 @ 7.0% cap · market cap 8.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
407
Businesses Nearby
Explore this area
Business Placement
Demographics for 85378, AZ
9,368
Population
4,671
Households
2
Avg Household Size
39
Median Age
17%
College-Educated
85%
High-School Grad
3.6 sq mi
ZIP Area
2,602
Density / Sq Mi
$62,881
Median Household Income
$39,942
Median Earnings
$1,369
Median Rent
$235,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Short term rental property - Furnished one-bedroom unit with updated interiors, private balcony access, and access to pool, spa, and pickleball amenities.
Where is this short term rental property located?
The property is located at 12123 W Bell Rd #234 Surprise, AZ.
What is the asking price?
The asking price for this property is $149,900.
What are key features of this property?
This property features: 576 SF furnished 1‑bed, 1‑bath unit; Mid‑term rental with zero vacancy over the last 4 years; LVP flooring, quartz counters, and updated cabinetry
