Updated Residential Income
For Sale
$159,500
12123 W Bell Rd #125, Surprise, AZ 85378
Lower-level one-bedroom condo with refreshed appliances, in-unit laundry, and access to shared recreational amenities.
Property Size576 SF
Price / SF$276.91
Days on Market26
Property Features for 12123 W Bell Rd #125
General Information
Standard status
Active
Size
576 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Amenities
heated community pool
spa
clubhouse
Building Details
Year Built
1987
Listing Agency:
Homesmart
(623) 323-9559
Listed By:
Ryan Bieber
(623) 323-9559
Source:
Searcharizonahomesforsale
Added: Aug 3
Changed: Aug 28
Last Checked: Aug 28 at 10:15AM
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 lower-level residential income condo includes one bedroom and one bathroom within a 576-square-foot layout. Recent improvements include newer appliances, a combination washer and dryer, and a replaced HVAC unit. The home was built in 1987 and includes an assigned carport space.
Residents have access to a heated community pool and spa, along with a clubhouse. The property is located at 12123 W Bell Rd in Surprise, with shopping, dining, entertainment, parks, golf courses, a sports complex, a baseball stadium, and Luke Air Force Base identified in the surrounding area. The unit is presented as suitable for primary occupancy, a second home, or rental use.
Residents have access to a heated community pool and spa, along with a clubhouse. The property is located at 12123 W Bell Rd in Surprise, with shopping, dining, entertainment, parks, golf courses, a sports complex, a baseball stadium, and Luke Air Force Base identified in the surrounding area. The unit is presented as suitable for primary occupancy, a second home, or rental use.
Key Highlights
- 576‑square‑foot lower‑level condo with 1 bedroom and 1 bathroom
- Updated with newer appliances, a combo washer and dryer, and a recently replaced HVAC unit
- Heated community pool and spa plus clubhouse
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
3.70%
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 3.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$177.6K
$155.4K – $207.2K
NOI $12,434 @ 7.0% cap · market cap 7.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Lower-level one-bedroom condo with refreshed appliances, in-unit laundry, and access to shared recreational amenities.
Where is this residential income property located?
The property is located at 12123 W Bell Rd #125 Surprise, AZ.
What is the asking price?
The asking price for this property is $159,500.
What are key features of this property?
This property features: 576‑square‑foot lower‑level condo with 1 bedroom and 1 bathroom; Updated with newer appliances, a combo washer and dryer, and a recently replaced HVAC unit; Heated community pool and spa plus clubhouse
