Updated Residential Income
New
For Sale
$300,000
1633 E Lakeside Drive #135, Gilbert, AZ 85234
Two-bedroom, two-bath condominium with private outdoor space and attached parking.
Property Size975 SF
Days on Market6
Property Features for 1633 E Lakeside Drive #135
General Information
Standard status
Active
Size
975 SF
Total Parking Spaces
1
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,435
Amenities
oversized private patio
neighborhood pool and spa
sandy beach lagoon pool
junior Olympic lap pool
state-of-the-art fitness center
racquetball
lighted tennis and pickleball courts
lush walking paths
scenic lakes
Building Details
Building Size
975 SF
Year Built
1994
Stories
2
Listing Agency:
Haiduk Realty Experience
(480) 313-8936
Listed By:
Bart Haiduk
(480) 313-8936
Source:
Sunhaven-realestate
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 14 at 2:25PM
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 Haiduk Realty Experience
Investment Insights
Based on property information with market context.
This 1994-built condominium offers a two-bedroom, two-bath layout with fresh interior paint, brand-new energy-efficient windows, and a 3-year-old HVAC system. The open living area extends to an oversized private patio, while the 1-car attached garage provides direct entry and additional storage.
Residents have access to the Beach Club Village pool and spa, along with Val Vista Lakes Master Clubhouse amenities including a sandy beach lagoon pool, junior Olympic lap pool, fitness center, racquetball, tennis, pickleball, and lakefront walking paths. The home is located at 1633 E Lakeside Drive in Gilbert, with access to Dana Park Village Square, Downtown Gilbert’s Heritage District, SanTan Village, US-60, and Loop 202.
Residents have access to the Beach Club Village pool and spa, along with Val Vista Lakes Master Clubhouse amenities including a sandy beach lagoon pool, junior Olympic lap pool, fitness center, racquetball, tennis, pickleball, and lakefront walking paths. The home is located at 1633 E Lakeside Drive in Gilbert, with access to Dana Park Village Square, Downtown Gilbert’s Heritage District, SanTan Village, US-60, and Loop 202.
Key Highlights
- Two‑bedroom, two‑bath condominium at 1633 E Lakeside Drive #135
- Brand‑new energy‑efficient windows and fresh interior paint
- 3‑year‑old HVAC system
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
$11,672
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
3.89%
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%
$233,440
$233.4K
Cap Rate 7%
$166,743
$166.7K
Cap Rate 9%
$129,689
$129.7K
Market Conditions
NOI Build-Up for 975 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
$22.7K $23.28/SF
− Vacancy
−$1.5K −$1.51/SF
EGI
$21.2K $21.77/SF
− OpEx
−$9.6K −$9.80/SF
NOI
$11.7K $11.97/SF
Area
Gilbert, AZ
Vacancy
6.50%
Lease Rate
$23.28 /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%
$233,440
Cap Rate 7%
$166,743
Cap Rate 9%
$129,689
Alternative Uses
Best Use
Apartment 5plus
$166.7K
$145.9K – $194.5K
NOI $11,672 @ 7.0% cap · market cap 3.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$256.0K
$224.0K – $298.7K
NOI $17,919 @ 7.0% cap · market cap 5.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,238
Businesses Nearby
Explore this area
Business Placement
Demographics for 85234, AZ
51,051
Population
17,488
Households
2.9
Avg Household Size
36
Median Age
46%
College-Educated
96%
High-School Grad
11.9 sq mi
ZIP Area
4,290
Density / Sq Mi
$118,012
Median Household Income
$54,080
Median Earnings
$1,971
Median Rent
$488,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom, two-bath condominium with private outdoor space and attached parking.
Where is this residential income property located?
The property is located at 1633 E Lakeside Drive #135 Gilbert, AZ.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condominium at 1633 E Lakeside Drive #135; Brand‑new energy‑efficient windows and fresh interior paint; 3‑year‑old HVAC system
