Residential Income Property with Vaulted
For Sale
$145,000
11666 N 28th Drive #298, Phoenix, AZ 85029
Two-bedroom unit with stainless appliances, a walk-in closet, patio access, and a Jack-and-Jill bathroom.
Property Size704 SF
Price / SF$205.97
Days on Market8
Property Features for 11666 N 28th Drive #298
General Information
Standard status
Active
Size
704 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$384
Building Details
Building Size
704 SF
Year Built
1985
Stories
2
Listing Agency:
Realty ONE Group
(623) 734-0041
Listed By:
James Jones · License #258012886
(623) 734-0041
Source:
Aznewhorizonrealty
Added: Aug 14
Changed: Aug 15
Last Checked: Aug 20 at 2:16PM
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 704 SF residential income unit features an open-feeling interior with vaulted ceilings and wood-look flooring throughout. The kitchen includes stainless steel appliances, substantial cabinetry, and a reverse osmosis water purification system. Both bedrooms have vaulted ceilings, while the primary bedroom adds a walk-in closet and sliding-door access to the front patio. A Jack-and-Jill bathroom provides a walk-in shower and vanity area.
The property is located at 11666 N 28th Drive #298 in Phoenix, Arizona. Mountain views are noted, with freeway access approximately 1 minute away and Phoenix airport approximately 20 minutes from the unit. Built in 1985, the residence combines a two-bedroom layout with practical interior features and outdoor patio access.
The property is located at 11666 N 28th Drive #298 in Phoenix, Arizona. Mountain views are noted, with freeway access approximately 1 minute away and Phoenix airport approximately 20 minutes from the unit. Built in 1985, the residence combines a two-bedroom layout with practical interior features and outdoor patio access.
Key Highlights
- 704 SF two‑bedroom residential income unit
- Vaulted ceilings in the living area and both bedrooms
- Stainless steel kitchen appliances with reverse osmosis water purification
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
5.66%
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 5.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$213.2K
$186.6K – $248.8K
NOI $14,927 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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 - Two-bedroom unit with stainless appliances, a walk-in closet, patio access, and a Jack-and-Jill bathroom.
Where is this residential income property located?
The property is located at 11666 N 28th Drive #298 Phoenix, AZ.
What is the asking price?
The asking price for this property is $145,000.
What are key features of this property?
This property features: 704 SF two‑bedroom residential income unit; Vaulted ceilings in the living area and both bedrooms; Stainless steel kitchen appliances with reverse osmosis water purification
