Two-Bedroom Residential Income
For Sale
$195,000
520 N Stapley Drive #292, Mesa, AZ 85203
Condominium residence with access to a pool, spa, clubhouse, greenbelts, and barbecue areas.
Property Size879 SF
Price / SF$221.84
Days on Market8
Property Features for 520 N Stapley Drive #292
General Information
Standard status
Active
Size
879 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$368
Amenities
pool
spa
clubhouse
greenbelts
barbecue areas
Building Details
Building Size
879 SF
Year Built
1983
Stories
2
Listing Agency:
My Home Group Real Estate
(602) 882-2797
Listed By:
Elizabeth Mankin
(602) 882-2797
Source:
Aznewhorizonrealty
Added: Aug 15
Changed: Aug 18
Last Checked: Aug 21 at 2:42PM
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 My Home Group Real Estate
Investment Insights
Based on property information with market context.
This two-bedroom, two-bath condominium residence provides a low-maintenance layout within a Central Mesa community. The home was built in 1983 and includes access to shared amenities designed for recreation and outdoor use, including a pool, spa, clubhouse, greenbelts, and barbecue areas.
The property is located at 520 N Stapley Drive #292 in Mesa, Arizona. Community features and the condominium format support ownership with shared recreational spaces and a residential setting. The residence offers 879 in reported property size.
The property is located at 520 N Stapley Drive #292 in Mesa, Arizona. Community features and the condominium format support ownership with shared recreational spaces and a residential setting. The residence offers 879 in reported property size.
Key Highlights
- Two‑bedroom, two‑bath condominium residence
- Built in 1983
- Community pool and spa
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
$6,874
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
3.53%
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%
$137,480
$137.5K
Cap Rate 7%
$98,200
$98.2K
Cap Rate 9%
$76,378
$76.4K
Market Conditions
NOI Build-Up for 879 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
$13.4K $15.24/SF
− Vacancy
−$898 −$1.02/SF
EGI
$12.5K $14.22/SF
− OpEx
−$5.6K −$6.40/SF
NOI
$6.9K $7.82/SF
Area
Mesa, AZ
Vacancy
6.70%
Lease Rate
$15.24 /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%
$137,480
Cap Rate 7%
$98,200
Cap Rate 9%
$76,378
Alternative Uses
Best Use
Apartment 5plus
$98.2K
$85.9K – $114.6K
NOI $6,874 @ 7.0% cap · market cap 3.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$240.9K
$210.8K – $281.1K
NOI $16,866 @ 7.0% cap · market cap 8.65%
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
644
Businesses Nearby
Explore this area
Business Placement
Demographics for 85203, AZ
37,962
Population
14,020
Households
2.7
Avg Household Size
33
Median Age
29%
College-Educated
91%
High-School Grad
9.3 sq mi
ZIP Area
4,082
Density / Sq Mi
$72,851
Median Household Income
$40,524
Median Earnings
$1,388
Median Rent
$388,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium residence with access to a pool, spa, clubhouse, greenbelts, and barbecue areas.
Where is this residential income property located?
The property is located at 520 N Stapley Drive #292 Mesa, AZ.
What is the asking price?
The asking price for this property is $195,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condominium residence; Built in 1983; Community pool and spa
