Lakefront Multifamily
New
For Sale
$150,000
11666 N 28th Dr #129, Phoenix, AZ 85029
End-unit residence with two primary bedrooms, two bathrooms, and direct lake frontage.
Property Size874 SF
Price / SF$171.62
Days on Market7
Property Features for 11666 N 28th Dr #129
General Information
Standard status
Active
Size
874 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
1
Building Details
Year Built
1985
Listing Agency:
Long Realty Covey Luxury Properties
(480) 681-4001
Listed By:
Legacy Real Estate Team
(480) 681-4001
Source:
Legacyrealestateteam
Added: Aug 23
Changed: Aug 28
Last Checked: Aug 28 at 4:07PM
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 Long Realty Covey Luxury Properties
Investment Insights
Based on property information with market context.
This end-unit multifamily condominium includes 874 square feet, two master bedrooms, and two bathrooms. The residence was built in 1985 and has lake frontage, a feature shared by a limited number of units in the property.
Located at 11666 N 28th Dr #129 in Phoenix, the condominium offers a lake-oriented setting within a multifamily property. Its two-bedroom, two-bath configuration provides a clearly defined residential layout.
Located at 11666 N 28th Dr #129 in Phoenix, the condominium offers a lake-oriented setting within a multifamily property. Its two-bedroom, two-bath configuration provides a clearly defined residential layout.
Key Highlights
- End‑unit condominium with lake frontage
- 874 square feet of interior space
- Two master bedrooms and two bathrooms
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
$10,194
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
6.80%
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%
$203,880
$203.9K
Cap Rate 7%
$145,629
$145.6K
Cap Rate 9%
$113,267
$113.3K
Market Conditions
NOI Build-Up for 874 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
$19.7K $22.56/SF
− Vacancy
−$1.2K −$1.35/SF
EGI
$18.5K $21.21/SF
− OpEx
−$8.3K −$9.54/SF
NOI
$10.2K $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%
$203,880
Cap Rate 7%
$145,629
Cap Rate 9%
$113,267
Alternative Uses
Best Use
Apartment 5plus
$145.6K
$127.4K – $169.9K
NOI $10,194 @ 7.0% cap · market cap 6.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$264.7K
$231.7K – $308.9K
NOI $18,532 @ 7.0% cap · market cap 12.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - End-unit residence with two primary bedrooms, two bathrooms, and direct lake frontage.
Where is this multifamily property located?
The property is located at 11666 N 28th Dr #129 Phoenix, AZ.
What is the asking price?
The asking price for this property is $150,000.
What are key features of this property?
This property features: End‑unit condominium with lake frontage; 874 square feet of interior space; Two master bedrooms and two bathrooms
