Updated Residential Income
New
For Sale
$260,000
1331 W Baseline Road #210, Mesa, AZ 85202
Refreshed two-bedroom condo with remodeled baths, upgraded kitchen finishes, and private balcony access.
Property Size1,188 SF
Price / SF$218.86
Days on Market2
Property Features for 1331 W Baseline Road #210
General Information
Standard status
Active
Size
1,188 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$625
Amenities
private balcony
fireplace
Building Details
Building Size
1,188 SF
Year Built
1983
Stories
3
Listing Agency:
RE/MAX Foothills
(480) 577-9545
Listed By:
Amanda Hofeling · License #SA671810000
(480) 577-9545
Source:
Aznewhorizonrealty
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 22 at 6:18AM
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 RE/MAX Foothills
Investment Insights
Based on property information with market context.
This residential income property is a two-bedroom, two-bath condominium with 1,188 square feet of interior space. The kitchen has been refreshed with quartz countertops, a backsplash, LED can lighting, and updated fixtures. Both bathrooms were reconstructed in 2022 with new plumbing, including a walk-in shower in the primary suite.
Interior improvements also include smooth ceilings, new paint, baseboards, blinds, and a newly tiled fireplace. A soundproof sliding glass door connects the primary bedroom to a private balcony. Built in 1983, the condominium also provides access to Dobson Ranch amenities.
Interior improvements also include smooth ceilings, new paint, baseboards, blinds, and a newly tiled fireplace. A soundproof sliding glass door connects the primary bedroom to a private balcony. Built in 1983, the condominium also provides access to Dobson Ranch amenities.
Key Highlights
- Two‑bedroom, two‑bath condominium with 1,188 square feet
- Quartz kitchen countertops installed Jan 2026
- Kitchen backsplash added Mar 2026, with new LED can lighting and fixtures
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
$9,291
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
3.57%
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%
$185,820
$185.8K
Cap Rate 7%
$132,729
$132.7K
Cap Rate 9%
$103,233
$103.2K
Market Conditions
NOI Build-Up for 1,188 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
$18.1K $15.24/SF
− Vacancy
−$1.2K −$1.02/SF
EGI
$16.9K $14.22/SF
− OpEx
−$7.6K −$6.40/SF
NOI
$9.3K $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%
$185,820
Cap Rate 7%
$132,729
Cap Rate 9%
$103,233
Alternative Uses
Best Use
Apartment 5plus
$132.7K
$116.1K – $154.9K
NOI $9,291 @ 7.0% cap · market cap 3.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$325.6K
$284.9K – $379.9K
NOI $22,795 @ 7.0% cap · market cap 8.77%
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
1,136
Businesses Nearby
Explore this area
Business Placement
Demographics for 85202, AZ
39,626
Population
18,077
Households
2.2
Avg Household Size
34
Median Age
34%
College-Educated
91%
High-School Grad
6.2 sq mi
ZIP Area
6,391
Density / Sq Mi
$66,582
Median Household Income
$42,083
Median Earnings
$1,431
Median Rent
$334,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Refreshed two-bedroom condo with remodeled baths, upgraded kitchen finishes, and private balcony access.
Where is this residential income property located?
The property is located at 1331 W Baseline Road #210 Mesa, AZ.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condominium with 1,188 square feet; Quartz kitchen countertops installed Jan 2026; Kitchen backsplash added Mar 2026, with new LED can lighting and fixtures
