One-Bedroom Condominium
New
For Sale
$119,000
12123 W Bell Rd #211, Surprise, AZ 85378
Updated apartment with a granite kitchen, private balcony, and access to shared recreational amenities.
Property Size600 SF
Price / SF$198.33
Days on Market3
Property Features for 12123 W Bell Rd #211
General Information
Standard status
Active
Size
600 SF
Property subtype
Multi-Family
Building Details
Year Built
1987
Listing Agency:
Better Homes & Gardens Real Estate Sj Fowler
(480) 771-2303
Listed By:
The Garcia Group
(480) 771-2303
Source:
Beckygarcia
Added: Aug 28
Changed: Aug 29
Last Checked: Aug 28 at 9:50AM
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 Better Homes & Gardens Real Estate Sj Fowler
Investment Insights
Based on property information with market context.
This one-bedroom, one-bath condominium residence at Cliffs Condominium features tile flooring, neutral interior finishes, and naturally bright living spaces. The kitchen includes white cabinetry, a tile backsplash, granite countertops, a breakfast bar, and stainless steel appliances. The bedroom provides closet storage and opens to a balcony.
Community amenities include a pool, spa, and pickleball facilities. The property is located at 12123 W Bell Rd #211 in Surprise, Arizona, near the 303 loop and the tech corridor to the north. Built in 1987, the residence combines a practical apartment layout with established community amenities and convenient regional access.
Community amenities include a pool, spa, and pickleball facilities. The property is located at 12123 W Bell Rd #211 in Surprise, Arizona, near the 303 loop and the tech corridor to the north. Built in 1987, the residence combines a practical apartment layout with established community amenities and convenient regional access.
Key Highlights
- One‑bedroom, one‑bath condominium residence
- Kitchen with granite countertops, breakfast bar, and stainless steel appliances
- Private balcony accessible from the bedroom
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
$6,155
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
5.17%
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%
$123,100
$123.1K
Cap Rate 7%
$87,929
$87.9K
Cap Rate 9%
$68,389
$68.4K
Market Conditions
NOI Build-Up for 600 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
$11.9K $19.80/SF
− Vacancy
−$689 −$1.15/SF
EGI
$11.2K $18.65/SF
− OpEx
−$5.0K −$8.39/SF
NOI
$6.2K $10.26/SF
Area
Surprise, AZ
Vacancy
5.80%
Lease Rate
$19.80 /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%
$123,100
Cap Rate 7%
$87,929
Cap Rate 9%
$68,389
Alternative Uses
Best Use
Apartment 5plus
$87.9K
$76.9K – $102.6K
NOI $6,155 @ 7.0% cap · market cap 5.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$185.0K
$161.9K – $215.9K
NOI $12,952 @ 7.0% cap · market cap 10.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
407
Businesses Nearby
Explore this area
Business Placement
Demographics for 85378, AZ
9,368
Population
4,671
Households
2
Avg Household Size
39
Median Age
17%
College-Educated
85%
High-School Grad
3.6 sq mi
ZIP Area
2,602
Density / Sq Mi
$62,881
Median Household Income
$39,942
Median Earnings
$1,369
Median Rent
$235,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated apartment with a granite kitchen, private balcony, and access to shared recreational amenities.
Where is this residential income property located?
The property is located at 12123 W Bell Rd #211 Surprise, AZ.
What is the asking price?
The asking price for this property is $119,000.
What are key features of this property?
This property features: One‑bedroom, one‑bath condominium residence; Kitchen with granite countertops, breakfast bar, and stainless steel appliances; Private balcony accessible from the bedroom
