Two-Bedroom Residential Income
New
For Sale
$329,900
11011 N 92nd St #2091, Scottsdale, AZ 85260
Upstairs gated-community condo with ensuite bedrooms, private balconies, updated interiors, and access to pool, spa, fitness, and pickleball amenities.
Property Size1,143 SF
Price / SF$288.63
Days on Market6
Property Features for 11011 N 92nd St #2091
General Information
Standard status
Active
Size
1,143 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
1
Amenities
clubhouse
fitness center
pool
spa
pickleball courts
Building Details
Year Built
1987
Listing Agency:
Homesmart
(602) 230-7600
Listed By:
The Crouch Group
(623) 294-9492
Source:
Crouchgroupaz
Added: Sep 21
Changed: Sep 24
Last Checked: Sep 24 at 9:17AM
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 Homesmart
Investment Insights
Based on property information with market context.
This 1,143-square-foot upstairs condominium includes two bedrooms and two full bathrooms, with each bedroom offering an ensuite bath, walk-in closet, and balcony access. The living area features vaulted ceilings and a fireplace, while the galley kitchen connects to the great room. A full-size washer and dryer, interior storage, newer HVAC, updated fixtures, fresh carpeting, and ceiling fans add practical functionality. The unit also includes two private balconies, an outdoor storage closet, and a covered one-car carport.
Located at 11011 N 92nd St #2091 in Scottsdale, the residence is within the gated La Contessa community. Shared amenities include a heated pool and spa, clubhouse, fitness center, social hall, pickleball courts, and open guest parking. Exterior painting and roof replacement have been completed, with associated assessments paid. The property is near HonorHealth, the Loop 101 Freeway, shopping, dining, and everyday services.
Located at 11011 N 92nd St #2091 in Scottsdale, the residence is within the gated La Contessa community. Shared amenities include a heated pool and spa, clubhouse, fitness center, social hall, pickleball courts, and open guest parking. Exterior painting and roof replacement have been completed, with associated assessments paid. The property is near HonorHealth, the Loop 101 Freeway, shopping, dining, and everyday services.
Key Highlights
- Two‑bedroom, two‑bath upstairs condo with 1,143 square feet
- Two private balconies, including one shared by the living room and Bedroom 1
- Both bedrooms feature ensuite baths and walk‑in closets
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
$13,225
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
4.01%
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%
$264,500
$264.5K
Cap Rate 7%
$188,929
$188.9K
Cap Rate 9%
$146,944
$146.9K
Market Conditions
NOI Build-Up for 1,143 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
$25.1K $21.96/SF
− Vacancy
−$1.1K −$0.92/SF
EGI
$24.0K $21.04/SF
− OpEx
−$10.8K −$9.47/SF
NOI
$13.2K $11.57/SF
Area
Scottsdale, AZ
Vacancy
4.20%
Lease Rate
$21.96 /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%
$264,500
Cap Rate 7%
$188,929
Cap Rate 9%
$146,944
Alternative Uses
Best Use
Apartment 5plus
$188.9K
$165.3K – $220.4K
NOI $13,225 @ 7.0% cap · market cap 4.01%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$375.2K
$328.3K – $437.8K
NOI $26,265 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,545
Businesses Nearby
Explore this area
Business Placement
Demographics for 85260, AZ
37,967
Population
21,072
Households
1.8
Avg Household Size
47
Median Age
59%
College-Educated
97%
High-School Grad
14.2 sq mi
ZIP Area
2,674
Density / Sq Mi
$103,854
Median Household Income
$62,835
Median Earnings
$1,969
Median Rent
$637,000
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Upstairs gated-community condo with ensuite bedrooms, private balconies, updated interiors, and access to pool, spa, fitness, and pickleball amenities.
Where is this residential income property located?
The property is located at 11011 N 92nd St #2091 Scottsdale, AZ.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Two‑bedroom, two‑bath upstairs condo with 1,143 square feet; Two private balconies, including one shared by the living room and Bedroom 1; Both bedrooms feature ensuite baths and walk‑in closets
