Residential Income Condo with Elevator
For Sale
$400,000
14000 N 94TH Street 2191, Scottsdale, AZ 85260
Maintained three-bedroom residence with underground parking, a covered patio, and updated interior finishes.
Property Size1,154 SF
Days on Market25
Property Features for 14000 N 94TH Street 2191
General Information
Standard status
Active
Size
1,154 SF
Elevators
Yes
Property subtype
Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,241
Building Details
Building Size
1,154 SF
Year Built
2002
Listing Agency:
Keller Williams Arizona Realty
(480) 498-1520
Listed By:
Kylie Staples
(480) 498-1520
Source:
Jcluxuryresidential
Added: Jul 30
Changed: Aug 17
Last Checked: Aug 23 at 9:13AM
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 Keller Williams Arizona Realty
Investment Insights
Based on property information with market context.
This residential income condominium offers three bedrooms and two bathrooms within the gated Bella Vista community. Built in 2002, the second-story unit is served by an elevator connecting the residence with underground parking. A split-bedroom layout, one shared wall, and abundant natural light shape the interior, while wood-look tile flooring and quartz bathroom countertops provide documented updates. The home also includes a covered patio.
The property is near Loop 101, Kierland, WestWorld, TPC, golf, hiking, dining, and shopping. Community amenities are described as resort-style, and the unit has interior access from the parking area to the elevator and residence.
The property is near Loop 101, Kierland, WestWorld, TPC, golf, hiking, dining, and shopping. Community amenities are described as resort-style, and the unit has interior access from the parking area to the elevator and residence.
Key Highlights
- Three‑bedroom, two‑bath condominium in gated Bella Vista community
- Elevator access connects underground parking with the second‑story unit
- Split‑bedroom layout with only one shared wall
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
$13,353
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
3.34%
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%
$267,060
$267.1K
Cap Rate 7%
$190,757
$190.8K
Cap Rate 9%
$148,367
$148.4K
Market Conditions
NOI Build-Up for 1,154 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
$25.3K $21.96/SF
− Vacancy
−$1.1K −$0.92/SF
EGI
$24.3K $21.04/SF
− OpEx
−$10.9K −$9.47/SF
NOI
$13.4K $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%
$267,060
Cap Rate 7%
$190,757
Cap Rate 9%
$148,367
Alternative Uses
Best Use
Apartment 5plus
$190.8K
$166.9K – $222.6K
NOI $13,353 @ 7.0% cap · market cap 3.34%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$378.8K
$331.5K – $442.0K
NOI $26,518 @ 7.0% cap · market cap 6.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
986
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Maintained three-bedroom residence with underground parking, a covered patio, and updated interior finishes.
Where is this residential income property located?
The property is located at 14000 N 94TH Street 2191 Scottsdale, AZ.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Three‑bedroom, two‑bath condominium in gated Bella Vista community; Elevator access connects underground parking with the second‑story unit; Split‑bedroom layout with only one shared wall
