Residential Income Property with Mountain
For Sale
$360,000
16107 E EMERALD Drive 204, Fountain Hills, AZ 85268
Well-maintained home with updated finishes, a wood-burning fireplace, covered patio, and access to a community pool and spa.
Property Size1,500 SF
Days on Market26
Property Features for 16107 E EMERALD Drive 204
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$939
Amenities
community pool
community spa
wood-burning fireplace
pre-wired security system
dedicated laundry room
Building Details
Building Size
1,500 SF
Year Built
1998
Listing Agency:
Coldwell Banker Realty
Listed By:
Leslie D Coates
(602) 549-0294
Source:
Jcluxuryresidential
Added: Aug 12
Changed: Sep 3
Last Checked: Sep 5 at 8:48AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Located at 16107 E Emerald Drive in Fountain Hills, this 1998 residential income property features an open interior with 12-foot ceilings and mountain views visible from the windows. The great room connects two living areas, including a wood-burning fireplace. Recent improvements and finishes include neutral paint, plantation shutters, updated lighting, granite kitchen counters, a mosaic backsplash, solid maple cabinetry, stainless steel appliances, and a walk-in pantry. A new refrigerator is also included.
The primary suite offers a walk-in closet, dual sinks, and a walk-in shower, while the split-bedroom arrangement provides separation from the guest space. Outdoor features include an east-facing covered patio overlooking the community pool and spa. The property also includes a dedicated laundry room with Maytag washer and dryer, additional storage, a covered carport, and pre-wiring for a security system.
The Fountain Hills setting places the property minutes from four golf courses, We-Ko-Pa Casino, the Fountain, the Botanical Garden, and the Dark Sky Discovery Center.
The primary suite offers a walk-in closet, dual sinks, and a walk-in shower, while the split-bedroom arrangement provides separation from the guest space. Outdoor features include an east-facing covered patio overlooking the community pool and spa. The property also includes a dedicated laundry room with Maytag washer and dryer, additional storage, a covered carport, and pre-wiring for a security system.
The Fountain Hills setting places the property minutes from four golf courses, We-Ko-Pa Casino, the Fountain, the Botanical Garden, and the Dark Sky Discovery Center.
Key Highlights
- Mountain views from the home, with an east‑facing covered patio overlooking the community pool and spa
- Open layout with 12‑foot ceilings, a great room, two living areas, and a wood‑burning fireplace
- Kitchen includes granite counters, mosaic backsplash, solid maple cabinetry, stainless appliances, and walk‑in pantry
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
$16,929
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
4.70%
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%
$338,580
$338.6K
Cap Rate 7%
$241,843
$241.8K
Cap Rate 9%
$188,100
$188.1K
Market Conditions
NOI Build-Up for 1,500 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
$32.4K $21.60/SF
− Vacancy
−$1.6K −$1.08/SF
EGI
$30.8K $20.52/SF
− OpEx
−$13.9K −$9.23/SF
NOI
$16.9K $11.29/SF
Area
Maricopa County, AZ
Vacancy
5.00%
Lease Rate
$21.60 /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%
$338,580
Cap Rate 7%
$241,843
Cap Rate 9%
$188,100
Alternative Uses
Best Use
Apartment 5plus
$241.8K
$211.6K – $282.2K
NOI $16,929 @ 7.0% cap · market cap 4.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$464.0K
$406.0K – $541.3K
NOI $32,479 @ 7.0% cap · market cap 9.02%
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
79
Businesses Nearby
Explore this area
Business Placement
Demographics for 85268, AZ
24,031
Population
13,429
Households
1.8
Avg Household Size
61
Median Age
50%
College-Educated
97%
High-School Grad
20.5 sq mi
ZIP Area
1,172
Density / Sq Mi
$105,288
Median Household Income
$55,054
Median Earnings
$1,781
Median Rent
$576,700
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Well-maintained home with updated finishes, a wood-burning fireplace, covered patio, and access to a community pool and spa.
Where is this residential income property located?
The property is located at 16107 E EMERALD Drive 204 Fountain Hills, AZ.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Mountain views from the home, with an east‑facing covered patio overlooking the community pool and spa; Open layout with 12‑foot ceilings, a great room, two living areas, and a wood‑burning fireplace; Kitchen includes granite counters, mosaic backsplash, solid maple cabinetry, stainless appliances, and walk‑in pantry
