Ground-Floor Residential Income
New
For Sale
$653,000
16800 E El Lago Boulevard #1032, Fountain Hills, AZ 85268
Furnished two-bedroom home with den, updated kitchen, and attached garage inside a gated community.
Property Size1,633 SF
Price / SF$399.88
Days on Market6
Property Features for 16800 E El Lago Boulevard #1032
General Information
Standard status
Active
Size
1,633 SF
Total Parking Spaces
2
Property subtype
Apartment
Units
Unit Mix
1 x 2BR+den/2BA
Multifamily Units
1
Additional Details
Furnished
Yes
Taxes and HOA fees
Annual Taxes
$1,805
Amenities
gated community
private patio
gas fireplace
laundry room
Building Details
Building Size
1,633 SF
Year Built
2005
Stories
2
Listing Agency:
Coldwell Banker Realty
(224) 629-6592
Listed By:
Deborah Weinrich · License #SA687235000
(224) 629-6592
Source:
Aznewhorizonrealty
Added: Aug 19
Changed: Aug 24
Last Checked: Aug 21 at 11:05AM
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.
This ground-level residential income property was built in 2005 and is offered with furnishings. The layout includes two bedrooms, a den, and two bathrooms, along with a remodeled kitchen featuring quartz countertops, stainless steel appliances, and tile flooring. The primary bathroom has been updated with a walk-in shower, while a custom tiled gas fireplace and sizable laundry room add functional interior features.
The home is located within the gated Village of Towne Center in Fountain Hills. Shops, restaurants, Fountain Park, and trails are described as walkable from the property. New windows and a patio door were installed in 2024, and plantation shutters are included. Additional features include a private patio and an attached two-car garage.
The home is located within the gated Village of Towne Center in Fountain Hills. Shops, restaurants, Fountain Park, and trails are described as walkable from the property. New windows and a patio door were installed in 2024, and plantation shutters are included. Additional features include a private patio and an attached two-car garage.
Key Highlights
- Ground‑floor layout with 2 bedrooms, a den, and 2 bathrooms
- Furnishings included with the property
- Remodeled kitchen with quartz counters, stainless appliances, and tile flooring
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
$18,430
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
2.82%
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%
$368,600
$368.6K
Cap Rate 7%
$263,286
$263.3K
Cap Rate 9%
$204,778
$204.8K
Market Conditions
NOI Build-Up for 1,633 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
$35.3K $21.60/SF
− Vacancy
−$1.8K −$1.08/SF
EGI
$33.5K $20.52/SF
− OpEx
−$15.1K −$9.23/SF
NOI
$18.4K $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%
$368,600
Cap Rate 7%
$263,286
Cap Rate 9%
$204,778
Alternative Uses
Best Use
Apartment 5plus
$263.3K
$230.4K – $307.2K
NOI $18,430 @ 7.0% cap · market cap 2.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$505.1K
$442.0K – $589.3K
NOI $35,359 @ 7.0% cap · market cap 5.41%
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
1,518
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Furnished two-bedroom home with den, updated kitchen, and attached garage inside a gated community.
Where is this residential income property located?
The property is located at 16800 E El Lago Boulevard #1032 Fountain Hills, AZ.
What is the asking price?
The asking price for this property is $653,000.
What are key features of this property?
This property features: Ground‑floor layout with 2 bedrooms, a den, and 2 bathrooms; Furnishings included with the property; Remodeled kitchen with quartz counters, stainless appliances, and tile flooring
