Ground-Floor Residential Income
For Sale
$399,000
16801 N 94TH Street #1063, Scottsdale, AZ 85260
Two-bedroom condo offers split bedrooms, two full bathrooms, and a covered patio.
Property Size1,298 SF
Days on Market182
Property Features for 16801 N 94TH Street #1063
General Information
Standard status
Active
Size
1,298 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Amenities
gated community
community pool/spa
covered patio
in-unit washer/dryer
stainless steel appliances
Building Details
Building Size
1,298 SF
Year Built
2002
Stories
2
Listing Agency:
Realty ONE Group
Listed By:
Karen Speight
(602) 953-4000
Source:
Speropagos.kw
Added: Mar 14
Changed: Sep 3
Last Checked: Sep 11 at 4:30AM
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 Realty ONE Group
Investment Insights
Based on property information with market context.
Built in 2002, this ground-floor condominium has 2 split bedrooms and 2 full bathrooms with no interior steps. The kitchen includes extensive cabinetry, a stacked washer and dryer, stainless steel appliances, and an eat-in nook, opening directly to a large great room. The primary suite features dual sinks, a walk-in closet, and sliding access to the covered patio.
The residence is within a gated community with walking access to a pool, spa, and McDowell Mountain Trails. Loop 101, restaurants, shops, WestWorld, Bell94 Sports Complex, the Ice Den, Mountainside Fitness, and 18 Degree Bar & Grill are located nearby. HOA rules prohibit leases shorter than 30 days.
The residence is within a gated community with walking access to a pool, spa, and McDowell Mountain Trails. Loop 101, restaurants, shops, WestWorld, Bell94 Sports Complex, the Ice Den, Mountainside Fitness, and 18 Degree Bar & Grill are located nearby. HOA rules prohibit leases shorter than 30 days.
Key Highlights
- Ground‑floor condo with no interior steps
- 2 split bedrooms and 2 full bathrooms
- Kitchen with stacked W/D, S/S appliances, cabinetry, and eat‑in nook
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
$15,019
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
3.76%
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%
$300,380
$300.4K
Cap Rate 7%
$214,557
$214.6K
Cap Rate 9%
$166,878
$166.9K
Market Conditions
NOI Build-Up for 1,298 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
$28.5K $21.96/SF
− Vacancy
−$1.2K −$0.92/SF
EGI
$27.3K $21.04/SF
− OpEx
−$12.3K −$9.47/SF
NOI
$15.0K $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%
$300,380
Cap Rate 7%
$214,557
Cap Rate 9%
$166,878
Alternative Uses
Best Use
Apartment 5plus
$214.6K
$187.7K – $250.3K
NOI $15,019 @ 7.0% cap · market cap 3.76%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$426.1K
$372.8K – $497.1K
NOI $29,827 @ 7.0% cap · market cap 7.48%
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
1,138
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 - Two-bedroom condo offers split bedrooms, two full bathrooms, and a covered patio.
Where is this residential income property located?
The property is located at 16801 N 94TH Street #1063 Scottsdale, AZ.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Ground‑floor condo with no interior steps; 2 split bedrooms and 2 full bathrooms; Kitchen with stacked W/D, S/S appliances, cabinetry, and eat‑in nook
