Furnished Residential Income
For Sale
$229,000
1825 W RAY Road 2044, Chandler, AZ 85224
One-bedroom condominium offered furnished within a gated lake community with on-site recreational amenities.
Property Size597 SF
Days on Market132
Property Features for 1825 W RAY Road 2044
General Information
Standard status
Active
Size
597 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Additional Details
Furnished
Yes
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$633
Amenities
gated community
work out room
3 pools
pickle ball courts
club house
Building Details
Building Size
597 SF
Year Built
1989
Listing Agency:
Trelora Realty
(602) 610-9704
Listed By:
Roderick D Ward
(602) 610-9704
Source:
Gillettegroupaz
Added: Apr 6
Changed: Aug 3
Last Checked: Aug 14 at 1:26PM
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 Trelora Realty
Investment Insights
Based on property information with market context.
This one-bedroom condominium is offered fully furnished and is located within the gated Anderson Springs lake community. The property was built in 1989 and includes access to shared recreational facilities, including three pools, pickleball courts, a clubhouse, and a workout room.
Shopping, banking, and restaurants are situated around the lake, while nearby bike and jogging trails provide additional recreational access. The property is also close to freeways, with the airport approximately 16 minutes away. The residence is identified at 1825 W RAY Road 2044 in Chandler, Arizona.
Shopping, banking, and restaurants are situated around the lake, while nearby bike and jogging trails provide additional recreational access. The property is also close to freeways, with the airport approximately 16 minutes away. The residence is identified at 1825 W RAY Road 2044 in Chandler, Arizona.
Key Highlights
- One‑bedroom condominium at 1825 W RAY Road 2044, Chandler, AZ 85224
- Fully furnished residence within the gated Anderson Springs lake community
- Community amenities include 3 pools, pickleball courts, clubhouse, and workout room
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
$6,814
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
2.98%
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%
$136,280
$136.3K
Cap Rate 7%
$97,343
$97.3K
Cap Rate 9%
$75,711
$75.7K
Market Conditions
NOI Build-Up for 597 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
$13.1K $21.96/SF
− Vacancy
−$721 −$1.21/SF
EGI
$12.4K $20.75/SF
− OpEx
−$5.6K −$9.34/SF
NOI
$6.8K $11.41/SF
Area
Chandler, AZ
Vacancy
5.50%
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%
$136,280
Cap Rate 7%
$97,343
Cap Rate 9%
$75,711
Alternative Uses
Best Use
Apartment 5plus
$97.3K
$85.2K – $113.6K
NOI $6,814 @ 7.0% cap · market cap 2.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$171.1K
$149.7K – $199.6K
NOI $11,978 @ 7.0% cap · market cap 5.23%
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
635
Businesses Nearby
Explore this area
Business Placement
Demographics for 85224, AZ
46,919
Population
21,559
Households
2.2
Avg Household Size
38
Median Age
40%
College-Educated
94%
High-School Grad
9.4 sq mi
ZIP Area
4,991
Density / Sq Mi
$90,886
Median Household Income
$53,408
Median Earnings
$1,785
Median Rent
$391,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - One-bedroom condominium offered furnished within a gated lake community with on-site recreational amenities.
Where is this residential income property located?
The property is located at 1825 W RAY Road 2044 Chandler, AZ.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: One‑bedroom condominium at 1825 W RAY Road 2044, Chandler, AZ 85224; Fully furnished residence within the gated Anderson Springs lake community; Community amenities include 3 pools, pickleball courts, clubhouse, and workout room
