Two-Bedroom Residential Income
For Sale
$220,000
18416 N Cave Creek Road #2008, Phoenix, AZ 85032
Second-floor condo in a gated community with in-unit laundry and shared pool, spa, and fitness amenities.
Property Size948 SF
Price / SF$232.07
Days on Market9
Property Features for 18416 N Cave Creek Road #2008
General Information
Standard status
Active
Size
948 SF
Property subtype
Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$913
Amenities
pool
spa
gym
gated community
in-unit washer/dryer
Building Details
Building Size
948 SF
Year Built
2005
Stories
2
Listing Agency:
eXp Realty
(602) 620-2277
Listed By:
Diane Brennan
(602) 620-2277
Source:
Aznewhorizonrealty
Added: Aug 13
Changed: Aug 14
Last Checked: Aug 20 at 2:39PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This 948-square-foot, second-floor condominium was built in 2005 and includes two bedrooms, two bathrooms, and an open floor plan. The unit is offered turnkey with a washer and dryer inside the residence, supporting a convenient low-maintenance setup.
The gated community includes a pool, spa, and gym, with the fitness area overlooking the recreational amenities. The property is located at 18416 N Cave Creek Road in Phoenix, with access to the 101 and 51 and grocery and other shopping within walking distance.
The gated community includes a pool, spa, and gym, with the fitness area overlooking the recreational amenities. The property is located at 18416 N Cave Creek Road in Phoenix, with access to the 101 and 51 and grocery and other shopping within walking distance.
Key Highlights
- 948‑square‑foot second‑floor condominium
- Two bedrooms and two bathrooms
- Open floor plan with in‑unit washer and dryer
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
$9,622
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
4.37%
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%
$192,440
$192.4K
Cap Rate 7%
$137,457
$137.5K
Cap Rate 9%
$106,911
$106.9K
Market Conditions
NOI Build-Up for 948 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
$18.8K $19.80/SF
− Vacancy
−$1.3K −$1.35/SF
EGI
$17.5K $18.45/SF
− OpEx
−$7.9K −$8.30/SF
NOI
$9.6K $10.15/SF
Area
ZIP 85032
Vacancy
6.80%
Lease Rate
$19.80 /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%
$192,440
Cap Rate 7%
$137,457
Cap Rate 9%
$106,911
Alternative Uses
Best Use
Apartment 5plus
$137.5K
$120.3K – $160.4K
NOI $9,622 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$286.6K
$250.7K – $334.3K
NOI $20,059 @ 7.0% cap · market cap 9.12%
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
330
Businesses Nearby
Explore this area
Business Placement
Demographics for 85032, AZ
68,710
Population
30,386
Households
2.3
Avg Household Size
38
Median Age
34%
College-Educated
89%
High-School Grad
12.4 sq mi
ZIP Area
5,541
Density / Sq Mi
$74,331
Median Household Income
$44,790
Median Earnings
$1,492
Median Rent
$387,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Second-floor condo in a gated community with in-unit laundry and shared pool, spa, and fitness amenities.
Where is this residential income property located?
The property is located at 18416 N Cave Creek Road #2008 Phoenix, AZ.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: 948‑square‑foot second‑floor condominium; Two bedrooms and two bathrooms; Open floor plan with in‑unit washer and dryer
