Top-Floor Residential Income
For Sale
$242,000
1920 W LINDNER Avenue 203, Mesa, AZ 85202
Remodeled two-bedroom condominium with updated finishes, new appliances, and a private balcony retreat.
Property Size1,018 SF
Days on Market24
Property Features for 1920 W LINDNER Avenue 203
General Information
Standard status
Active
Size
1,018 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$803
Building Details
Building Size
1,018 SF
Year Built
1980
Listing Agency:
HomeSmart
(480) 242-9775
Listed By:
Janice Savage
(480) 242-9775
Source:
Gillettegroupaz
Added: Jul 29
Changed: Aug 8
Last Checked: Aug 21 at 11:35AM
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 HomeSmart
Investment Insights
Based on property information with market context.
This top-level two-bedroom, two-bath condominium was remodeled with a fresh interior, new LVP flooring, additional lighting and ceiling fans, and smooth ceilings without popcorn texture. The kitchen includes brand-new appliances, while the primary bathroom features a newly tiled shower. A balcony screened by trees adds an outdoor area with added privacy, and the upper-floor position eliminates neighbors directly overhead.
The property is positioned across from Dobson Ranch golf course and within walking distance of grocery stores and restaurants. Mesa library is also nearby, with access to US 60 and Interstate 10 noted in the property information. Built in 1980, the condominium combines a two-bedroom layout with a range of recent interior updates.
The property is positioned across from Dobson Ranch golf course and within walking distance of grocery stores and restaurants. Mesa library is also nearby, with access to US 60 and Interstate 10 noted in the property information. Built in 1980, the condominium combines a two-bedroom layout with a range of recent interior updates.
Key Highlights
- Top‑floor two‑bedroom, two‑bath condominium
- Remodeled interior with new LVP flooring, lighting, fans, and smooth ceilings
- Kitchen equipped with brand‑new appliances
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
$7,961
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
3.29%
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%
$159,220
$159.2K
Cap Rate 7%
$113,729
$113.7K
Cap Rate 9%
$88,456
$88.5K
Market Conditions
NOI Build-Up for 1,018 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
$15.5K $15.24/SF
− Vacancy
−$1.0K −$1.02/SF
EGI
$14.5K $14.22/SF
− OpEx
−$6.5K −$6.40/SF
NOI
$8.0K $7.82/SF
Area
Mesa, AZ
Vacancy
6.70%
Lease Rate
$15.24 /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%
$159,220
Cap Rate 7%
$113,729
Cap Rate 9%
$88,456
Alternative Uses
Best Use
Apartment 5plus
$113.7K
$99.5K – $132.7K
NOI $7,961 @ 7.0% cap · market cap 3.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$279.0K
$244.2K – $325.6K
NOI $19,533 @ 7.0% cap · market cap 8.07%
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
1,015
Businesses Nearby
Explore this area
Business Placement
Demographics for 85202, AZ
39,626
Population
18,077
Households
2.2
Avg Household Size
34
Median Age
34%
College-Educated
91%
High-School Grad
6.2 sq mi
ZIP Area
6,391
Density / Sq Mi
$66,582
Median Household Income
$42,083
Median Earnings
$1,431
Median Rent
$334,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Remodeled two-bedroom condominium with updated finishes, new appliances, and a private balcony retreat.
Where is this residential income property located?
The property is located at 1920 W LINDNER Avenue 203 Mesa, AZ.
What is the asking price?
The asking price for this property is $242,000.
What are key features of this property?
This property features: Top‑floor two‑bedroom, two‑bath condominium; Remodeled interior with new LVP flooring, lighting, fans, and smooth ceilings; Kitchen equipped with brand‑new appliances
