Upgraded 3-Bedroom
For Sale
$329,900
1941 S Pierpont Drive #1044, Mesa, AZ 85206
Renovated residence with high ceilings, private bedroom baths, and access to pool, parks, and playgrounds.
Property Size1,212 SF
Price / SF$272.19
Days on Market10
Property Features for 1941 S Pierpont Drive #1044
General Information
Standard status
Active
Size
1,212 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,406
Amenities
pool
parks
playgrounds
covered back patio
Building Details
Building Size
1,212 SF
Year Built
2004
Stories
2
Listing Agency:
Realty ONE Group
(480) 313-6181
Listed By:
Jonas Funston · License #SA563488000
(480) 313-6181
Source:
Aznewhorizonrealty
Added: Aug 5
Changed: Aug 11
Last Checked: Aug 13 at 12:23PM
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.
This 1,212-square-foot condominium offers three bedrooms and was built in 2004. The interior has been comprehensively refreshed with new finishes, wood-look flooring, high ceilings, decorative arches, and recessed lighting. A spacious great room connects to a dining area framed by bay windows, while the galley kitchen includes shaker cabinetry, granite countertops, and new stainless-steel appliances. Two bedrooms feature walk-in closets and private bathrooms, and a covered rear patio extends the living area outdoors.
Community amenities include a swimming pool, parks, and playgrounds. The property is positioned near hospitals, restaurants, shopping, and main-road access, providing convenient connections to everyday services and transportation routes.
Community amenities include a swimming pool, parks, and playgrounds. The property is positioned near hospitals, restaurants, shopping, and main-road access, providing convenient connections to everyday services and transportation routes.
Key Highlights
- 1,212‑square‑foot condominium with three bedrooms
- Built in 2004 with comprehensively refreshed interior finishes
- Galley kitchen with shaker cabinets, granite counters, new stainless‑steel appliances, and recessed lighting
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
$9,478
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
2.87%
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%
$189,560
$189.6K
Cap Rate 7%
$135,400
$135.4K
Cap Rate 9%
$105,311
$105.3K
Market Conditions
NOI Build-Up for 1,212 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
$18.5K $15.24/SF
− Vacancy
−$1.2K −$1.02/SF
EGI
$17.2K $14.22/SF
− OpEx
−$7.8K −$6.40/SF
NOI
$9.5K $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%
$189,560
Cap Rate 7%
$135,400
Cap Rate 9%
$105,311
Alternative Uses
Best Use
Apartment 5plus
$135.4K
$118.5K – $158.0K
NOI $9,478 @ 7.0% cap · market cap 2.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$332.2K
$290.7K – $387.6K
NOI $23,255 @ 7.0% cap · market cap 7.05%
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
690
Businesses Nearby
Explore this area
Business Placement
Demographics for 85206, AZ
36,713
Population
19,078
Households
1.9
Avg Household Size
48
Median Age
34%
College-Educated
92%
High-School Grad
9.4 sq mi
ZIP Area
3,906
Density / Sq Mi
$69,986
Median Household Income
$45,422
Median Earnings
$1,717
Median Rent
$322,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Renovated residence with high ceilings, private bedroom baths, and access to pool, parks, and playgrounds.
Where is this residential income property located?
The property is located at 1941 S Pierpont Drive #1044 Mesa, AZ.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: 1,212‑square‑foot condominium with three bedrooms; Built in 2004 with comprehensively refreshed interior finishes; Galley kitchen with shaker cabinets, granite counters, new stainless‑steel appliances, and recessed lighting
