Updated Residential Income
For Sale
$329,900
1941 S PIERPONT Drive 1044, Mesa, AZ 85206
Three-bedroom condo with upgraded finishes, private outdoor space, and access to community recreation amenities.
Property Size1,212 SF
Days on Market32
Property Features for 1941 S PIERPONT Drive 1044
General Information
Standard status
Active
Size
1,212 SF
Property subtype
Apartment
Units
Unit Mix
1 x 3BR
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,406
Amenities
pool
parks
playgrounds
covered patio
Building Details
Building Size
1,212 SF
Year Built
2004
Listing Agency:
Realty ONE Group
(480) 313-6181
Listed By:
Jonas Funston · License #SA563488000
(480) 313-6181
Source:
Gillettegroupaz
Added: Jul 31
Changed: Aug 23
Last Checked: Aug 30 at 9:44PM
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 three-bedroom condominium, built in 2004, has been recently upgraded with new interior finishes and a practical combination of open living and private retreat spaces. The great room includes high ceilings, wood-look flooring, large windows, and a dining area with bay windows. The galley kitchen features shaker cabinetry, granite countertops, stainless steel appliances, and recessed lighting. Two bedrooms offer walk-in closets and private bathrooms, while a covered back patio provides additional outdoor space.
Residents have access to a community swimming pool, parks, and playgrounds. The property is in Mesa near hospitals, restaurants, shopping, and access to main roads.
Residents have access to a community swimming pool, parks, and playgrounds. The property is in Mesa near hospitals, restaurants, shopping, and access to main roads.
Key Highlights
- Three‑bedroom condominium built in 2004
- Recently upgraded interior finishes
- Great room with high ceilings, large windows, and bay‑window dining area
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 - Three-bedroom condo with upgraded finishes, private outdoor space, and access to community recreation amenities.
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: Three‑bedroom condominium built in 2004; Recently upgraded interior finishes; Great room with high ceilings, large windows, and bay‑window dining area
