Single-Level Residential Income
For Sale
$525,000
20121 N 76th Street 2023, Scottsdale, AZ 85255
Condominium residence with a great-room plan, private outdoor spaces, and access to community recreation amenities.
Property Size1,585 SF
Days on Market105
Property Features for 20121 N 76th Street 2023
General Information
Standard status
Active
Size
1,585 SF
Total Parking Spaces
2
Property subtype
Apartment
Units
Unit Mix
1 x 2BR+Den/2BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,309
Amenities
gated
pool
hot tub
BBQ grills
fitness center
pickleball
tennis
Building Details
Building Size
1,585 SF
Year Built
2004
Listing Agency:
Keller Williams Realty Sonoran Living
(480) 508-0715
Listed By:
Andrew R Bloom · License #SA110379000
(480) 508-0715
Source:
Jcluxuryresidential
Added: May 12
Changed: Aug 21
Last Checked: Aug 23 at 8:52AM
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 Keller Williams Realty Sonoran Living
Investment Insights
Based on property information with market context.
This condominium residence offers a single-level layout with 2 bedrooms, a den, and 2 bathrooms. The interior includes a great room, formal dining area, breakfast bar, and kitchen with extensive counter space and cabinet storage. A dedicated laundry area and interior storage add practical functionality, while two private balconies extend the living space outdoors. The property also includes a 2-car garage and additional storage beneath the stairs.
The gated community includes a pool area, hot tub, BBQ grills, and a fitness center. Residents also have access to pickleball and tennis facilities within Grayhawk. The property is near the 101, restaurants, and shopping. Built in 2004.
The gated community includes a pool area, hot tub, BBQ grills, and a fitness center. Residents also have access to pickleball and tennis facilities within Grayhawk. The property is near the 101, restaurants, and shopping. Built in 2004.
Key Highlights
- 2 bedrooms plus a den and 2 bathrooms
- Single‑level condominium with great‑room layout
- Two private balconies, formal dining area, and breakfast bar
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
$18,340
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
3.49%
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%
$366,800
$366.8K
Cap Rate 7%
$262,000
$262.0K
Cap Rate 9%
$203,778
$203.8K
Market Conditions
NOI Build-Up for 1,585 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
$34.8K $21.96/SF
− Vacancy
−$1.5K −$0.92/SF
EGI
$33.3K $21.04/SF
− OpEx
−$15.0K −$9.47/SF
NOI
$18.3K $11.57/SF
Area
Scottsdale, AZ
Vacancy
4.20%
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%
$366,800
Cap Rate 7%
$262,000
Cap Rate 9%
$203,778
Alternative Uses
Best Use
Apartment 5plus
$262.0K
$229.3K – $305.7K
NOI $18,340 @ 7.0% cap · market cap 3.49%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$520.3K
$455.3K – $607.0K
NOI $36,422 @ 7.0% cap · market cap 6.94%
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
764
Businesses Nearby
Explore this area
Business Placement
Demographics for 85255, AZ
44,976
Population
23,016
Households
2
Avg Household Size
51
Median Age
68%
College-Educated
98%
High-School Grad
88.2 sq mi
ZIP Area
510
Density / Sq Mi
$143,567
Median Household Income
$93,339
Median Earnings
$2,401
Median Rent
$975,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium residence with a great-room plan, private outdoor spaces, and access to community recreation amenities.
Where is this residential income property located?
The property is located at 20121 N 76th Street 2023 Scottsdale, AZ.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 2 bedrooms plus a den and 2 bathrooms; Single‑level condominium with great‑room layout; Two private balconies, formal dining area, and breakfast bar
