Updated Ground-Floor Residential
For Sale
$269,900
205 N 74th St #154, Mesa, AZ 85207
End-unit residence with extensive interior upgrades and direct proximity to the community pool and spa.
Property Size1,342 SF
Price / SF$201.12
Days on Market9
Property Features for 205 N 74th St #154
General Information
Standard status
Active
Size
1,342 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
1
Amenities
heated pool
spa
Building Details
Year Built
1986
Listing Agency:
Fathom Realty
(877) 661-1977
Listed By:
AZ & Associates
(602) 456-7600
Source:
Azandassociates
Added: Sep 18
Changed: Sep 24
Last Checked: Sep 24 at 9:16AM
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 Fathom Realty
Investment Insights
Based on property information with market context.
Unit 154 is a 1,342-square-foot, ground-floor end-unit residence at 205 N 74th St in Mesa, Arizona. Built in 1986, the property has been comprehensively updated with a new AC system, water heater, luxury vinyl plank flooring, interior paint, plumbing fixtures, lighting, electrical devices, door hardware, and window treatments.
The kitchen includes resurfaced cabinetry, quartz countertops, a large single-bowl sink, garbage disposal, and new stove, dishwasher, and microwave. Both bathrooms feature new quartz-top vanities and professionally resurfaced tub or shower enclosures, with a 4-year transferable warranty on the enclosure work. The end-unit position provides direct access to the community heated pool and spa.
The kitchen includes resurfaced cabinetry, quartz countertops, a large single-bowl sink, garbage disposal, and new stove, dishwasher, and microwave. Both bathrooms feature new quartz-top vanities and professionally resurfaced tub or shower enclosures, with a 4-year transferable warranty on the enclosure work. The end-unit position provides direct access to the community heated pool and spa.
Key Highlights
- 1,342‑square‑foot ground‑floor end unit in Mesa, AZ
- End‑unit position with access to the community heated pool and spa
- New AC unit and water heater
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
$14,001
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
5.19%
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%
$280,020
$280.0K
Cap Rate 7%
$200,014
$200.0K
Cap Rate 9%
$155,567
$155.6K
Market Conditions
NOI Build-Up for 1,342 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
$26.6K $19.80/SF
− Vacancy
−$1.1K −$0.83/SF
EGI
$25.5K $18.97/SF
− OpEx
−$11.5K −$8.54/SF
NOI
$14.0K $10.43/SF
Area
ZIP 85207
Vacancy
4.20%
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%
$280,020
Cap Rate 7%
$200,014
Cap Rate 9%
$155,567
Alternative Uses
Best Use
Apartment 5plus
$200.0K
$175.0K – $233.4K
NOI $14,001 @ 7.0% cap · market cap 5.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$337.5K
$295.3K – $393.8K
NOI $23,625 @ 7.0% cap · market cap 8.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
529
Businesses Nearby
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Business Placement
Demographics for 85207, AZ
50,108
Population
22,747
Households
2.2
Avg Household Size
45
Median Age
36%
College-Educated
92%
High-School Grad
29.4 sq mi
ZIP Area
1,704
Density / Sq Mi
$99,439
Median Household Income
$50,509
Median Earnings
$1,595
Median Rent
$460,800
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - End-unit residence with extensive interior upgrades and direct proximity to the community pool and spa.
Where is this residential income property located?
The property is located at 205 N 74th St #154 Mesa, AZ.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: 1,342‑square‑foot ground‑floor end unit in Mesa, AZ; End‑unit position with access to the community heated pool and spa; New AC unit and water heater
