2-Bedroom Condo with Heated
For Sale
$515,000
2511 W QUEEN CREEK Road #271, Chandler, AZ 85248
Residents have access to a fitness center, BBQ areas, elevator, and gated parking garage.
Property Size1,346 SF
Price / SF$382.62
Days on Market33
Property Features for 2511 W QUEEN CREEK Road #271
General Information
Standard status
Active
Size
1,346 SF
Elevators
Yes
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Amenities
fitness center
resort-style heated pool
BBQ grill areas
Building Details
Year Built
2024
Listing Agency:
Berkshire Hathaway Homeservices Arizona Properties
Listed By:
Kathryn Thomas
(480) 505-6300
Source:
Kathrynthomas
Added: Sep 30
Changed: Nov 1
Last Checked: Oct 31 at 10:04PM
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 Berkshire Hathaway Homeservices Arizona Properties
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Investment Insights
Based on property information with market context.
This 2024 condominium at The Cays at Downtown Ocotillo offers 1,346 square feet with two bedrooms and two bathrooms. The open living area connects to a kitchen finished with white cabinetry and quartz countertops. Community amenities include a fitness center, heated pool, BBQ areas, elevator access, and a gated parking garage.
Restaurants, coffee shops, and other local destinations are within walking distance. The property is in a lake community in Chandler.
Restaurants, coffee shops, and other local destinations are within walking distance. The property is in a lake community in Chandler.
Key Highlights
- Two bedrooms and two bathrooms in 1,346 square feet
- Built in 2024
- Kitchen with white cabinetry and quartz countertops
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,363
Cap Rate
2.98%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$307,260
$307.3K
Cap Rate 7%
$219,471
$219.5K
Cap Rate 9%
$170,700
$170.7K
Market Conditions
NOI Build-Up for 1,346 SF
Gross rent
$29.6K $21.96/SF
− Vacancy
−$1.6K −$1.21/SF
EGI
$27.9K $20.75/SF
− OpEx
−$12.6K −$9.34/SF
NOI
$15.4K $11.41/SF
Area
Chandler, AZ
Vacancy
5.50%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$307,260
Cap Rate 7%
$219,471
Cap Rate 9%
$170,700
Alternative Uses
Best Use
Apartment 5plus
$219.5K
$192.0K – $256.1K
NOI $15,363 @ 7.0% cap · market cap 2.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$385.8K
$337.6K – $450.1K
NOI $27,006 @ 7.0% cap · market cap 5.24%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
385
Businesses Nearby
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Business Placement
Demographics for 85248, AZ
38,567
Population
20,013
Households
1.9
Avg Household Size
57
Median Age
52%
College-Educated
97%
High-School Grad
30.6 sq mi
ZIP Area
1,260
Density / Sq Mi
$94,220
Median Household Income
$71,405
Median Earnings
$1,822
Median Rent
$489,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Residential income property - Residents have access to a fitness center, BBQ areas, elevator, and gated parking garage.
Where is this residential income property located?
The property is located at 2511 W QUEEN CREEK Road #271 Chandler, AZ.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: Two bedrooms and two bathrooms in 1,346 square feet; Built in 2024; Kitchen with white cabinetry and quartz countertops
