Residential Income Condo with
For Sale
$290,000
255 S KYRENE Road 117, Chandler, AZ 85226
Condominium residence with a fireplace, covered patio, and access to shared recreation amenities.
Property Size913 SF
Days on Market95
Property Features for 255 S KYRENE Road 117
General Information
Standard status
Active
Size
913 SF
Property subtype
Apartment
Units
Unit Mix
2BR/2BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$692
Amenities
pool
spa
walking path
fireplace
covered patio
Building Details
Building Size
913 SF
Year Built
1986
Listing Agency:
Keller Williams Realty Phoenix
(602) 350-8309
Listed By:
Jera M Banks
(602) 350-8309
Source:
Gillettegroupaz
Added: May 21
Changed: Aug 22
Last Checked: Aug 23 at 9:11AM
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 Phoenix
Investment Insights
Based on property information with market context.
This residential income property is a condominium residence built in 1986, offering two bedrooms and two bathrooms. The interior includes tile flooring, a fireplace, oak cabinetry, a tile backsplash, generous counter space, and built-in kitchen appliances. The primary bedroom includes a private bathroom, while the covered patio provides additional outdoor space.
Community amenities include a pool, spa, and walking path. The property is situated near shopping, parks, and freeways at 255 S KYRENE Road 117 in Chandler, Arizona.
Community amenities include a pool, spa, and walking path. The property is situated near shopping, parks, and freeways at 255 S KYRENE Road 117 in Chandler, Arizona.
Key Highlights
- Two‑bedroom, two‑bath condominium residence
- Built in 1986
- Tile flooring and fireplace in the living areas
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
$10,421
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
3.59%
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%
$208,420
$208.4K
Cap Rate 7%
$148,871
$148.9K
Cap Rate 9%
$115,789
$115.8K
Market Conditions
NOI Build-Up for 913 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
$20.0K $21.96/SF
− Vacancy
−$1.1K −$1.21/SF
EGI
$18.9K $20.75/SF
− OpEx
−$8.5K −$9.34/SF
NOI
$10.4K $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 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%
$208,420
Cap Rate 7%
$148,871
Cap Rate 9%
$115,789
Alternative Uses
Best Use
Apartment 5plus
$148.9K
$130.3K – $173.7K
NOI $10,421 @ 7.0% cap · market cap 3.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$261.7K
$229.0K – $305.3K
NOI $18,318 @ 7.0% cap · market cap 6.32%
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
557
Businesses Nearby
Explore this area
Business Placement
Demographics for 85226, AZ
40,689
Population
17,406
Households
2.3
Avg Household Size
38
Median Age
50%
College-Educated
96%
High-School Grad
38.4 sq mi
ZIP Area
1,060
Density / Sq Mi
$103,740
Median Household Income
$58,515
Median Earnings
$1,785
Median Rent
$452,400
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 fireplace, covered patio, and access to shared recreation amenities.
Where is this residential income property located?
The property is located at 255 S KYRENE Road 117 Chandler, AZ.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condominium residence; Built in 1986; Tile flooring and fireplace in the living areas
