Two-Bedroom Residential Income
For Sale
$450,000
2662 S SPRINGWOOD Boulevard 463, Mesa, AZ 85209
Residence in an adult community with golf-course views, covered patio, updated finishes, and extensive recreational amenities.
Property Size1,492 SF
Days on Market8
Property Features for 2662 S SPRINGWOOD Boulevard 463
General Information
Standard status
Active
Size
1,492 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,509
Amenities
2 pools
heated spa
golf course
tennis & pickleball courts
fitness center
clubs
Building Details
Building Size
1,492 SF
Year Built
2012
Listing Agency:
RE/MAX Fine Properties
(480) 993-9317
Listed By:
Scott Cook · License #SA564464000
(480) 993-9317
Source:
Lostdutchmanrealty
Added: Aug 24
Changed: Aug 28
Last Checked: Aug 30 at 10:40PM
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 RE/MAX Fine Properties
Investment Insights
Based on property information with market context.
Built in 2012, this two-bedroom, two-bath residence combines a bright interior with practical updates and detailed finishes. The kitchen includes granite countertops, wood cabinetry with crown molding, tile backsplash, recessed lighting, stainless steel appliances, and a peninsula breakfast bar. High ceilings, plantation shutters, tile flooring, designer paint, and luxury-grade carpet further define the living spaces. The primary bedroom has natural light, dual sinks in its private bath, and a walk-in closet.
A covered patio extends the living area outdoors with views across the golf course. The home is located within Sunland Springs Village, an adult community offering two pools, a heated spa, golf, tennis and pickleball courts, a fitness center, clubs, and additional recreational amenities. A water filtration system is also included.
A covered patio extends the living area outdoors with views across the golf course. The home is located within Sunland Springs Village, an adult community offering two pools, a heated spa, golf, tennis and pickleball courts, a fitness center, clubs, and additional recreational amenities. A water filtration system is also included.
Key Highlights
- Two‑bedroom, two‑bath residence built in 2012
- Kitchen with granite counters, wood cabinetry, stainless steel appliances, and breakfast bar
- Primary suite includes dual sinks, natural light, and a walk‑in closet
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
$15,192
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
3.38%
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%
$303,840
$303.8K
Cap Rate 7%
$217,029
$217.0K
Cap Rate 9%
$168,800
$168.8K
Market Conditions
NOI Build-Up for 1,492 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
$29.5K $19.80/SF
− Vacancy
−$1.9K −$1.29/SF
EGI
$27.6K $18.51/SF
− OpEx
−$12.4K −$8.33/SF
NOI
$15.2K $10.18/SF
Area
ZIP 85209
Vacancy
6.50%
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%
$303,840
Cap Rate 7%
$217,029
Cap Rate 9%
$168,800
Alternative Uses
Best Use
Apartment 5plus
$217.0K
$189.9K – $253.2K
NOI $15,192 @ 7.0% cap · market cap 3.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$495.4K
$433.5K – $578.0K
NOI $34,678 @ 7.0% cap · market cap 7.71%
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
102
Businesses Nearby
Explore this area
Business Placement
Demographics for 85209, AZ
44,192
Population
21,921
Households
2
Avg Household Size
44
Median Age
33%
College-Educated
93%
High-School Grad
11.8 sq mi
ZIP Area
3,745
Density / Sq Mi
$80,498
Median Household Income
$46,682
Median Earnings
$1,798
Median Rent
$363,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Residence in an adult community with golf-course views, covered patio, updated finishes, and extensive recreational amenities.
Where is this residential income property located?
The property is located at 2662 S SPRINGWOOD Boulevard 463 Mesa, AZ.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath residence built in 2012; Kitchen with granite counters, wood cabinetry, stainless steel appliances, and breakfast bar; Primary suite includes dual sinks, natural light, and a walk‑in closet
