Two-Bedroom Residential Income
For Sale
$319,900
2935 N 68TH Street 224, Scottsdale, AZ 85251
Condominium unit with updated windows, two parking spaces, and convenient access to Old Town Scottsdale.
Property Size1,124 SF
Days on Market45
Property Features for 2935 N 68TH Street 224
General Information
Standard status
Active
Size
1,124 SF
Total Parking Spaces
2
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Parking per Unit
2
Taxes and HOA fees
Annual Taxes
$593
Building Details
Building Size
1,124 SF
Year Built
1984
Listing Agency:
HomeSmart
Listed By:
Mary Ann Kren
(480) 221-4437
Source:
Jcluxuryresidential
Added: Jul 29
Changed: Sep 9
Last Checked: Sep 10 at 8:12AM
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 HomeSmart
Investment Insights
Based on property information with market context.
This two-bedroom, two-bath condominium offers a residential configuration suited to the property’s income classification. The unit receives natural light and includes windows installed in 2022, along with two assigned parking spaces—one covered and one uncovered.
Located in south Scottsdale, the property is near Old Town Scottsdale’s shopping and dining options. The condominium was built in 1984 and is identified as Unit 224 at 2935 N 68TH Street.
Located in south Scottsdale, the property is near Old Town Scottsdale’s shopping and dining options. The condominium was built in 1984 and is identified as Unit 224 at 2935 N 68TH Street.
Key Highlights
- Two‑bedroom, two‑bath condominium unit
- Windows installed in 2022
- Two parking spaces: one covered and one uncovered
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
$13,005
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
4.07%
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%
$260,100
$260.1K
Cap Rate 7%
$185,786
$185.8K
Cap Rate 9%
$144,500
$144.5K
Market Conditions
NOI Build-Up for 1,124 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
$24.7K $21.96/SF
− Vacancy
−$1.0K −$0.92/SF
EGI
$23.6K $21.04/SF
− OpEx
−$10.6K −$9.47/SF
NOI
$13.0K $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%
$260,100
Cap Rate 7%
$185,786
Cap Rate 9%
$144,500
Alternative Uses
Best Use
Apartment 5plus
$185.8K
$162.6K – $216.8K
NOI $13,005 @ 7.0% cap · market cap 4.07%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$369.0K
$322.9K – $430.5K
NOI $25,828 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,238
Businesses Nearby
Explore this area
Business Placement
Demographics for 85251, AZ
40,073
Population
26,456
Households
1.5
Avg Household Size
39
Median Age
60%
College-Educated
96%
High-School Grad
7.2 sq mi
ZIP Area
5,566
Density / Sq Mi
$89,151
Median Household Income
$60,282
Median Earnings
$1,771
Median Rent
$500,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium unit with updated windows, two parking spaces, and convenient access to Old Town Scottsdale.
Where is this residential income property located?
The property is located at 2935 N 68TH Street 224 Scottsdale, AZ.
What is the asking price?
The asking price for this property is $319,900.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condominium unit; Windows installed in 2022; Two parking spaces: one covered and one uncovered
