Two-Bedroom Residential Income
For Sale
$225,000
303 N Miller Road 2018, Scottsdale, AZ 85257
Updated kitchen, fresh paint, and an included washer/dryer complement access to a landscaped community with a pool.
Property Size850 SF
Days on Market24
Property Features for 303 N Miller Road 2018
General Information
Standard status
Active
Size
850 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$452
Amenities
pool
washer/dryer
Building Details
Building Size
850 SF
Year Built
1981
Listing Agency:
Realty ONE Group
Listed By:
Nathaly Cardona-Vargas
(602) 860-4181
Source:
Alexiabertsatos
Added: Aug 19
Changed: Sep 8
Last Checked: Sep 10 at 8:52AM
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 Realty ONE Group
Investment Insights
Based on property information with market context.
Located at 303 N Miller Road 2018 in Scottsdale, this 2-bedroom, 1-bath condominium was built in 1981. The unit features fresh interior paint, an updated kitchen, abundant natural light, and an included washer/dryer. Its placement within a landscaped community provides access to the pool while retaining a quiet residential setting.
The property is positioned near Tempe Town Lake, Papago Park, Old Town Scottsdale, and major shopping, dining, and recreation. The combination of a practical two-bedroom layout, refreshed interior features, and access to shared community amenities supports a range of residential income property strategies.
The property is positioned near Tempe Town Lake, Papago Park, Old Town Scottsdale, and major shopping, dining, and recreation. The combination of a practical two-bedroom layout, refreshed interior features, and access to shared community amenities supports a range of residential income property strategies.
Key Highlights
- 2‑bedroom, 1‑bath condominium
- Built in 1981
- Updated kitchen and fresh interior paint
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
$9,835
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
4.37%
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%
$196,700
$196.7K
Cap Rate 7%
$140,500
$140.5K
Cap Rate 9%
$109,278
$109.3K
Market Conditions
NOI Build-Up for 850 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
$18.7K $21.96/SF
− Vacancy
−$784 −$0.92/SF
EGI
$17.9K $21.04/SF
− OpEx
−$8.0K −$9.47/SF
NOI
$9.8K $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%
$196,700
Cap Rate 7%
$140,500
Cap Rate 9%
$109,278
Alternative Uses
Best Use
Apartment 5plus
$140.5K
$122.9K – $163.9K
NOI $9,835 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$279.0K
$244.2K – $325.5K
NOI $19,532 @ 7.0% cap · market cap 8.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
657
Businesses Nearby
Explore this area
Business Placement
Demographics for 85257, AZ
29,187
Population
16,392
Households
1.8
Avg Household Size
39
Median Age
46%
College-Educated
95%
High-School Grad
6.9 sq mi
ZIP Area
4,230
Density / Sq Mi
$79,828
Median Household Income
$54,580
Median Earnings
$1,812
Median Rent
$453,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated kitchen, fresh paint, and an included washer/dryer complement access to a landscaped community with a pool.
Where is this residential income property located?
The property is located at 303 N Miller Road 2018 Scottsdale, AZ.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 2‑bedroom, 1‑bath condominium; Built in 1981; Updated kitchen and fresh interior paint
