Furnished Two-Suite Income
For Sale
$250,000
3313 N 68TH Street 146, Scottsdale, AZ 85251
Remodeled first-floor residence with covered patio, in-unit laundry, and community amenities.
Property Size932 SF
Days on Market29
Property Features for 3313 N 68TH Street 146
General Information
Standard status
Active
Size
932 SF
Property subtype
Apartment
Additional Details
Furnished
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$558
Amenities
community pool
covered parking
in-unit washer/dryer
private covered patio
Building Details
Building Size
932 SF
Year Built
1971
Listing Agency:
Compass
Listed By:
Kirsten K Horchler
(480) 799-2149
Source:
Alexiabertsatos
Added: Aug 14
Changed: Sep 6
Last Checked: Sep 10 at 8:29AM
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 Compass
Investment Insights
Based on property information with market context.
This furnished residential income property is a remodeled first-floor unit with two master suites and an updated kitchen equipped with stainless steel appliances. The residence also includes an in-unit washer and dryer, a private covered patio with direct gate access to Osborn, an assigned covered carport, and guest parking. Utilities are included through the HOA.
Community features include a pool and landscaped courtyard. The property is located at 3313 N 68TH Street in Scottsdale, near Old Town dining, shopping, galleries, golf, spring training, and nightlife. Built in 1971, the unit combines furnished occupancy with practical in-home features and covered parking.
Community features include a pool and landscaped courtyard. The property is located at 3313 N 68TH Street in Scottsdale, near Old Town dining, shopping, galleries, golf, spring training, and nightlife. Built in 1971, the unit combines furnished occupancy with practical in-home features and covered parking.
Key Highlights
- Furnished, remodeled first‑floor unit with double master suites
- Updated kitchen with stainless steel appliances
- Private covered patio with direct gate access to Osborn
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
$10,784
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
4.31%
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%
$215,680
$215.7K
Cap Rate 7%
$154,057
$154.1K
Cap Rate 9%
$119,822
$119.8K
Market Conditions
NOI Build-Up for 932 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
$20.5K $21.96/SF
− Vacancy
−$860 −$0.92/SF
EGI
$19.6K $21.04/SF
− OpEx
−$8.8K −$9.47/SF
NOI
$10.8K $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%
$215,680
Cap Rate 7%
$154,057
Cap Rate 9%
$119,822
Alternative Uses
Best Use
Apartment 5plus
$154.1K
$134.8K – $179.7K
NOI $10,784 @ 7.0% cap · market cap 4.31%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$305.9K
$267.7K – $356.9K
NOI $21,416 @ 7.0% cap · market cap 8.57%
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
3,344
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 - Remodeled first-floor residence with covered patio, in-unit laundry, and community amenities.
Where is this residential income property located?
The property is located at 3313 N 68TH Street 146 Scottsdale, AZ.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Furnished, remodeled first‑floor unit with double master suites; Updated kitchen with stainless steel appliances; Private covered patio with direct gate access to Osborn
