Remodeled Residential Income
For Sale
$230,000
3314 N 68TH Street N 211, Scottsdale, AZ 85251
Two-bedroom condominium with updated finishes, private bathrooms, and access to community recreation amenities.
Property Size932 SF
Days on Market87
Property Features for 3314 N 68TH Street N 211
General Information
Standard status
Active
Size
932 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$764
Amenities
balcony
recreation center
pool
Building Details
Building Size
932 SF
Year Built
1971
Listing Agency:
My Home Group Real Estate
Listed By:
Jill Stadum
(480) 231-0983
Source:
Alexiabertsatos
Added: Jun 17
Changed: Sep 7
Last Checked: Sep 10 at 5:38AM
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 My Home Group Real Estate
Investment Insights
Based on property information with market context.
This remodeled residential income property is a two-bedroom condominium built in 1971. The open great room connects to a covered balcony, while the kitchen features quartz countertops, a matching backsplash, slab cabinetry, stainless-steel appliances, and a breakfast bar. Both bedrooms include carpeting, walk-in closets, and private bathrooms. LED recessed lighting, updated flooring, baseboards, and countertops add to the interior improvements.
The property is located at 3314 N 68TH Street N 211 in Scottsdale, Arizona. Community amenities include a recreation center, swimming pool, and maintained common areas. The covered balcony provides neighborhood views and additional outdoor space.
The property is located at 3314 N 68TH Street N 211 in Scottsdale, Arizona. Community amenities include a recreation center, swimming pool, and maintained common areas. The covered balcony provides neighborhood views and additional outdoor space.
Key Highlights
- Remodeled two‑bedroom condominium built in 1971
- Quartz countertops, backsplash, slab cabinetry, and stainless‑steel appliances
- Great room layout with covered balcony
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
4.69%
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 4.69%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$305.9K
$267.7K – $356.9K
NOI $21,416 @ 7.0% cap · market cap 9.31%
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 - Two-bedroom condominium with updated finishes, private bathrooms, and access to community recreation amenities.
Where is this residential income property located?
The property is located at 3314 N 68TH Street N 211 Scottsdale, AZ.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: Remodeled two‑bedroom condominium built in 1971; Quartz countertops, backsplash, slab cabinetry, and stainless‑steel appliances; Great room layout with covered balcony
