Five-Unit Apartment
For Sale
$1,050,000
Pending
3319 N 66TH Street, Scottsdale, AZ 85251
MULTI_FAMILY - Scottsdale, AZ
Property Size3,200 SF
Lot Size0.18 Acres
Days on Market120
Property Features for 3319 N 66TH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-5
Appliances
Dishwasher, Refrigerator, Free-Standing Electric Oven, Microwave
Subdivision
Holiday Park
Elementary school
Tavan Elementary School
Middle school
Ingleside Middle School
High school
Arcadia High School
Elementary school district
Scottsdale Unified District
Middle school district
Scottsdale Unified District
High school district
Scottsdale Unified District
Standard status
Pending
APN
130-47-149
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 32 IMPERIAL MANOR MCR 007530
Tax Annual Amount
1616
Legal Description
LOT 32 IMPERIAL MANOR MCR 007530
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Heat Pump (Heating), Forced Air
Cooling system
Ceiling Fan(s), Electric
Amenities
covered parking
on-site laundry
Building Details
Year built
1959
Number of units
5
Flooring type
Laminate, Tile
Building materials
Painted, Stucco, Block
Roof type
Composition
Listing Agency:
HomeSmart
(602) 230-7600
Listed By:
Cody Stein · License #SA713525000
(224) 769-0880
Added: Apr 15
Changed: Aug 9
Last Checked: Aug 12 at 3:06AM
MLS# 7014563
Copyright © 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This five-unit apartment property contains approximately 3,200 SF of building area on an 8,000 SF individually parceled lot. Built in 1959, the improvements include covered parking, on-site laundry, laminate and tile flooring, stucco and block construction, composition roofing, and a mix of electric cooling and natural-gas and heat-pump heating systems. Appliances include dishwashers, refrigerators, free-standing electric ovens, and microwaves.
The property is located at 3319 N 66th Street in Scottsdale, across from Paiute Park and near Old Town Scottsdale. Its setting provides access to nearby dining, shopping, entertainment, and major employment centers. Public sewer serves the property, which is zoned R-5.
The property is located at 3319 N 66th Street in Scottsdale, across from Paiute Park and near Old Town Scottsdale. Its setting provides access to nearby dining, shopping, entertainment, and major employment centers. Public sewer serves the property, which is zoned R-5.
Key Highlights
- Five‑unit apartment property on an 8,000 SF individually parceled lot
- Approximately 3,200 SF of building area
- Built in 1959 with stucco and block construction
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
$37,026
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
3.53%
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%
$740,520
$740.5K
Cap Rate 7%
$528,943
$528.9K
Cap Rate 9%
$411,400
$411.4K
Market Conditions
NOI Build-Up for 3,200 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
$70.3K $21.96/SF
− Vacancy
−$3.0K −$0.92/SF
EGI
$67.3K $21.04/SF
− OpEx
−$30.3K −$9.47/SF
NOI
$37.0K $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%
$740,520
Cap Rate 7%
$528,943
Cap Rate 9%
$411,400
Alternative Uses
Best Use
Apartment 5plus
$528.9K
$462.8K – $617.1K
NOI $37,026 @ 7.0% cap · market cap 3.53%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$1.05M
$919.2K – $1.23M
NOI $73,533 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,217
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - R-5-zoned property with covered parking and on-site laundry.
Where is this apartment building located?
The property is located at 3319 N 66TH Street Scottsdale, AZ.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Five‑unit apartment property on an 8,000 SF individually parceled lot; Approximately 3,200 SF of building area; Built in 1959 with stucco and block construction
