Updated Residential Income
For Sale
$515,000
33550 N DOVE LAKES Drive 2043, Cave Creek, AZ 85331
Gated community condo with a covered pool-view patio, den, fireplace, and renovated baths.
Property Size1,855 SF
Price / SF$277.63
Days on Market10
Property Features for 33550 N DOVE LAKES Drive 2043
General Information
Standard status
Active
Size
1,855 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,507
Amenities
gas fireplace
covered patio
heated pools
spas
fitness centers
BBQ areas
Building Details
Building Size
1,855 SF
Year Built
2007
Listing Agency:
Russ Lyon Sotheby's International Realty
(480) 432-0500
Listed By:
Laura Hemming
(480) 432-0500
Source:
Luxuryhomesdesertmountain
Added: Aug 13
Changed: Aug 20
Last Checked: Aug 21 at 10:25AM
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 Russ Lyon Sotheby's International Realty
Investment Insights
Based on property information with market context.
This 1,855-square-foot condominium, built in 2007, combines an open great room with a split-bedroom layout and a den. A gas fireplace anchors the main living area, which extends to a covered patio with views toward the community pool. The kitchen is equipped with cherry cabinetry, granite countertops, and stainless steel appliances. The primary bathroom has been remodeled, while the guest bathroom has also been updated.
The residence is within gated Villagio in Cave Creek, Arizona, next to Dove Valley Ranch Golf Club and near hiking and mountain biking trails. Community amenities include heated pools, spas, fitness centers, and BBQ areas, providing multiple recreational and gathering spaces within the development.
The residence is within gated Villagio in Cave Creek, Arizona, next to Dove Valley Ranch Golf Club and near hiking and mountain biking trails. Community amenities include heated pools, spas, fitness centers, and BBQ areas, providing multiple recreational and gathering spaces within the development.
Key Highlights
- 1,855 SF condominium in gated Villagio
- Built in 2007 with an updated interior
- Great room with gas fireplace and covered patio overlooking the pool
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
$20,936
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%
$418,720
$418.7K
Cap Rate 7%
$299,086
$299.1K
Cap Rate 9%
$232,622
$232.6K
Market Conditions
NOI Build-Up for 1,855 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
$40.1K $21.60/SF
− Vacancy
−$2.0K −$1.08/SF
EGI
$38.1K $20.52/SF
− OpEx
−$17.1K −$9.23/SF
NOI
$20.9K $11.29/SF
Area
Maricopa County, AZ
Vacancy
5.00%
Lease Rate
$21.60 /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%
$418,720
Cap Rate 7%
$299,086
Cap Rate 9%
$232,622
Alternative Uses
Best Use
Apartment 5plus
$299.1K
$261.7K – $348.9K
NOI $20,936 @ 7.0% cap · market cap 4.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$573.8K
$502.1K – $669.4K
NOI $40,166 @ 7.0% cap · market cap 7.80%
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
67
Businesses Nearby
Explore this area
Business Placement
Demographics for 85331, AZ
31,038
Population
13,680
Households
2.3
Avg Household Size
51
Median Age
53%
College-Educated
99%
High-School Grad
131.1 sq mi
ZIP Area
237
Density / Sq Mi
$123,710
Median Household Income
$61,542
Median Earnings
$2,535
Median Rent
$674,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Gated community condo with a covered pool-view patio, den, fireplace, and renovated baths.
Where is this residential income property located?
The property is located at 33550 N DOVE LAKES Drive 2043 Cave Creek, AZ.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: 1,855 SF condominium in gated Villagio; Built in 2007 with an updated interior; Great room with gas fireplace and covered patio overlooking the pool
