Residential Income Property with
For Sale
$248,900
510 N ALMA SCHOOL Road 192, Mesa, AZ 85201
Open living areas connect the kitchen, dining space, and family room beside the community pool.
Property Size944 SF
Days on Market52
Property Features for 510 N ALMA SCHOOL Road 192
General Information
Standard status
Active
Size
944 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$460
Amenities
community pool
Building Details
Building Size
944 SF
Year Built
1985
Listing Agency:
eXp Realty
(480) 570-5203
Listed By:
Melanie S Sanders · License #BR024120000
(480) 570-5203
Source:
Gillettegroupaz
Added: Jul 2
Changed: Aug 8
Last Checked: Aug 22 at 11:50AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This two-bedroom, two-bath condominium features an open interior arrangement, with the kitchen oriented toward the dining and family room areas. Tile flooring extends throughout the residence, while the kitchen includes stainless steel and black appliances. The primary bedroom offers vaulted ceilings and built-in plant shelves that provide additional storage space.
Outdoor living includes a private patio positioned beneath a mature shade tree. The unit is located next to the community pool and includes covered parking immediately nearby. Built in 1985, the property combines a practical residential layout with several defined interior and exterior features.
Outdoor living includes a private patio positioned beneath a mature shade tree. The unit is located next to the community pool and includes covered parking immediately nearby. Built in 1985, the property combines a practical residential layout with several defined interior and exterior features.
Key Highlights
- Two‑bedroom, two‑bath condominium with an open kitchen, dining, and family room arrangement
- Tile flooring throughout the residence
- Kitchen includes stainless steel and black appliances
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
$10,716
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%
$214,320
$214.3K
Cap Rate 7%
$153,086
$153.1K
Cap Rate 9%
$119,067
$119.1K
Market Conditions
NOI Build-Up for 944 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
$20.6K $21.84/SF
− Vacancy
−$1.1K −$1.20/SF
EGI
$19.5K $20.64/SF
− OpEx
−$8.8K −$9.29/SF
NOI
$10.7K $11.35/SF
Area
ZIP 85201
Vacancy
5.50%
Lease Rate
$21.84 /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%
$214,320
Cap Rate 7%
$153,086
Cap Rate 9%
$119,067
Alternative Uses
Best Use
Apartment 5plus
$153.1K
$134.0K – $178.6K
NOI $10,716 @ 7.0% cap · market cap 4.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$244.7K
$214.1K – $285.5K
NOI $17,128 @ 7.0% cap · market cap 6.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
542
Businesses Nearby
Explore this area
Business Placement
Demographics for 85201, AZ
51,187
Population
23,099
Households
2.2
Avg Household Size
33
Median Age
27%
College-Educated
87%
High-School Grad
9.4 sq mi
ZIP Area
5,445
Density / Sq Mi
$63,725
Median Household Income
$40,067
Median Earnings
$1,349
Median Rent
$292,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Open living areas connect the kitchen, dining space, and family room beside the community pool.
Where is this residential income property located?
The property is located at 510 N ALMA SCHOOL Road 192 Mesa, AZ.
What is the asking price?
The asking price for this property is $248,900.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condominium with an open kitchen, dining, and family room arrangement; Tile flooring throughout the residence; Kitchen includes stainless steel and black appliances
