Lower-Level Residential Income
For Sale
$207,900
537 S DELAWARE Drive 104, Apache Junction, AZ 85120
Gated community setting with fresh carpet, in-unit laundry, and access to a community pool.
Property Size1,060 SF
Days on Market139
Property Features for 537 S DELAWARE Drive 104
General Information
Standard status
Active
Size
1,060 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$905
Amenities
inside laundry room
gated community
community pool
Building Details
Building Size
1,060 SF
Year Built
2003
Listing Agency:
Western Lifestyle Realty
(480) 983-9600
Listed By:
Lisha Newell
(480) 983-9600
Source:
Lostdutchmanrealty
Added: Apr 15
Changed: Aug 21
Last Checked: Aug 30 at 11:01PM
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 Western Lifestyle Realty
Investment Insights
Based on property information with market context.
Built in 2003, this lower-level residential income unit offers a two-bedroom, two-bath layout with practical interior features. Fresh carpet extends throughout the residence, while the primary suite includes a walk-in closet and a tub-shower combination. The second bedroom is paired with a guest bath equipped with a walk-in shower, and an interior laundry room adds everyday convenience.
The property is within a gated community that includes a pool. Its Apache Junction location provides access to freeway connections, shopping, dining, and commuting routes, as described for the residence.
The property is within a gated community that includes a pool. Its Apache Junction location provides access to freeway connections, shopping, dining, and commuting routes, as described for the residence.
Key Highlights
- Two‑bedroom, two‑bath lower‑level unit
- Fresh carpet throughout the residence
- Primary suite with walk‑in closet and tub‑shower combination
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
$8,340
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
4.01%
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%
$166,800
$166.8K
Cap Rate 7%
$119,143
$119.1K
Cap Rate 9%
$92,667
$92.7K
Market Conditions
NOI Build-Up for 1,060 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
$17.2K $16.20/SF
− Vacancy
−$2.0K −$1.90/SF
EGI
$15.2K $14.30/SF
− OpEx
−$6.8K −$6.44/SF
NOI
$8.3K $7.87/SF
Area
Pinal County, AZ
Vacancy
11.70%
Lease Rate
$16.20 /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%
$166,800
Cap Rate 7%
$119,143
Cap Rate 9%
$92,667
Alternative Uses
Best Use
Apartment 5plus
$119.1K
$104.3K – $139.0K
NOI $8,340 @ 7.0% cap · market cap 4.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$293.0K
$256.4K – $341.9K
NOI $20,513 @ 7.0% cap · market cap 9.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
695
Businesses Nearby
Explore this area
Business Placement
Demographics for 85120, AZ
30,605
Population
17,430
Households
1.8
Avg Household Size
54
Median Age
14%
College-Educated
87%
High-School Grad
23.1 sq mi
ZIP Area
1,325
Density / Sq Mi
$53,921
Median Household Income
$35,155
Median Earnings
$958
Median Rent
$162,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Gated community setting with fresh carpet, in-unit laundry, and access to a community pool.
Where is this residential income property located?
The property is located at 537 S DELAWARE Drive 104 Apache Junction, AZ.
What is the asking price?
The asking price for this property is $207,900.
What are key features of this property?
This property features: Two‑bedroom, two‑bath lower‑level unit; Fresh carpet throughout the residence; Primary suite with walk‑in closet and tub‑shower combination
