Ground-Floor Residential Income
For Sale
$369,900
6900 E PRINCESS Drive 1132, Phoenix, AZ 85054
Gated ground-level condominium with private patio, updated finishes, and access to resort-style community amenities.
Property Size985 SF
Days on Market43
Property Features for 6900 E PRINCESS Drive 1132
General Information
Standard status
Active
Size
985 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,256
Amenities
gated community
clubhouse
pool
spa
fitness center
Building Details
Building Size
985 SF
Year Built
2003
Listing Agency:
My Home Group Real Estate
(480) 201-7535
Listed By:
Brenda Donnelly
(480) 201-7535
Source:
Jcluxuryresidential
Added: Jul 15
Changed: Aug 21
Last Checked: Aug 25 at 12:23PM
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.
Built in 2003, this ground-floor condominium offers a two-bedroom layout with a private en-suite bath and walk-in closet for each bedroom. Recent improvements include new bedroom carpet and a new AC unit. The kitchen combines granite countertops, stainless steel appliances, upgraded cabinetry, and a breakfast bar. A separate laundry room includes a walk-in pantry, while the private patio adds outdoor space.
The property is located within a gated community offering a clubhouse, pool, spa, and fitness center. Its Phoenix location is minutes from Scottsdale Quarter, Kierland Commons, Whole Foods, dining, shopping, and entertainment destinations.
The property is located within a gated community offering a clubhouse, pool, spa, and fitness center. Its Phoenix location is minutes from Scottsdale Quarter, Kierland Commons, Whole Foods, dining, shopping, and entertainment destinations.
Key Highlights
- Two‑bedroom floor plan with private en‑suite baths and walk‑in closets
- Ground‑floor condominium with private patio
- Kitchen includes granite countertops, stainless steel appliances, upgraded cabinetry, and breakfast bar
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
$11,489
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
3.11%
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%
$229,780
$229.8K
Cap Rate 7%
$164,129
$164.1K
Cap Rate 9%
$127,656
$127.7K
Market Conditions
NOI Build-Up for 985 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
$22.2K $22.56/SF
− Vacancy
−$1.3K −$1.35/SF
EGI
$20.9K $21.21/SF
− OpEx
−$9.4K −$9.54/SF
NOI
$11.5K $11.66/SF
Area
Phoenix, AZ
Vacancy
6.00%
Lease Rate
$22.56 /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%
$229,780
Cap Rate 7%
$164,129
Cap Rate 9%
$127,656
Alternative Uses
Best Use
Apartment 5plus
$164.1K
$143.6K – $191.5K
NOI $11,489 @ 7.0% cap · market cap 3.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$298.4K
$261.1K – $348.1K
NOI $20,886 @ 7.0% cap · market cap 5.65%
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
739
Businesses Nearby
Explore this area
Business Placement
Demographics for 85054, AZ
8,849
Population
6,271
Households
1.4
Avg Household Size
39
Median Age
61%
College-Educated
98%
High-School Grad
8.6 sq mi
ZIP Area
1,029
Density / Sq Mi
$89,099
Median Household Income
$64,554
Median Earnings
$2,146
Median Rent
$618,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Gated ground-level condominium with private patio, updated finishes, and access to resort-style community amenities.
Where is this residential income property located?
The property is located at 6900 E PRINCESS Drive 1132 Phoenix, AZ.
What is the asking price?
The asking price for this property is $369,900.
What are key features of this property?
This property features: Two‑bedroom floor plan with private en‑suite baths and walk‑in closets; Ground‑floor condominium with private patio; Kitchen includes granite countertops, stainless steel appliances, upgraded cabinetry, and breakfast bar
