Updated Residential Income
For Sale
$365,000
6900 E Princess Dr #2214, Phoenix, AZ 85054
Updated condo with balcony, refreshed interiors, new flooring, and access to pool, spa, clubhouse, and fitness amenities.
Property Size1,093 SF
Price / SF$333.94
Days on Market8
Property Features for 6900 E Princess Dr #2214
General Information
Standard status
Active
Size
1,093 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Amenities
pool
spa
clubhouse
fitness center
private balcony
stainless steel appliances
Building Details
Year Built
2003
Listing Agency:
RE/MAX Desert Showcase
(480) 418-1838
Listed By:
Thompson Shepherd Group
(480) 418-1838
Source:
Thompsonshepherdgroup
Added: Aug 22
Changed: Aug 28
Last Checked: Aug 29 at 8:55AM
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 RE/MAX Desert Showcase
Investment Insights
Based on property information with market context.
This 1,093-square-foot condominium in the Larronata community offers three bedrooms and two full bathrooms. Recent improvements include wood-look flooring, fresh paint, and a new gas range. The kitchen also includes stainless steel appliances, ample counter space, and substantial storage. Natural light carries through the interior, while a sliding glass door opens to a private balcony. The primary suite features double-door entry, a walk-in closet, and its own full bathroom.
Community amenities include a pool, spa, clubhouse, and fitness center. The property also provides access to nearby dining, shopping, and freeways. Built in 2003, the residence combines a defined bedroom layout with updated interior finishes and shared recreational facilities.
Community amenities include a pool, spa, clubhouse, and fitness center. The property also provides access to nearby dining, shopping, and freeways. Built in 2003, the residence combines a defined bedroom layout with updated interior finishes and shared recreational facilities.
Key Highlights
- 1,093 SF condominium with 3 bedrooms and 2 full bathrooms
- Updated with wood‑look flooring, fresh paint, and a new gas range
- Private balcony accessed through a sliding glass door
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
$12,748
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
3.49%
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%
$254,960
$255.0K
Cap Rate 7%
$182,114
$182.1K
Cap Rate 9%
$141,644
$141.6K
Market Conditions
NOI Build-Up for 1,093 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
$24.7K $22.56/SF
− Vacancy
−$1.5K −$1.35/SF
EGI
$23.2K $21.21/SF
− OpEx
−$10.4K −$9.54/SF
NOI
$12.7K $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%
$254,960
Cap Rate 7%
$182,114
Cap Rate 9%
$141,644
Alternative Uses
Best Use
Apartment 5plus
$182.1K
$159.4K – $212.5K
NOI $12,748 @ 7.0% cap · market cap 3.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$331.1K
$289.7K – $386.3K
NOI $23,176 @ 7.0% cap · market cap 6.35%
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
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 - Updated condo with balcony, refreshed interiors, new flooring, and access to pool, spa, clubhouse, and fitness amenities.
Where is this residential income property located?
The property is located at 6900 E Princess Dr #2214 Phoenix, AZ.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: 1,093 SF condominium with 3 bedrooms and 2 full bathrooms; Updated with wood‑look flooring, fresh paint, and a new gas range; Private balcony accessed through a sliding glass door
