Ground-Floor Residential Income
For Sale
$549,900
6930 E 3rd Street, Scottsdale, AZ 85251
Two-bedroom condo with updated finishes, private patio, and abundant storage throughout.
Property Size1,618 SF
Days on Market12
Property Features for 6930 E 3rd Street
General Information
Standard status
Active
Size
1,618 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,309
Building Details
Building Size
1,618 SF
Year Built
1962
Stories
2
Construction
loft-style
Listing Agency:
Coldwell Banker Realty
(602) 568-5606
Listed By:
Kenny Knight
(602) 568-5606
Source:
Sunhaven-realestate
Added: Aug 12
Changed: Aug 22
Last Checked: Aug 23 at 12:25PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This ground-floor, single-story condo features two bedrooms and two bathrooms with shower-only layouts. The interior includes exposed ceilings, wood flooring, ceramic tile showers with frameless glass doors, and contemporary cabinetry with quartz and solid-surface countertops. The kitchen provides substantial storage, while an adjacent laundry room adds additional utility and space. The primary bedroom has two walk-in closets, and the guest bedroom includes a large walk-in closet.
A south-facing fenced patio provides a private outdoor area. The property is in Old Town Scottsdale, near restaurants, galleries, shopping, sporting events, entertainment, and other activities. Built in 1962, the residence combines a loft-style interior with a practical ground-floor configuration.
A south-facing fenced patio provides a private outdoor area. The property is in Old Town Scottsdale, near restaurants, galleries, shopping, sporting events, entertainment, and other activities. Built in 1962, the residence combines a loft-style interior with a practical ground-floor configuration.
Key Highlights
- Two‑bedroom, two‑bathroom ground‑floor condo
- Loft‑style interior with exposed ceilings and wood flooring
- Kitchen with quartz countertops and extensive storage
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
$18,721
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
3.40%
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%
$374,420
$374.4K
Cap Rate 7%
$267,443
$267.4K
Cap Rate 9%
$208,011
$208.0K
Market Conditions
NOI Build-Up for 1,618 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
$35.5K $21.96/SF
− Vacancy
−$1.5K −$0.92/SF
EGI
$34.0K $21.04/SF
− OpEx
−$15.3K −$9.47/SF
NOI
$18.7K $11.57/SF
Area
Scottsdale, AZ
Vacancy
4.20%
Lease Rate
$21.96 /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%
$374,420
Cap Rate 7%
$267,443
Cap Rate 9%
$208,011
Alternative Uses
Best Use
Apartment 5plus
$267.4K
$234.0K – $312.0K
NOI $18,721 @ 7.0% cap · market cap 3.40%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$531.1K
$464.8K – $619.7K
NOI $37,180 @ 7.0% cap · market cap 6.76%
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
1,238
Businesses Nearby
Explore this area
Business Placement
Demographics for 85251, AZ
40,073
Population
26,456
Households
1.5
Avg Household Size
39
Median Age
60%
College-Educated
96%
High-School Grad
7.2 sq mi
ZIP Area
5,566
Density / Sq Mi
$89,151
Median Household Income
$60,282
Median Earnings
$1,771
Median Rent
$500,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condo with updated finishes, private patio, and abundant storage throughout.
Where is this residential income property located?
The property is located at 6930 E 3rd Street Scottsdale, AZ.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Two‑bedroom, two‑bathroom ground‑floor condo; Loft‑style interior with exposed ceilings and wood flooring; Kitchen with quartz countertops and extensive storage
