2-Bedroom Residential Income
For Sale
$449,000
7021 E EARLL Drive 202, Scottsdale, AZ 85251
Gated condo community with a pool, spa, balcony, and attached one-car garage.
Property Size1,147 SF
Days on Market9
Property Features for 7021 E EARLL Drive 202
General Information
Standard status
Active
Size
1,147 SF
Total Parking Spaces
1
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Parking per Unit
1
Taxes and HOA fees
Annual Taxes
$1,161
Amenities
pool
spa
gated community
Building Details
Building Size
1,147 SF
Year Built
1997
Listing Agency:
HomeSmart
Listed By:
Laurie J Burleson
(480) 682-7253
Source:
Alexiabertsatos
Added: Sep 3
Changed: Sep 9
Last Checked: Sep 10 at 7:36AM
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 HomeSmart
Investment Insights
Based on property information with market context.
This second-floor condominium in the gated Pueblo Verde community offers two bedrooms and two bathrooms within a bright, open interior. High ceilings, neutral finishes, wood-look flooring, and abundant natural light define the living areas. The living and dining rooms connect to a kitchen equipped with stainless steel appliances, granite countertops, white cabinetry, a walk-in pantry, pass-through breakfast bar, and a gas fireplace. French doors open from the living area and main bedroom to a private balcony overlooking the community pool. The main bedroom includes built-ins and an ensuite bathroom with dual sinks. A one-car garage is included.
The property is located at 7021 E EARLL Drive in Scottsdale, near Old Town and its everyday amenities and entertainment options. Pueblo Verde includes a community pool and spa. The condominium was built in 1997.
The property is located at 7021 E EARLL Drive in Scottsdale, near Old Town and its everyday amenities and entertainment options. Pueblo Verde includes a community pool and spa. The condominium was built in 1997.
Key Highlights
- Two‑bedroom, two‑bath condominium in gated Pueblo Verde
- Built in 1997 at 7021 E EARLL Drive, Scottsdale, AZ 85251
- Kitchen includes stainless steel appliances, granite counters, pantry, 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
$13,272
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
2.96%
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%
$265,440
$265.4K
Cap Rate 7%
$189,600
$189.6K
Cap Rate 9%
$147,467
$147.5K
Market Conditions
NOI Build-Up for 1,147 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
$25.2K $21.96/SF
− Vacancy
−$1.1K −$0.92/SF
EGI
$24.1K $21.04/SF
− OpEx
−$10.9K −$9.47/SF
NOI
$13.3K $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%
$265,440
Cap Rate 7%
$189,600
Cap Rate 9%
$147,467
Alternative Uses
Best Use
Apartment 5plus
$189.6K
$165.9K – $221.2K
NOI $13,272 @ 7.0% cap · market cap 2.96%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$376.5K
$329.5K – $439.3K
NOI $26,357 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,944
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 - Gated condo community with a pool, spa, balcony, and attached one-car garage.
Where is this residential income property located?
The property is located at 7021 E EARLL Drive 202 Scottsdale, AZ.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condominium in gated Pueblo Verde; Built in 1997 at 7021 E EARLL Drive, Scottsdale, AZ 85251; Kitchen includes stainless steel appliances, granite counters, pantry, and breakfast bar
