Residential Income Property with Covered
For Sale
$315,000
7950 E CAMELBACK Road 704, Scottsdale, AZ 85251
Condominium features in-unit laundry, underground parking, and access to extensive community recreation.
Property Size930 SF
Days on Market92
Property Features for 7950 E CAMELBACK Road 704
General Information
Standard status
Active
Size
930 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$555
Amenities
inside laundry
covered patio
24 hour Guard Gated
wood shop
private storage unit
underground parking
golf course
3 heated pools
spas
gym
saunas
tennis courts
library
fine art studio
business center
Building Details
Building Size
930 SF
Year Built
1979
Listing Agency:
eXp Realty
Listed By:
Audrey Katherine Myers · License #SA662025000
(602) 717-5415
Source:
Alexiabertsatos
Added: Jun 12
Changed: Sep 11
Last Checked: Sep 10 at 7:37AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This 2-bedroom, 2-bath condominium offers a flexible interior layout, in-unit laundry, and a covered patio oriented toward courtyard views. The residence also includes a private storage unit, while underground parking provides secured vehicle accommodation. Built in 1979, the property is part of a 24-hour guard-gated community.
Community amenities include a golf course, 3 heated pools, spas, tennis courts, a gym, saunas, a library, fine art studio, business center, and wood shop. HOA fees cover AC/heat, water, and trash. The condominium is within walking distance of Fashion Square Mall, dining, and the Art District.
Community amenities include a golf course, 3 heated pools, spas, tennis courts, a gym, saunas, a library, fine art studio, business center, and wood shop. HOA fees cover AC/heat, water, and trash. The condominium is within walking distance of Fashion Square Mall, dining, and the Art District.
Key Highlights
- 2‑bedroom, 2‑bath condominium with a flexible floor plan
- Covered patio positioned toward peaceful courtyard views
- 24‑hour guard‑gated community with underground parking
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
$10,761
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
3.42%
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%
$215,220
$215.2K
Cap Rate 7%
$153,729
$153.7K
Cap Rate 9%
$119,567
$119.6K
Market Conditions
NOI Build-Up for 930 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
$20.4K $21.96/SF
− Vacancy
−$858 −$0.92/SF
EGI
$19.6K $21.04/SF
− OpEx
−$8.8K −$9.47/SF
NOI
$10.8K $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%
$215,220
Cap Rate 7%
$153,729
Cap Rate 9%
$119,567
Alternative Uses
Best Use
Apartment 5plus
$153.7K
$134.5K – $179.4K
NOI $10,761 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$305.3K
$267.1K – $356.2K
NOI $21,371 @ 7.0% cap · market cap 6.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium features in-unit laundry, underground parking, and access to extensive community recreation.
Where is this residential income property located?
The property is located at 7950 E CAMELBACK Road 704 Scottsdale, AZ.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: 2‑bedroom, 2‑bath condominium with a flexible floor plan; Covered patio positioned toward peaceful courtyard views; 24‑hour guard‑gated community with underground parking
