Two-Bedroom Income Condo with
For Sale
$220,000
835 N GRANITE REEF Road 18, Scottsdale, AZ 85257
Condominium includes two full baths, community pools, and a balcony with city views.
Property Size855 SF
Days on Market15
Property Features for 835 N GRANITE REEF Road 18
General Information
Standard status
Active
Size
855 SF
Total Parking Spaces
1
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$784
Amenities
community pools
washer & dryer
refrigerator
self-cleaning range
microwave
dishwasher
city views
balcony
Building Details
Building Size
855 SF
Year Built
1985
Listing Agency:
DeLex Realty
Listed By:
Vipul Shah
(602) 330-2514
Source:
Alexiabertsatos
Added: Aug 28
Changed: Sep 6
Last Checked: Sep 10 at 7:51AM
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 DeLex Realty
Investment Insights
Based on property information with market context.
This residential income condominium includes two bedrooms, two full bathrooms, and a one-car garage. The garage contains an upgraded washer and dryer, while the kitchen is equipped with a refrigerator, self-cleaning range, microwave, and dishwasher. Water is included. Interior updates include new paint and blinds, with new bedroom carpet in process. Residents also have access to two community pools and a balcony with city views.
Built in 1985, the property is located at 835 N Granite Reef Road in Scottsdale. The setting is near the 101-202 interchange, Scottsdale, Tempe, Mesa, ASU, MCC, Tempe Marketplace, and Sam’s Club.
Built in 1985, the property is located at 835 N Granite Reef Road in Scottsdale. The setting is near the 101-202 interchange, Scottsdale, Tempe, Mesa, ASU, MCC, Tempe Marketplace, and Sam’s Club.
Key Highlights
- Two‑bedroom, two‑full‑bath condominium
- One‑car garage with upgraded washer and dryer
- Refrigerator, self‑cleaning range, microwave, and dishwasher included
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
$9,893
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
4.50%
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%
$197,860
$197.9K
Cap Rate 7%
$141,329
$141.3K
Cap Rate 9%
$109,922
$109.9K
Market Conditions
NOI Build-Up for 855 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
$18.8K $21.96/SF
− Vacancy
−$789 −$0.92/SF
EGI
$18.0K $21.04/SF
− OpEx
−$8.1K −$9.47/SF
NOI
$9.9K $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%
$197,860
Cap Rate 7%
$141,329
Cap Rate 9%
$109,922
Alternative Uses
Best Use
Apartment 5plus
$141.3K
$123.7K – $164.9K
NOI $9,893 @ 7.0% cap · market cap 4.50%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$280.7K
$245.6K – $327.5K
NOI $19,647 @ 7.0% cap · market cap 8.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
314
Businesses Nearby
Explore this area
Business Placement
Demographics for 85257, AZ
29,187
Population
16,392
Households
1.8
Avg Household Size
39
Median Age
46%
College-Educated
95%
High-School Grad
6.9 sq mi
ZIP Area
4,230
Density / Sq Mi
$79,828
Median Household Income
$54,580
Median Earnings
$1,812
Median Rent
$453,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium includes two full baths, community pools, and a balcony with city views.
Where is this residential income property located?
The property is located at 835 N GRANITE REEF Road 18 Scottsdale, AZ.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Two‑bedroom, two‑full‑bath condominium; One‑car garage with upgraded washer and dryer; Refrigerator, self‑cleaning range, microwave, and dishwasher included
