Remodeled 2-Bedroom Residential Income
For Sale
$375,000
9115 E PURDUE Avenue 213, Scottsdale, AZ 85258
Second-floor unit with a split-bedroom layout, upgraded kitchen and baths, and a balcony facing the pool.
Property Size1,145 SF
Days on Market35
Property Features for 9115 E PURDUE Avenue 213
General Information
Standard status
Active
Size
1,145 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,083
Amenities
furnished balcony
pool
ceiling fans
washer/dryer in unit
tennis courts
walking and bike paths
covered parking
Building Details
Building Size
1,145 SF
Year Built
1984
Listing Agency:
HomeSmart
Listed By:
Julie G Marcus · License #471013690
(847) 373-5857
Source:
Jcluxuryresidential
Added: Aug 5
Changed: Sep 5
Last Checked: Sep 7 at 7:00AM
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-story residential income property at 9115 E Purdue Avenue, Unit 213, was remodeled with new carpet and paint throughout. The 2BR/2 Bath floor plan separates the bedrooms and includes vaulted ceilings, an eat-in kitchen, upgraded bathrooms, a newer hot water heater, and a newer dishwasher. The unit also features a washer/dryer, ceiling fans in the bedrooms and living area, extensive closet storage, and a furnished balcony overlooking the pool.
Community amenities include private lighted tennis courts, walking and bike paths along the Greenbelt, and covered parking located near the unit. The property is in Scottsdale's McCormick Ranch, with shopping, restaurants, entertainment, and Spring Training parks nearby.
Community amenities include private lighted tennis courts, walking and bike paths along the Greenbelt, and covered parking located near the unit. The property is in Scottsdale's McCormick Ranch, with shopping, restaurants, entertainment, and Spring Training parks nearby.
Key Highlights
- Remodeled 2BR/2 Bath second‑story unit with a split‑bedroom floor plan
- New carpet and paint throughout, plus upgraded kitchen and bathrooms
- Vaulted ceilings, furnished pool‑facing balcony, and extensive closet 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
$13,248
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
3.53%
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%
$264,960
$265.0K
Cap Rate 7%
$189,257
$189.3K
Cap Rate 9%
$147,200
$147.2K
Market Conditions
NOI Build-Up for 1,145 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
$25.1K $21.96/SF
− Vacancy
−$1.1K −$0.92/SF
EGI
$24.1K $21.04/SF
− OpEx
−$10.8K −$9.47/SF
NOI
$13.2K $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%
$264,960
Cap Rate 7%
$189,257
Cap Rate 9%
$147,200
Alternative Uses
Best Use
Apartment 5plus
$189.3K
$165.6K – $220.8K
NOI $13,248 @ 7.0% cap · market cap 3.53%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$375.9K
$328.9K – $438.5K
NOI $26,311 @ 7.0% cap · market cap 7.02%
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
3,412
Businesses Nearby
Explore this area
Business Placement
Demographics for 85258, AZ
25,203
Population
15,566
Households
1.6
Avg Household Size
55
Median Age
63%
College-Educated
99%
High-School Grad
10.3 sq mi
ZIP Area
2,447
Density / Sq Mi
$105,171
Median Household Income
$68,184
Median Earnings
$1,945
Median Rent
$744,600
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Second-floor unit with a split-bedroom layout, upgraded kitchen and baths, and a balcony facing the pool.
Where is this residential income property located?
The property is located at 9115 E PURDUE Avenue 213 Scottsdale, AZ.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Remodeled 2BR/2 Bath second‑story unit with a split‑bedroom floor plan; New carpet and paint throughout, plus upgraded kitchen and bathrooms; Vaulted ceilings, furnished pool‑facing balcony, and extensive closet storage
