55+ Residential Income
New
For Sale
$200,000
9151 W Greenway Rd #226, Peoria, AZ 85381
Residents have access to a heated pool, spa, fitness center, clubhouse, and community lake.
Property Size968 SF
Price / SF$206.61
Days on Market3
Property Features for 9151 W Greenway Rd #226
General Information
Standard status
Active
Size
968 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
1
Amenities
heated community pool
spa
clubhouse
fitness center
game and gathering spaces
shuffleboard
BBQ areas
lake
gated
Building Details
Year Built
1997
Listing Agency:
Platinum Realty Network
(480) 326-6521
Listed By:
Legacy Real Estate Team
(480) 681-4001
Source:
Legacyrealestateteam
Added: Sep 24
Last Checked: Sep 24 at 8:43AM
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 Platinum Realty Network
Investment Insights
Based on property information with market context.
This 968-square-foot condominium, built in 1997, is within a gated community for residents aged 55 and older. Shared amenities include a heated pool and spa, clubhouse, fitness center, game and gathering areas, shuffleboard, and barbecue spaces.
Residents also have access to a lake for fishing and boating. Shopping and dining at Arrowhead, P83 entertainment, Peoria Sports Complex, golf, medical facilities, and Loop 101 are listed among the area’s nearby destinations.
Residents also have access to a lake for fishing and boating. Shopping and dining at Arrowhead, P83 entertainment, Peoria Sports Complex, golf, medical facilities, and Loop 101 are listed among the area’s nearby destinations.
Key Highlights
- 968‑square‑foot condominium built in 1997
- Located in a gated 55+ community
- Community amenities include a heated pool, spa, clubhouse, and fitness center
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
$10,850
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
5.43%
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%
$217,000
$217.0K
Cap Rate 7%
$155,000
$155.0K
Cap Rate 9%
$120,556
$120.6K
Market Conditions
NOI Build-Up for 968 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
$21.3K $21.96/SF
− Vacancy
−$1.5K −$1.58/SF
EGI
$19.7K $20.38/SF
− OpEx
−$8.9K −$9.17/SF
NOI
$10.8K $11.21/SF
Area
Peoria, AZ
Vacancy
7.20%
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%
$217,000
Cap Rate 7%
$155,000
Cap Rate 9%
$120,556
Alternative Uses
Best Use
Apartment 5plus
$155.0K
$135.6K – $180.8K
NOI $10,850 @ 7.0% cap · market cap 5.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$238.3K
$208.5K – $278.1K
NOI $16,683 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
120
Businesses Nearby
Explore this area
Business Placement
Demographics for 85381, AZ
27,008
Population
11,393
Households
2.4
Avg Household Size
40
Median Age
34%
College-Educated
95%
High-School Grad
6.7 sq mi
ZIP Area
4,031
Density / Sq Mi
$94,442
Median Household Income
$49,458
Median Earnings
$1,726
Median Rent
$407,900
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Residents have access to a heated pool, spa, fitness center, clubhouse, and community lake.
Where is this residential income property located?
The property is located at 9151 W Greenway Rd #226 Peoria, AZ.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: 968‑square‑foot condominium built in 1997; Located in a gated 55+ community; Community amenities include a heated pool, spa, clubhouse, and fitness center
