Residential Income Property with
For Sale
$325,000
9355 N 91ST Street 231, Scottsdale, AZ 85258
Second-floor condo with renovated interiors, greenbelt outlooks, and access to extensive community recreation.
Property Size979 SF
Days on Market134
Property Features for 9355 N 91ST Street 231
General Information
Standard status
Active
Size
979 SF
Property subtype
Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$958
Amenities
balcony
walking paths
pool
tennis courts
pickleball courts
Building Details
Building Size
979 SF
Year Built
1982
Listing Agency:
Coldwell Banker Realty
Listed By:
Greta Wren
(480) 662-4803
Source:
Alexiabertsatos
Added: May 8
Changed: Sep 15
Last Checked: Sep 17 at 4:16AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Built in 1982, this second-floor condominium combines updated interiors with multiple private outdoor spaces. The living room opens to a broad balcony facing a maintained greenbelt, while each bedroom includes its own balcony. The kitchen has been remodeled with white cabinetry, granite counters, stainless steel appliances, soft-close drawers, and a large pantry. Both bathrooms feature hickory cabinetry and soft-close doors and drawers; the primary suite includes a tiled, glass-enclosed walk-in shower. A newer HVAC unit installed in 2017 adds to the property’s improvements.
The Village community includes walking paths, multiple pools, two tennis courts, and pickleball courts. The property is in Scottsdale near shopping, dining, entertainment, and access to the 101.
The Village community includes walking paths, multiple pools, two tennis courts, and pickleball courts. The property is in Scottsdale near shopping, dining, entertainment, and access to the 101.
Key Highlights
- Second‑floor condominium built in 1982
- Greenbelt‑facing balcony plus private balconies for each bedroom
- Remodeled kitchen with granite counters, stainless steel appliances, pantry, and soft‑close drawers
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
$11,328
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
3.49%
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%
$226,560
$226.6K
Cap Rate 7%
$161,829
$161.8K
Cap Rate 9%
$125,867
$125.9K
Market Conditions
NOI Build-Up for 979 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
$21.5K $21.96/SF
− Vacancy
−$903 −$0.92/SF
EGI
$20.6K $21.04/SF
− OpEx
−$9.3K −$9.47/SF
NOI
$11.3K $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%
$226,560
Cap Rate 7%
$161,829
Cap Rate 9%
$125,867
Alternative Uses
Best Use
Apartment 5plus
$161.8K
$141.6K – $188.8K
NOI $11,328 @ 7.0% cap · market cap 3.49%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$321.4K
$281.2K – $374.9K
NOI $22,496 @ 7.0% cap · market cap 6.92%
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
2,512
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Second-floor condo with renovated interiors, greenbelt outlooks, and access to extensive community recreation.
Where is this residential income property located?
The property is located at 9355 N 91ST Street 231 Scottsdale, AZ.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Second‑floor condominium built in 1982; Greenbelt‑facing balcony plus private balconies for each bedroom; Remodeled kitchen with granite counters, stainless steel appliances, pantry, and soft‑close drawers
