Updated Residential Income
For Sale
$119,900
9415 N 111th Avenue, Sun City, AZ 85351
Single-home property with refreshed finishes, enclosed patio space, and covered parking.
Property Size879 SF
Days on Market11
Property Features for 9415 N 111th Avenue
General Information
Standard status
Active
Size
879 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$323
Amenities
covered parking
enclosed back patio
front patio
Building Details
Building Size
879 SF
Year Built
1967
Stories
1
Listing Agency:
Olson Gough
(480) 398-2505
Listed By:
Aaron Gough
(480) 398-2505
Source:
Sunhaven-realestate
Added: Aug 11
Changed: Aug 18
Last Checked: Aug 20 at 2:32PM
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 Olson Gough
Investment Insights
Based on property information with market context.
This residential income property is a home built in 1967 with updated interior finishes. Improvements include two-tone neutral paint, hardwood-style flooring, plush carpeting, granite kitchen countertops, undermount sinks, updated faucets, and refreshed fixtures in both the kitchen and bathrooms.
An enclosed rear patio adds usable outdoor space, while covered parking is positioned outside the back door. The front patio faces a greenbelt with orange trees, providing a landscaped outlook from the front of the home.
An enclosed rear patio adds usable outdoor space, while covered parking is positioned outside the back door. The front patio faces a greenbelt with orange trees, providing a landscaped outlook from the front of the home.
Key Highlights
- Updated kitchen and bathroom fixtures, faucets, and undermount sinks
- Granite countertops in the kitchen
- Enclosed rear patio provides additional outdoor space
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
$9,920
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
8.27%
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%
$198,400
$198.4K
Cap Rate 7%
$141,714
$141.7K
Cap Rate 9%
$110,222
$110.2K
Market Conditions
NOI Build-Up for 879 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
$19.0K $21.60/SF
− Vacancy
−$949 −$1.08/SF
EGI
$18.0K $20.52/SF
− OpEx
−$8.1K −$9.23/SF
NOI
$9.9K $11.29/SF
Area
Maricopa County, AZ
Vacancy
5.00%
Lease Rate
$21.60 /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%
$198,400
Cap Rate 7%
$141,714
Cap Rate 9%
$110,222
Alternative Uses
Best Use
Apartment 5plus
$141.7K
$124.0K – $165.3K
NOI $9,920 @ 7.0% cap · market cap 8.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$271.9K
$237.9K – $317.2K
NOI $19,033 @ 7.0% cap · market cap 15.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
183
Businesses Nearby
Explore this area
Business Placement
Demographics for 85351, AZ
29,795
Population
20,414
Households
1.5
Avg Household Size
73
Median Age
24%
College-Educated
93%
High-School Grad
10.9 sq mi
ZIP Area
2,733
Density / Sq Mi
$50,812
Median Household Income
$29,786
Median Earnings
$1,477
Median Rent
$250,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Single-home property with refreshed finishes, enclosed patio space, and covered parking.
Where is this residential income property located?
The property is located at 9415 N 111th Avenue Sun City, AZ.
What is the asking price?
The asking price for this property is $119,900.
What are key features of this property?
This property features: Updated kitchen and bathroom fixtures, faucets, and undermount sinks; Granite countertops in the kitchen; Enclosed rear patio provides additional outdoor space
