Ground-Level Residential Income
For Sale
$409,000
9550 N 94TH Place 117, Scottsdale, AZ 85258
Ground-floor condominium with updated kitchen finishes, private outdoor spaces, and access to community recreation amenities.
Property Size1,372 SF
Days on Market8
Property Features for 9550 N 94TH Place 117
General Information
Standard status
Active
Size
1,372 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,555
Amenities
wood-burning fireplace
private patio
community pool
tennis courts
greenbelts
pickleball courts
Building Details
Building Size
1,372 SF
Year Built
1985
Listing Agency:
SERHANT.
Listed By:
Ceejay Cesiel · License #SA653766000
(770) 605-5624
Source:
Alexiabertsatos
Added: Aug 28
Changed: Sep 3
Last Checked: Sep 4 at 10:48AM
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 SERHANT.
Investment Insights
Based on property information with market context.
This ground-level condominium in Villages III at McCormick Ranch offers two bedrooms and two bathrooms within a 1985-built residential property. The living room includes a wood-burning fireplace and connects to a private patio, while each bedroom has its own additional patio. The kitchen features quartz countertops, new shaker cabinetry, pull-out drawers, and a breakfast nook.
Community amenities include a pool, tennis courts, pickleball courts, and landscaped greenbelts. The property is located in Scottsdale near shopping, dining, golf, recreation, and entertainment, with convenient freeway access.
Community amenities include a pool, tennis courts, pickleball courts, and landscaped greenbelts. The property is located in Scottsdale near shopping, dining, golf, recreation, and entertainment, with convenient freeway access.
Key Highlights
- Two‑bedroom, two‑bathroom ground‑level condominium
- 1985‑built residential property in Villages III at McCormick Ranch
- Wood‑burning fireplace and private living‑room patio
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
$15,875
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
3.88%
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%
$317,500
$317.5K
Cap Rate 7%
$226,786
$226.8K
Cap Rate 9%
$176,389
$176.4K
Market Conditions
NOI Build-Up for 1,372 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
$30.1K $21.96/SF
− Vacancy
−$1.3K −$0.92/SF
EGI
$28.9K $21.04/SF
− OpEx
−$13.0K −$9.47/SF
NOI
$15.9K $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%
$317,500
Cap Rate 7%
$226,786
Cap Rate 9%
$176,389
Alternative Uses
Best Use
Apartment 5plus
$226.8K
$198.4K – $264.6K
NOI $15,875 @ 7.0% cap · market cap 3.88%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$450.4K
$394.1K – $525.5K
NOI $31,527 @ 7.0% cap · market cap 7.71%
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
3,367
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 - Ground-floor condominium with updated kitchen finishes, private outdoor spaces, and access to community recreation amenities.
Where is this residential income property located?
The property is located at 9550 N 94TH Place 117 Scottsdale, AZ.
What is the asking price?
The asking price for this property is $409,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bathroom ground‑level condominium; 1985‑built residential property in Villages III at McCormick Ranch; Wood‑burning fireplace and private living‑room patio
