Renovated Ground-Level Income
For Sale
$449,900
9730 N 94TH Place 114, Scottsdale, AZ 85258
End-unit condo with updated interiors, no interior stairs, and access to community recreation and greenbelt paths.
Property Size1,202 SF
Days on Market138
Property Features for 9730 N 94TH Place 114
General Information
Standard status
Active
Size
1,202 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,120
Amenities
covered patio
guest parking
pool/spa
mailbox
greenbelt paths
Building Details
Building Size
1,202 SF
Year Built
1992
Listing Agency:
Luxury Division
(602) 770-7205
Listed By:
Michael Hankerson
(602) 770-7205
Source:
Jcluxuryresidential
Added: Apr 7
Changed: Aug 14
Last Checked: Aug 21 at 11:41AM
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 Luxury Division
Investment Insights
Based on property information with market context.
This ground-level end-unit condo in McCormick Ranch was renovated with vinyl plank flooring, updated bathrooms, new kitchen cabinetry, appliances, and granite countertops. Improvements also include two new 2.5-ton AC units, new Arcadia door sets in the living room, a stacked washer/dryer, a 50-gallon water heater, and a front security door. The primary suite has a new shower, while added upper and lower cabinetry expands kitchen storage and workspace.
The residence includes a covered patio and convenient access to parking, guest parking, the community pool and spa, mailbox, and greenbelt paths. Shopping, dining, golf, and nearby lakes are part of the surrounding McCormick Ranch setting, with HonorHealth Scottsdale Shea Medical Center approximately half a mile away.
The residence includes a covered patio and convenient access to parking, guest parking, the community pool and spa, mailbox, and greenbelt paths. Shopping, dining, golf, and nearby lakes are part of the surrounding McCormick Ranch setting, with HonorHealth Scottsdale Shea Medical Center approximately half a mile away.
Key Highlights
- Ground‑level end‑unit condo with no interior stairs
- Two new 2.5‑ton AC units and a new 50‑gallon water heater
- Renovated kitchen with new cabinets, appliances, granite countertops, and added 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
$13,908
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
3.09%
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%
$278,160
$278.2K
Cap Rate 7%
$198,686
$198.7K
Cap Rate 9%
$154,533
$154.5K
Market Conditions
NOI Build-Up for 1,202 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
$26.4K $21.96/SF
− Vacancy
−$1.1K −$0.92/SF
EGI
$25.3K $21.04/SF
− OpEx
−$11.4K −$9.47/SF
NOI
$13.9K $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%
$278,160
Cap Rate 7%
$198,686
Cap Rate 9%
$154,533
Alternative Uses
Best Use
Apartment 5plus
$198.7K
$173.9K – $231.8K
NOI $13,908 @ 7.0% cap · market cap 3.09%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$394.6K
$345.3K – $460.4K
NOI $27,621 @ 7.0% cap · market cap 6.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
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 - End-unit condo with updated interiors, no interior stairs, and access to community recreation and greenbelt paths.
Where is this residential income property located?
The property is located at 9730 N 94TH Place 114 Scottsdale, AZ.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Ground‑level end‑unit condo with no interior stairs; Two new 2.5‑ton AC units and a new 50‑gallon water heater; Renovated kitchen with new cabinets, appliances, granite countertops, and added storage
