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$380,000

For Sale - Active
2511 W Queen Creek Rd Unit 205, Chandler, AZ 85248
1 Bed
2 Baths
1,011 Square Feet
0.02 Acres Lot
Built in 2021
For Sale - Active
Units n/a
Checked: 17 hours ago
Updated: Aug 14, 2025 at 01:41AM

Investment Summary


Monthly Cash Flow
-$646
Cap Rate
3.6%
Cash-on-Cash Return
-8.9%
Debt Coverage Ratio
0.64
Internal Rate of Return (5 years)
-4.6%

Property Description


0.02 Acres Lot
Built in 2021
For Sale - Active
Units n/a

Experience the best of luxury living at The Cays in Downtown Ocotillo! Built in 2021, this stylish condo combines modern design with resort-style amenities for the ultimate lifestyle. This unit offers an open floor plan featuring a spacious primary suite, 1.5 bathrooms, and a versatile flex space, perfect for a home office. Enjoy your private balcony with lake and fountain views! Premium parking spot with additional storage in secured underground garage plus conveniently located near the building elevator for quick access. Enjoy unmatched community amenities including a resort-style pool, outdoor gas BBQs, yoga room, state-of-the-art fitness center, private steam rooms, and a clubhouse with pool tables, full kitchen + more! Nearby you'll also find upscale dining options, a cozy coffee shop and a weekly farmers market- everything you need is right outside your door. Minutes from 101 & 202 freeways for quick access to the rest of the Valley! Luxury, location and lifestyle all in one place.

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Location


Property Details


Parking

  • Description: Electric Door Opener, Assigned, Gated, Permit Required
  • Details: Gated, Assigned, Community Structure, Electric Vehicle Charging Station(s)
  • Garage Spaces: 1
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 1

Bathroom Information

  • # of Baths (Total): 2.0

Interior Features

  • # of Stories: 4

Exterior Features

  • Exterior Walls Materials: Stucco
  • Roof Material: Tile
  • Pool Community: Yes

HOA

  • Has HOA: Yes
  • Association: The Cays
  • HOA Fee: $361/monthly
  • Additional Association: Ocotillo Community
  • Additional HOA Fee: $258/quarterly

Land Information

  • Land Use: Residential
  • Land Use Subtype: Condominium Unit

Lot Information

  • Parcel ID: 30380428
  • Lot Size: 1009 sqft

Property Information

  • Property Type: Condominium
  • Style: Santa Barbara/Tuscan
  • Year Built: 2021

Tax Information

  • Annual Tax: $1,511

Utilities

  • Water & Sewer: Public
  • Heating: Electric
  • Cooling: Central Air, Ceiling Fan(s)

Location

  • County: Maricopa

Listing Details


Listed by:
Laurie A Beischel
Locality Real Estate
(602) 320-0484

Source:
Arizona Regional Multiple Listing Service (ARMLS)
MLS#: 6904927
Arizona Regional Multiple Listing Service (ARMLS)

Investment Summary


Monthly Cash Flow
-$646
Cap Rate
3.6%
Cash-on-Cash Return
-8.9%
Debt Coverage Ratio
0.64
Internal Rate of Return (5 years)
-4.6%

Purchase Details

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Purchase price:
$380,000
Amount financed:
-$304,000
Down payment:
$76,000
Closing costs:
$11,400
Rehab costs:
$0
Initial cash invested:
$87,400
Square feet:
1,011
Cost per square foot:
$376
Monthly rent per square foot:
$2.47

Financing Details

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Loan amount:
$304,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
5.875%
Principal & interest:
$1,798
Property tax:
$126
Insurance:
$175
Private mortgage insurance (PMI):
$0
Monthly payment:
$2,099

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,500 $30,000
Vacancy loss: (6%)
6% -$150 -$1,800
Operating income:
$2,350 $28,200

Operating Expenses


% Rent Monthly Yearly
Property taxes: (5%)
5%-$126-$1,511
Insurance: (7%)
7%-$175-$2,100
Property management: (8%)
8%-$200-$2,400
Repairs & maintenance: (5%)
5%-$125-$1,500
Capital expenditures: (5%)
5%-$125-$1,500
HOA fees: (18%)
18%-$447-$5,364
Total operating expenses: (48%)
48%-$1,198-$14,375

Cash Flow


Monthly Yearly
Net operating income:
$1,152 $13,824
Mortgage payments:
-$1,798 -$21,576
Cash flow:
$646 $7,752