Tempe Condo Suite with
For Sale
Contact for pricing
1705-1725 W Ruby Dr, Tempe, AZ
12,000 SF condo suite featuring office, showroom, and warehouse.
Property Size12,000 SF
Lot Size2.14 Acres
Price / SF$291.25
Days on Market454
Property Features for 1705-1725 W Ruby Dr
General Information
Standard status
Active
Size
12,000 SF
Lot size
2.14 Acres
Property subtype
RETAIL
Lease Type
NNN
Properties For Sale
at 1705-1725 W Ruby Dr Contact us- Floor
- 1
- Size
- 12,000 SF
- Type
- RETAIL
- Lease Type
- NNN
- Availability
- AVAILABLE, Now
- Sublease
- No
Emerald Design Ctr
• 12,000 SF Condo Suite
• Constructed in 2007
• 10,000 SF Office Showroom
•...
show more
Contact us
Listing Agency:
Lee & Associates | Phoenix
(602) 956-7777
Listed By:
Rick Robertson
(602) 954-3748
Source:
Moodyscre
Added: Jun 17, 2025
Changed: Sep 10
Last Checked: Sep 12 at 11:48AM
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 Lee & Associates | Phoenix
Investment Insights
Based on property information with market context.
This 12,000 square foot condo suite, constructed in 2007, features a 10,000 square foot office showroom and a 2,000 square foot warehouse. The property includes an 18-foot clear height and accommodates 48 cars with parking. It is zoned RCC (City of Tempe). Additional features include a community truckwell and two roll-up truck doors. The property also benefits from attractive landscaping. The total CAM is $3.50 per square foot. Property tax is $19,391, which is $0.13 per square foot.
Key Highlights
- 12,000 SF Condo Suite with 10,000 SF Office Showroom and 2,000 SF Warehouse space.
- Ample Parking: 48 Car Parking spaces available.
- Convenient Loading: Features 2 Roll Up Truck Doors and a Community Truckwell.
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
$214,493
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
6.14%
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%
$4,289,860
$4.3M
Cap Rate 7%
$3,064,186
$3.1M
Cap Rate 9%
$2,383,256
$2.4M
Market Conditions
NOI Build-Up for 12,000 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
$364.3K $30.36/SF
− Vacancy
−$78.3K −$6.53/SF
EGI
$286.0K $23.83/SF
− OpEx
−$71.5K −$5.96/SF
NOI
$214.5K $17.87/SF
Area
Tempe, AZ
Vacancy
21.50%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
25.00%
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%
$4,289,860
Cap Rate 7%
$3,064,186
Cap Rate 9%
$2,383,256
Alternative Uses
Best Use
Office B
$3.06M
$2.68M – $3.57M
NOI $214,493 @ 7.0% cap · market cap 6.14%
Second Best
Retail
$2.00M
$1.75M – $2.33M
NOI $139,860 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$3.77M
$3.30M – $4.40M
NOI $264,149 @ 7.0% cap · market cap 7.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
978
Businesses Nearby
Explore this area
Business Placement
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - 12,000 SF condo suite featuring office, showroom, and warehouse.
Where is this office units located?
The property is located at 1705-1725 W Ruby Dr Tempe, AZ.
What is the asking price?
The asking price for this property is $3,495,000.
What are key features of this property?
This property features: 12,000 SF Condo Suite with **10,000 SF Office Showroom** and 2,000 SF Warehouse space.; Ample Parking: 48 Car Parking spaces available.; Convenient Loading: Features 2 Roll Up Truck Doors and a Community Truckwell.
