Modern Live-Work
For Sale
$489,990
777 W ROOSEVELT Street 11, Phoenix, AZ 85007
Two-level condo combines a ground-floor studio or office with contemporary residential finishes and private outdoor areas.
Property Size2,065 SF
Days on Market9
Property Features for 777 W ROOSEVELT Street 11
General Information
Standard status
Active
Size
2,065 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,586
Amenities
private decks
rooftop deck
polished concrete floors
quartz countertops
stainless steel appliances
new carpet
Building Details
Building Size
2,065 SF
Year Built
2006
Listing Agency:
R & I Realty
Listed By:
Dallas Wormley
(480) 433-2744
Source:
Jcluxuryresidential
Added: Aug 26
Changed: Aug 29
Last Checked: Sep 2 at 12:40AM
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 R & I Realty
Investment Insights
Based on property information with market context.
This loft-style condo, completed in 2006, is arranged for both residential use and work-related activity. The ground floor provides a flexible studio or office with polished concrete flooring, while the upper level contains the kitchen, living area, and bedroom. Quartz countertops and stainless steel appliances define the kitchen, and new carpet has been installed in the bedroom.
Outdoor space is a notable component of the layout, with a south-facing deck adjoining the kitchen and living area plus a larger rooftop deck with city-light views. The property is located at 777 W Roosevelt Street in Phoenix, Arizona, and offers a distinct combination of living space, workspace, and multiple private decks.
Outdoor space is a notable component of the layout, with a south-facing deck adjoining the kitchen and living area plus a larger rooftop deck with city-light views. The property is located at 777 W Roosevelt Street in Phoenix, Arizona, and offers a distinct combination of living space, workspace, and multiple private decks.
Key Highlights
- Live‑work condo at 777 W Roosevelt Street, Phoenix, AZ 85007
- Built in 2006 with a ground‑floor studio or office
- Polished concrete flooring in the studio or office area
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
$35,350
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
7.21%
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%
$707,000
$707.0K
Cap Rate 7%
$505,000
$505.0K
Cap Rate 9%
$392,778
$392.8K
Market Conditions
NOI Build-Up for 2,065 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
$63.4K $30.72/SF
− Vacancy
−$16.3K −$7.90/SF
EGI
$47.1K $22.82/SF
− OpEx
−$11.8K −$5.71/SF
NOI
$35.4K $17.12/SF
Area
Phoenix, AZ
Vacancy
25.70%
Lease Rate
$30.72 /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%
$707,000
Cap Rate 7%
$505,000
Cap Rate 9%
$392,778
Alternative Uses
Best Use
Office B
$505.0K
$441.9K – $589.2K
NOI $35,350 @ 7.0% cap · market cap 7.21%
Second Best
Mixed Use
$376.1K
$329.1K – $438.8K
NOI $26,329 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$625.5K
$547.3K – $729.8K
NOI $43,785 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,886
Businesses Nearby
Explore this area
Business Placement
Demographics for 85007, AZ
14,442
Population
5,981
Households
2.4
Avg Household Size
36
Median Age
27%
College-Educated
81%
High-School Grad
4.6 sq mi
ZIP Area
3,140
Density / Sq Mi
$55,833
Median Household Income
$43,375
Median Earnings
$1,079
Median Rent
$447,000
Median Home Value
Market
Vacancy Rate% for Office in Phoenix, AZ
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Two-level condo combines a ground-floor studio or office with contemporary residential finishes and private outdoor areas.
Where is this live-work space located?
The property is located at 777 W ROOSEVELT Street 11 Phoenix, AZ.
What is the asking price?
The asking price for this property is $489,990.
What are key features of this property?
This property features: Live‑work condo at 777 W Roosevelt Street, Phoenix, AZ 85007; Built in 2006 with a ground‑floor studio or office; Polished concrete flooring in the studio or office area
