Remodeled Residential Income
New
For Sale
$349,000
7777 E MAIN Street 259, Scottsdale, AZ 85251
Updated condo with quartz countertops, a private balcony, and access to two community pools and spas.
Property Size1,130 SF
Days on Market5
Property Features for 7777 E MAIN Street 259
General Information
Standard status
Active
Size
1,130 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$705
Amenities
private balcony
pool
spas
fitness center
clubhouse
walking paths
Building Details
Building Size
1,130 SF
Year Built
1982
Listing Agency:
ProSmart Realty
Listed By:
Zachary Young
(425) 241-6531
Source:
Alexiabertsatos
Added: Sep 7
Changed: Sep 10
Last Checked: Sep 10 at 2:41PM
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 ProSmart Realty
Investment Insights
Based on property information with market context.
This two-bedroom, two-bath condominium was remodeled with updated flooring, quartz countertops, designer fixtures, and an open interior layout. A private balcony overlooks the pool, adding outdoor space to the residence. The property was built in 1982 and is located within the Scottsdale Springs community.
Community amenities include two pools, spas, a fitness center, clubhouse, and walking paths along the canal. The residence is near Old Town Scottsdale’s restaurants, shops, galleries, and nightlife, providing access to established entertainment and retail destinations. Its configuration and location support use as a full-time residence, seasonal home, or rental property, as described in the listing information.
Community amenities include two pools, spas, a fitness center, clubhouse, and walking paths along the canal. The residence is near Old Town Scottsdale’s restaurants, shops, galleries, and nightlife, providing access to established entertainment and retail destinations. Its configuration and location support use as a full-time residence, seasonal home, or rental property, as described in the listing information.
Key Highlights
- Two‑bedroom, two‑bath condominium remodeled with updated flooring, quartz countertops, and designer fixtures
- Private balcony overlooking the pool
- Two community pools and spas
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
$13,075
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
3.75%
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%
$261,500
$261.5K
Cap Rate 7%
$186,786
$186.8K
Cap Rate 9%
$145,278
$145.3K
Market Conditions
NOI Build-Up for 1,130 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
$24.8K $21.96/SF
− Vacancy
−$1.0K −$0.92/SF
EGI
$23.8K $21.04/SF
− OpEx
−$10.7K −$9.47/SF
NOI
$13.1K $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%
$261,500
Cap Rate 7%
$186,786
Cap Rate 9%
$145,278
Alternative Uses
Best Use
Apartment 5plus
$186.8K
$163.4K – $217.9K
NOI $13,075 @ 7.0% cap · market cap 3.75%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$370.9K
$324.6K – $432.8K
NOI $25,966 @ 7.0% cap · market cap 7.44%
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
4,074
Businesses Nearby
Explore this area
Business Placement
Demographics for 85251, AZ
40,073
Population
26,456
Households
1.5
Avg Household Size
39
Median Age
60%
College-Educated
96%
High-School Grad
7.2 sq mi
ZIP Area
5,566
Density / Sq Mi
$89,151
Median Household Income
$60,282
Median Earnings
$1,771
Median Rent
$500,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condo with quartz countertops, a private balcony, and access to two community pools and spas.
Where is this residential income property located?
The property is located at 7777 E MAIN Street 259 Scottsdale, AZ.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condominium remodeled with updated flooring, quartz countertops, and designer fixtures; Private balcony overlooking the pool; Two community pools and spas
