Renovated Phoenix Apartment
For Sale
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834 N 13th Ave, Phoenix, AZ 85007
Extensively renovated 24-unit apartment community in Downtown Phoenix.
Property Size16,400 SF
Price / SF$323.17
Days on Market152
Property Features for 834 N 13th Ave
General Information
Standard status
Active
Size
16,400 SF
Property subtype
Multifamily
Building Details
Year Built
1961
Year Renovated
2021
Buildings
4
Stories
2
Units
24
Listing Agency:
JLL - Phoenix, Arizona
Listed By:
Brian Smuckler · License #AZ SA101740000
Source:
Crexi
Added: Mar 23
Changed: Aug 15
Last Checked: Aug 19 at 8:09PM
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 JLL - Phoenix, Arizona
Investment Insights
Based on property information with market context.
The Michelle on Roosevelt is a 24-unit apartment community located in Downtown Phoenix. The property has been extensively renovated and features midcentury design elements. Recent renovations include white shaker cabinetry with brushed-nickel hardware, quartz countertops, vinyl plank flooring, stainless steel appliances with gas ranges, built-in microwaves, in suite washers and dryers, and oversized private patios for ground-floor units. The property is comprised of spacious floor plans, with 67% two-bedroom units averaging 800 square feet. The Michelle on Roosevelt is positioned within Downtown Phoenix, providing residents with access to the Valley’s primary economic and cultural centers. Residents benefit from proximity to the Downtown and Midtown employment corridors, which host over 90,000 employees, as well as premier entertainment venues, cultural institutions such as the Phoenix Art Museum, and the rapidly expanding Phoenix Medical Quarter. The property has connectivity via the nearby I-10 freeway and Valley Metro Light Rail. The property size is 16400 square feet.
Key Highlights
- Fully renovated units featuring quartz countertops, stainless steel appliances, and in‑suite washer/dryers.
- Prime Downtown Phoenix location offering direct access to major employment, entertainment, and cultural centers.
- Low‑maintenance apartment community with strong pride of ownership.
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
$191,282
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
3.61%
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%
$3,825,640
$3.8M
Cap Rate 7%
$2,732,600
$2.7M
Cap Rate 9%
$2,125,356
$2.1M
Market Conditions
NOI Build-Up for 16,400 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
$370.0K $22.56/SF
− Vacancy
−$22.2K −$1.35/SF
EGI
$347.8K $21.21/SF
− OpEx
−$156.5K −$9.54/SF
NOI
$191.3K $11.66/SF
Area
Phoenix, AZ
Vacancy
6.00%
Lease Rate
$22.56 /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%
$3,825,640
Cap Rate 7%
$2,732,600
Cap Rate 9%
$2,125,356
Alternative Uses
Best Use
Apartment 5plus
$2.73M
$2.39M – $3.19M
NOI $191,282 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.97M
$4.35M – $5.80M
NOI $347,739 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,615
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Extensively renovated 24-unit apartment community in Downtown Phoenix.
Where is this apartment building located?
The property is located at 834 N 13th Ave Phoenix, AZ.
What is the asking price?
The asking price for this property is $5,300,000.
What are key features of this property?
This property features: Fully renovated units featuring quartz countertops, stainless steel appliances, and in‑suite washer/dryers.; Prime Downtown Phoenix location offering direct access to major employment, entertainment, and cultural centers.; Low‑maintenance apartment community with strong pride of ownership.
