Industrial Flex Warehouse with
For Sale
$3,200,000
105 North Pasadena Street, Gilbert, AZ 85233
Flex warehouse offering fenced, gated yard, two 12’ grade level doors, and 16–18 ft clear height.
Property Size11,424 SF
Days on Market46
Property Features for 105 North Pasadena Street
General Information
Standard status
Active
Size
11,424 SF
Property subtype
Industrial - Manufacturing
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Clear Height
18 ft
Drive-In Doors
2
Heavy Power
Yes
Additional Details
Cap Rate
5.89%
Building Details
Building Size
11,424 SF
Listing Agency:
Levrose Commercial Real Estate
Listed By:
Aaron Norwood · License #SA561466000
(480) 294-6016
Source:
Commercialcafe
Added: Jul 26
Changed: Sep 7
Last Checked: Sep 9 at 6:00AM
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 Levrose Commercial Real Estate
Investment Insights
Based on property information with market context.
This industrial flex warehouse includes an efficient office area with high ceilings and is built to allow for a demised second suite. The facility features two 12’ grade level doors and 16–18 ft clear height, along with heavy power support for industrial use. A fenced and gated yard provides secure outdoor space for operations.
The property is located at 105 N Pasadena St in Gilbert, Arizona. The seller offers a leaseback structure, with terms noted as up to five years and an initial one-year leaseback.
As provided, investment-related information includes an indicated cap rate of 5.89% in the public remarks.
The property is located at 105 N Pasadena St in Gilbert, Arizona. The seller offers a leaseback structure, with terms noted as up to five years and an initial one-year leaseback.
As provided, investment-related information includes an indicated cap rate of 5.89% in the public remarks.
Key Highlights
- 5.89% investment cap rate with seller leaseback of up to 5 years (one‑year leaseback)
- Flex warehouse with fenced/gated yard
- Two 12’ grade level doors
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
$117,622
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
3.68%
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%
$2,352,440
$2.4M
Cap Rate 7%
$1,680,314
$1.7M
Cap Rate 9%
$1,306,911
$1.3M
Market Conditions
NOI Build-Up for 11,424 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
$205.6K $18.00/SF
− Vacancy
−$24.7K −$2.16/SF
EGI
$181.0K $15.84/SF
− OpEx
−$63.3K −$5.54/SF
NOI
$117.6K $10.30/SF
Area
Gilbert, AZ
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$2,352,440
Cap Rate 7%
$1,680,314
Cap Rate 9%
$1,306,911
Alternative Uses
Best Use
Flex RnD
$1.68M
$1.47M – $1.96M
NOI $117,622 @ 7.0% cap · market cap 3.68%
Second Best
Industrial
$1.18M
$1.03M – $1.38M
NOI $82,657 @ 7.0% cap · market cap 2.58%
Theoretical Best
Office A
$3.00M
$2.62M – $3.50M
NOI $209,957 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
18 ft
Clear height
2
Drive-in doors
Yes
Heavy power
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
951
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85233, AZ
39,006
Population
15,080
Households
2.6
Avg Household Size
37
Median Age
43%
College-Educated
95%
High-School Grad
9.6 sq mi
ZIP Area
4,063
Density / Sq Mi
$105,154
Median Household Income
$55,132
Median Earnings
$1,895
Median Rent
$468,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Flex warehouse offering fenced, gated yard, two 12’ grade level doors, and 16–18 ft clear height.
Where is this flex space located?
The property is located at 105 North Pasadena Street Gilbert, AZ.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: 5.89% investment cap rate with seller leaseback of up to 5 years (one‑year leaseback); Flex warehouse with fenced/gated yard; Two 12’ grade level doors
