Standalone Two-Story Office
For Sale
Contact for pricing
11070 N 24th Ave, Phoenix, AZ 85029
Two-story standalone office with elevator service and ample parking, suited for office and medical flex users.
Property Size11,408 SF
Price / SF$195
Days on Market62
Property Features for 11070 N 24th Ave
General Information
Standard status
Active
Size
11,408 SF
Property subtype
Office, Mixed Use
Zoning
A-1
Additional Details
Highway Access
Yes
Building Details
Stories
2
Listing Agency:
Medical Office Brokers
Listed By:
Reece Ellertson · License #SA714750000
Source:
Crexi
Added: Jun 6
Changed: Jul 10
Last Checked: Aug 5 at 11:05AM
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 Medical Office Brokers
Investment Insights
Based on property information with market context.
11070 N. 24th Avenue is an 11,408-square-foot standalone office building with a flexible two-story layout. The interior configuration includes a mix of private offices, open work areas, conference rooms, and support spaces, designed to accommodate a range of operational needs. The building is served by elevator service and provides abundant parking for daily access and client visits.
The property is located near Interstate 17 and the Metrocenter redevelopment, providing convenient access to major employment and population centers in North Phoenix. It sits within an active corridor and is identified as having A-1 zoning.
With private offices, collaborative work space, and meeting areas, the building can support a variety of tenant types, including office, medical, educational, nonprofit, and professional service and flex users. A-1 zoning and the available space planning flexibility make it a practical fit for organizations looking for a standalone facility with on-site parking and elevator-served accessibility.
The property is located near Interstate 17 and the Metrocenter redevelopment, providing convenient access to major employment and population centers in North Phoenix. It sits within an active corridor and is identified as having A-1 zoning.
With private offices, collaborative work space, and meeting areas, the building can support a variety of tenant types, including office, medical, educational, nonprofit, and professional service and flex users. A-1 zoning and the available space planning flexibility make it a practical fit for organizations looking for a standalone facility with on-site parking and elevator-served accessibility.
Key Highlights
- 11,408 SF standalone two‑story office building with a flexible layout for office and flex users
- A‑1 zoning
- Elevator service in the building
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
$195,290
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
8.78%
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%
$3,905,800
$3.9M
Cap Rate 7%
$2,789,857
$2.8M
Cap Rate 9%
$2,169,889
$2.2M
Market Conditions
NOI Build-Up for 11,408 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
$350.5K $30.72/SF
− Vacancy
−$90.1K −$7.90/SF
EGI
$260.4K $22.82/SF
− OpEx
−$65.1K −$5.71/SF
NOI
$195.3K $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%
$3,905,800
Cap Rate 7%
$2,789,857
Cap Rate 9%
$2,169,889
Alternative Uses
Best Use
Office B
$2.79M
$2.44M – $3.25M
NOI $195,290 @ 7.0% cap · market cap 8.78%
Second Best
Healthcare Medical
$2.32M
$2.03M – $2.71M
NOI $162,632 @ 7.0% cap · market cap 7.31%
Theoretical Best
Office A
$3.46M
$3.02M – $4.03M
NOI $241,891 @ 7.0% cap · market cap 10.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,618
Businesses Nearby
Explore this area
Business Placement
Demographics for 85029, AZ
47,101
Population
19,723
Households
2.4
Avg Household Size
35
Median Age
22%
College-Educated
82%
High-School Grad
9.4 sq mi
ZIP Area
5,011
Density / Sq Mi
$60,384
Median Household Income
$37,282
Median Earnings
$1,319
Median Rent
$307,800
Median Home Value
Market
Vacancy Rate% for Office in Phoenix, AZ
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 building - Two-story standalone office with elevator service and ample parking, suited for office and medical flex users.
Where is this office building located?
The property is located at 11070 N 24th Ave Phoenix, AZ.
What is the asking price?
The asking price for this property is $2,224,560.
What are key features of this property?
This property features: 11,408 SF standalone two‑story office building with a flexible layout for office and flex users; A‑1 zoning; Elevator service in the building
