Four-Unit Office
For Sale
Contact for pricing
11556 E University Dr, Apache Junction, AZ 85207
7,459 SF four-unit office condo built out for church use, currently operated as a single tenant.
Property Size7,459 SF
Price / SF$221.21
Days on Market203
Property Features for 11556 E University Dr
General Information
Standard status
Active
Size
7,459 SF
Property subtype
OFFICE
Additional Details
Office Units
4
Building Details
Tenancy
Multi
Listing Agency:
Commercial Properties Inc
(480) 330-8897
Listed By:
Phill Tomlinson · License #BR515583000
(480) 330-8897
Source:
Moodyscre
Added: Jan 20
Changed: Aug 8
Last Checked: Aug 8 at 6:44PM
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 Commercial Properties Inc
Investment Insights
Based on property information with market context.
This four-unit office condo offers a built-out interior designed for church use. The property is part of a multi-tenant setup, and it is currently being used as a single tenant.
Located on the NW corner of Meridian and University Dr, the building is positioned for visibility and convenient access to the area.
The overall configuration supports a tenant looking for an office-converted space with an existing build-out tailored to religious facility use, while still fitting within a condo ownership structure consisting of four units.
Located on the NW corner of Meridian and University Dr, the building is positioned for visibility and convenient access to the area.
The overall configuration supports a tenant looking for an office-converted space with an existing build-out tailored to religious facility use, while still fitting within a condo ownership structure consisting of four units.
Key Highlights
- 4‑unit office condo built out for church use
- Currently used as a single tenant within a multi‑tenant property
- 7,459 SF total property size
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
$96,870
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
5.87%
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%
$1,937,400
$1.9M
Cap Rate 7%
$1,383,857
$1.4M
Cap Rate 9%
$1,076,333
$1.1M
Market Conditions
NOI Build-Up for 7,459 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
$165.6K $22.20/SF
− Vacancy
−$36.4K −$4.88/SF
EGI
$129.2K $17.32/SF
− OpEx
−$32.3K −$4.33/SF
NOI
$96.9K $12.99/SF
Area
ZIP 85207
Vacancy
22.00%
Lease Rate
$22.20 /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%
$1,937,400
Cap Rate 7%
$1,383,857
Cap Rate 9%
$1,076,333
Alternative Uses
Best Use
Office B
$1.38M
$1.21M – $1.61M
NOI $96,870 @ 7.0% cap · market cap 5.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.88M
$1.64M – $2.19M
NOI $131,308 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
394
Businesses Nearby
Explore this area
Business Placement
Demographics for 85207, AZ
50,108
Population
22,747
Households
2.2
Avg Household Size
45
Median Age
36%
College-Educated
92%
High-School Grad
29.4 sq mi
ZIP Area
1,704
Density / Sq Mi
$99,439
Median Household Income
$50,509
Median Earnings
$1,595
Median Rent
$460,800
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - 7,459 SF four-unit office condo built out for church use, currently operated as a single tenant.
Where is this office units located?
The property is located at 11556 E University Dr Apache Junction, AZ.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 4‑unit office condo built out for church use; Currently used as a single tenant within a multi‑tenant property; 7,459 SF total property size
