Freestanding Industrial Building For
For Sale
Contact for pricing
2824 E Washington St, Phoenix, AZ
8,083 SF industrial building fully leased until September 2025.
Property Size8,083 SF
Lot Size0.48 Acres
Price / SF$259.80
Days on Market545
Property Features for 2824 E Washington St
General Information
Standard status
Active
Size
8,083 SF
Lot size
0.48 Acres
Property subtype
INDUSTRIAL
Listing Agency:
Rein & Grossoehme
(480) 214-9403
Listed By:
Max Schumacher
Source:
Moodyscre
Added: Feb 11, 2025
Changed: Jul 6
Last Checked: Aug 9 at 1:18PM
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 Rein & Grossoehme
Investment Insights
Based on property information with market context.
This freestanding industrial building offers approximately 8,083 square feet of space on a 0.47-acre site. The property is zoned A-1 (Light Industrial) by the City of Phoenix. It features two grade-level doors and a fully fenced and secured yard. The building has frontage on Washington Street and is centrally located with proximity to Loop 202, SR-51, I-17, and I-10. The property is fully leased to PumpMan through September 2025, and the tenant has no options to renew. The property's APN numbers are 121-65-124A, 121-65-122A, and 121-65-120A.
Key Highlights
- Fully leased to PumpMan through September 2025 with no renewal options.
- ±8,083 SF Freestanding industrial building on a ±20,548 SF (.47 AC) site.
- Centrally located with proximity to Loop 202, SR‑51, I‑17, and I‑10.
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
$61,740
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
2.94%
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%
$1,234,800
$1.2M
Cap Rate 7%
$882,000
$882.0K
Cap Rate 9%
$686,000
$686.0K
Market Conditions
NOI Build-Up for 8,083 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
$82.4K $10.20/SF
− Vacancy
−$9.8K −$1.21/SF
EGI
$72.6K $8.99/SF
− OpEx
−$10.9K −$1.35/SF
NOI
$61.7K $7.64/SF
Area
Phoenix, AZ
Vacancy
11.90%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
15.00%
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%
$1,234,800
Cap Rate 7%
$882,000
Cap Rate 9%
$686,000
Alternative Uses
Best Use
Warehouse
$882.0K
$771.8K – $1.03M
NOI $61,740 @ 7.0% cap · market cap 2.94%
Second Best
Industrial
$726.4K
$635.6K – $847.4K
NOI $50,845 @ 7.0% cap · market cap 2.42%
Theoretical Best
Office A
$2.45M
$2.14M – $2.86M
NOI $171,389 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
565
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in Phoenix, AZ
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Storage Sense - Phoenix — 3036 E Washington St, Phoenix, AZ 85034
- Self Storage — 2402 e washington st, phoenix, az 85034
- AZ Park It Storage ~ RV, Car, Truck, Trailer & More — 3428 E Van Buren St, Phoenix, AZ 85008
Frequently Asked Questions
What type of property is this?
Warehouse - 8,083 SF industrial building fully leased until September 2025.
Where is this warehouse located?
The property is located at 2824 E Washington St Phoenix, AZ.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Fully leased to PumpMan through September 2025 with no renewal options.; ±8,083 SF Freestanding industrial building on a ±20,548 SF (.47 AC) site.; Centrally located with proximity to Loop 202, SR‑51, I‑17, and I‑10.
