Tempe Freestanding Building For
For Sale
Contact for pricing
1123 W Broadway Rd, Tempe, AZ
7,791 SF single-tenant building near ASU campus.
Property Size7,791 SF
Lot Size1.07 Acres
Price / SF$288.79
Days on Market1207
Property Features for 1123 W Broadway Rd
General Information
Standard status
Active
Size
7,791 SF
Lot size
1.07 Acres
Property subtype
INDUSTRIAL
Listing Agency:
Colton Commercial
(602) 828-1755
Listed By:
Dan Colton
(602) 828-1755
Source:
Moodyscre
Added: May 3, 2023
Changed: Aug 8
Last Checked: Aug 20 at 12:08PM
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 Colton Commercial
Investment Insights
Based on property information with market context.
This 7,791 SF freestanding building is located in an Opportunity Zone. The property benefits from a dense employment base within a 3-mile radius and proximity to I-10 and 143. It is located 2 miles from the ASU campus and features ample on-site parking.
Key Highlights
- Located in an Opportunity Zone
- Dense employment base within 3‑mile radius
- Proximity to I‑10 and 143
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
$82,829
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%
$1,656,580
$1.7M
Cap Rate 7%
$1,183,271
$1.2M
Cap Rate 9%
$920,322
$920.3K
Market Conditions
NOI Build-Up for 7,791 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
$135.6K $17.40/SF
− Vacancy
−$8.1K −$1.04/SF
EGI
$127.4K $16.36/SF
− OpEx
−$44.6K −$5.72/SF
NOI
$82.8K $10.63/SF
Area
Tempe, AZ
Vacancy
6.00%
Lease Rate
$17.40 /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%
$1,656,580
Cap Rate 7%
$1,183,271
Cap Rate 9%
$920,322
Alternative Uses
Best Use
Flex RnD
$1.18M
$1.04M – $1.38M
NOI $82,829 @ 7.0% cap · market cap 3.68%
Second Best
Industrial
$1.01M
$886.2K – $1.18M
NOI $70,896 @ 7.0% cap · market cap 3.15%
Theoretical Best
Office A
$2.45M
$2.14M – $2.86M
NOI $171,499 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,405
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Casey's Catering & Events — 610 W Broadway Rd, Tempe, AZ 85282
Frequently Asked Questions
What type of property is this?
Flex space - 7,791 SF single-tenant building near ASU campus.
Where is this flex space located?
The property is located at 1123 W Broadway Rd Tempe, AZ.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Located in an Opportunity Zone; Dense employment base within 3‑mile radius; Proximity to I‑10 and 143
