Fully Built-Out Medical Office
For Sale
$375,000
120-2585 Miracle Mile, Bullhead City, AZ 86442
Lease investment medical condo featuring reception, multiple exam rooms with sinks, lab, breakroom, and two restrooms.
Property Size2,000 SF
Price / SF$187.50
Days on Market961
Property Features for 120-2585 Miracle Mile
General Information
Standard status
Active
Size
2,000 SF
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$2,346
Building Details
Tenancy
Multi
Listing Agency:
Kidder Mathews
(602) 513-5200
Listed By:
Bret Isbell · License #BR549336000
(602) 300-4112
Source:
Exprealty
Added: Jan 23, 2024
Changed: Sep 6
Last Checked: Sep 9 at 8:47PM
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 Kidder Mathews
Investment Insights
Based on property information with market context.
This fully built-out medical office condo is offered as a fully leased investment. The space includes a reception/waiting area with check-in, multiple exam rooms with sinks, a lab, a breakroom, and two restrooms. Monument signage is also noted for visibility.
The property is part of Colorado Place, a professionally managed mixed-use building totaling 100,000 square feet. Public remarks indicate it is located at the center of the Central Business District of Bullhead City, with access tied to a broader tourism market serving river recreation in summer and warmer-weather demand in winter, alongside gaming year-round.
A health and wellness tenant is on a 6-year new lease with annual rent escalations, supporting ongoing occupancy through the lease term.
The property is part of Colorado Place, a professionally managed mixed-use building totaling 100,000 square feet. Public remarks indicate it is located at the center of the Central Business District of Bullhead City, with access tied to a broader tourism market serving river recreation in summer and warmer-weather demand in winter, alongside gaming year-round.
A health and wellness tenant is on a 6-year new lease with annual rent escalations, supporting ongoing occupancy through the lease term.
Key Highlights
- Fully built‑out medical office condo on a health and wellness tenant lease with a 6‑year new lease term and annual rent escalations
- Reception/waiting area with check‑in plus multiple exam rooms, each with a sink
- Includes lab area and breakroom for the medical office
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
$24,235
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
6.46%
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%
$484,700
$484.7K
Cap Rate 7%
$346,214
$346.2K
Cap Rate 9%
$269,278
$269.3K
Market Conditions
NOI Build-Up for 2,000 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
$43.2K $21.60/SF
− Vacancy
−$2.8K −$1.40/SF
EGI
$40.4K $20.20/SF
− OpEx
−$16.2K −$8.08/SF
NOI
$24.2K $12.12/SF
Area
Mohave County, AZ
Vacancy
6.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
40.00%
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%
$484,700
Cap Rate 7%
$346,214
Cap Rate 9%
$269,278
Alternative Uses
Best Use
Healthcare Medical
$346.2K
$302.9K – $403.9K
NOI $24,235 @ 7.0% cap · market cap 6.46%
Second Best
Office B
$316.9K
$277.3K – $369.8K
NOI $22,185 @ 7.0% cap · market cap 5.92%
Theoretical Best
Office A
$446.5K
$390.7K – $521.0K
NOI $31,258 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
486
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 86442, AZ
34,171
Population
19,581
Households
1.7
Avg Household Size
53
Median Age
14%
College-Educated
85%
High-School Grad
28.2 sq mi
ZIP Area
1,212
Density / Sq Mi
$45,486
Median Household Income
$28,702
Median Earnings
$1,000
Median Rent
$174,400
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical Office Space - Lease investment medical condo featuring reception, multiple exam rooms with sinks, lab, breakroom, and two restrooms.
Where is this medical office space located?
The property is located at 120-2585 Miracle Mile Bullhead City, AZ.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Fully built‑out medical office condo on a health and wellness tenant lease with a 6‑year new lease term and annual rent escalations; Reception/waiting area with check‑in plus multiple exam rooms, each with a sink; Includes lab area and breakroom for the medical office
