Two-Suite Flex Industrial
For Sale
$1,899,000
120-650 N 137th Avenue, Goodyear, AZ 85338
Two-suite flex building built in 2008 with PAD zoning, supporting office, industrial, and manufacturing uses.
Property Size19,680 SF
Price / SF$96.49
Days on Market76
Property Features for 120-650 N 137th Avenue
General Information
Standard status
Active
Size
19,680 SF
Zoning
PAD
Additional Details
Office Units
2
Building Details
Year Built
2008
Listing Agency:
City to City Commercial
(602) 920-1700
Listed By:
Chris Benjamin · License #BR034762000
(602) 920-1700
Source:
Exprealty
Added: May 28
Changed: Jul 10
Last Checked: Aug 10 at 8:40AM
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 City to City Commercial
Investment Insights
Based on property information with market context.
This for-sale flex/industrial property is built to serve both office and production needs, with a layout configured as two separate suites. Constructed in 2008, the building is offered in an owner-user format and is set up for adaptable business operations within an office/industrial/manufacturing framework. The property is zoned PAD, providing flexibility for tailored tenant and operating requirements.
Located at 120–650 N 137th Avenue in Goodyear, Arizona, the building’s location supports a wide range of light industrial and business uses. The site configuration is positioned for practical day-to-day operations where an organization may need both workspace and functional industrial space under one roof.
For tenants, buyers, or operators seeking a combined office and industrial environment, the two-suite design can support an owner-occupied strategy, along with space separation options for different functions or teams. The PAD zoning designation further reinforces the property’s intended versatility for office/industrial and manufacturing endeavors. Built in the late 2000s and presented as a multi-suite asset, it offers a straightforward platform for businesses looking for a purpose-built facility with the zoning flexibility to align with their operating model.
Located at 120–650 N 137th Avenue in Goodyear, Arizona, the building’s location supports a wide range of light industrial and business uses. The site configuration is positioned for practical day-to-day operations where an organization may need both workspace and functional industrial space under one roof.
For tenants, buyers, or operators seeking a combined office and industrial environment, the two-suite design can support an owner-occupied strategy, along with space separation options for different functions or teams. The PAD zoning designation further reinforces the property’s intended versatility for office/industrial and manufacturing endeavors. Built in the late 2000s and presented as a multi-suite asset, it offers a straightforward platform for businesses looking for a purpose-built facility with the zoning flexibility to align with their operating model.
Key Highlights
- Two‑suite flex building totaling 5,625 SF, built in 2008
- PAD zoning supports office/industrial and manufacturing uses
- Ideal for owner‑user needs with two separate suites
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
$174,611
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
9.19%
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%
$3,492,220
$3.5M
Cap Rate 7%
$2,494,443
$2.5M
Cap Rate 9%
$1,940,122
$1.9M
Market Conditions
NOI Build-Up for 19,680 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
$307.0K $15.60/SF
− Vacancy
−$38.4K −$1.95/SF
EGI
$268.6K $13.65/SF
− OpEx
−$94.0K −$4.78/SF
NOI
$174.6K $8.87/SF
Area
Goodyear, AZ
Vacancy
12.50%
Lease Rate
$15.60 /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%
$3,492,220
Cap Rate 7%
$2,494,443
Cap Rate 9%
$1,940,122
Alternative Uses
Best Use
Office B
$4.09M
$3.58M – $4.77M
NOI $286,403 @ 7.0% cap · market cap 15.08%
Second Best
Flex RnD
$2.49M
$2.18M – $2.91M
NOI $174,611 @ 7.0% cap · market cap 9.19%
Theoretical Best
Office A
$5.81M
$5.08M – $6.77M
NOI $406,497 @ 7.0% cap · market cap 21.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
944
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85338, AZ
59,313
Population
23,748
Households
2.5
Avg Household Size
36
Median Age
32%
College-Educated
93%
High-School Grad
76.0 sq mi
ZIP Area
780
Density / Sq Mi
$99,345
Median Household Income
$49,057
Median Earnings
$1,822
Median Rent
$396,100
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Goose's Grub — 424 N Litchfield Rd, Goodyear, AZ 85338
Frequently Asked Questions
What type of property is this?
Flex space - Two-suite flex building built in 2008 with PAD zoning, supporting office, industrial, and manufacturing uses.
Where is this flex space located?
The property is located at 120-650 N 137th Avenue Goodyear, AZ.
What is the asking price?
The asking price for this property is $1,899,000.
What are key features of this property?
This property features: Two‑suite flex building totaling 5,625 SF, built in 2008; PAD zoning supports office/industrial and manufacturing uses; Ideal for owner‑user needs with two separate suites
