Warehouse With Grade-Level
For Sale
Contact for pricing
1202 West Watkins Street, Phoenix, AZ 85007
Industrial building combines warehouse and shop areas with a fenced, asphalt-paved yard.
Property Size16,500 SF
Price / SF$220
Days on Market14
Property Features for 1202 West Watkins Street
General Information
Standard status
Active
Size
16,500 SF
Property subtype
Industrial
Zoning
A-1
Building Details
Year Built
1973
Year Renovated
2025
Buildings
1
Stories
1
Units
1
Listing Agency:
Rein & Grossoehme Commercial Real Estate
Listed By:
Max Schumacher, SIOR · License #SA678600000
Source:
Crexi
Added: Aug 17
Changed: Aug 30
Last Checked: Aug 30 at 7:44PM
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 Rein & Grossoehme Commercial Real Estate
Investment Insights
Based on property information with market context.
The property contains approximately 16,500 SF of warehouse and shop space in a building constructed in 1973. Seven grade-level doors support loading access, while the 14' clear height accommodates a range of warehouse operations. The building is fire sprinklered and includes heavy electrical service listed at 480V and 1200 amps, subject to buyer confirmation.
Recent work includes LED lighting, roll-up doors, most of the HVAC system, and a roof replacement completed in 2022. The site also provides an asphalt-paved, fenced yard. Located at 1202 West Watkins Street in Phoenix, the property is less than 1 mile from I-17 and carries A-1 zoning.
Recent work includes LED lighting, roll-up doors, most of the HVAC system, and a roof replacement completed in 2022. The site also provides an asphalt-paved, fenced yard. Located at 1202 West Watkins Street in Phoenix, the property is less than 1 mile from I-17 and carries A-1 zoning.
Key Highlights
- ±16,500 SF warehouse and shop building with Seven (7) Grade Level Doors
- 14' Clear Height and fire sprinkler system
- Roof completed in 2022, plus new LED lighting and roll‑up doors
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
$126,031
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
3.47%
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%
$2,520,620
$2.5M
Cap Rate 7%
$1,800,443
$1.8M
Cap Rate 9%
$1,400,344
$1.4M
Market Conditions
NOI Build-Up for 16,500 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
$168.3K $10.20/SF
− Vacancy
−$20.0K −$1.21/SF
EGI
$148.3K $8.99/SF
− OpEx
−$22.2K −$1.35/SF
NOI
$126.0K $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%
$2,520,620
Cap Rate 7%
$1,800,443
Cap Rate 9%
$1,400,344
Alternative Uses
Best Use
Warehouse
$1.80M
$1.58M – $2.10M
NOI $126,031 @ 7.0% cap · market cap 3.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.00M
$4.37M – $5.83M
NOI $349,859 @ 7.0% cap · market cap 9.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
513
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85007, AZ
14,442
Population
5,981
Households
2.4
Avg Household Size
36
Median Age
27%
College-Educated
81%
High-School Grad
4.6 sq mi
ZIP Area
3,140
Density / Sq Mi
$55,833
Median Household Income
$43,375
Median Earnings
$1,079
Median Rent
$447,000
Median Home Value
Market
Vacancy Rate% for Industrial in Phoenix, AZ
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Industrial building combines warehouse and shop areas with a fenced, asphalt-paved yard.
Where is this warehouse located?
The property is located at 1202 West Watkins Street Phoenix, AZ.
What is the asking price?
The asking price for this property is $3,630,000.
What are key features of this property?
This property features: ±16,500 SF warehouse and shop building with Seven (7) Grade Level Doors; 14' Clear Height and fire sprinkler system; Roof completed in 2022, plus new LED lighting and roll‑up doors
