Flex Space with Secured
For Sale
Contact for pricing
1203 W Geneva Dr, Tempe, AZ 85282
Functional flex property with a secured gated yard, open warehouse area, and office space for industrial users.
Property Size14,000 SF
Lot Size1.03 Acres
Price / SF$255.36
Days on Market61
Property Features for 1203 W Geneva Dr
General Information
Standard status
Active
Size
14,000 SF
Lot size
1.03 Acres
Property subtype
INDUSTRIAL
Additional Details
Fenced Yard
Yes
Clear Height
14 ft
Amenities
gated yard
Building Details
Buildings
1
Building Size
14,000 SF
Parking Ratio
3.6 per 1,000 SF
Listing Agency:
LevRose Commercial Real Estate
(480) 628-4753
Listed By:
Joe Cosgrove · License #SA649531000
(480) 628-4753
Source:
Moodyscre
Added: Jul 2
Changed: Aug 29
Last Checked: Aug 29 at 7:43PM
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 LevRose Commercial Real Estate
Investment Insights
Based on property information with market context.
This flex space includes approximately 14,000 square feet arranged in an efficient warehouse-and-office configuration, with roughly 75% dedicated to warehouse use. The open warehouse layout offers 14-foot clear height and supports a range of industrial and flex operations.
The property occupies approximately 1.03 acres and includes a fully secured gated yard. On-site circulation is supported by a parking ratio of approximately 3.60 spaces per 1,000 square feet. The property is located at 1203 W Geneva Dr in Tempe, Arizona.
The property occupies approximately 1.03 acres and includes a fully secured gated yard. On-site circulation is supported by a parking ratio of approximately 3.60 spaces per 1,000 square feet. The property is located at 1203 W Geneva Dr in Tempe, Arizona.
Key Highlights
- Approximately 14,000 SF flex/industrial building
- Approximately 75% warehouse and 25% office configuration
- Fully secured gated yard on an approximately 1.03‑acre site
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
$250,242
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
7.00%
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%
$5,004,840
$5.0M
Cap Rate 7%
$3,574,886
$3.6M
Cap Rate 9%
$2,780,467
$2.8M
Market Conditions
NOI Build-Up for 14,000 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
$425.0K $30.36/SF
− Vacancy
−$91.4K −$6.53/SF
EGI
$333.7K $23.83/SF
− OpEx
−$83.4K −$5.96/SF
NOI
$250.2K $17.87/SF
Area
Tempe, AZ
Vacancy
21.50%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
25.00%
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%
$5,004,840
Cap Rate 7%
$3,574,886
Cap Rate 9%
$2,780,467
Alternative Uses
Best Use
Office B
$3.57M
$3.13M – $4.17M
NOI $250,242 @ 7.0% cap · market cap 7.00%
Second Best
Warehouse
$2.21M
$1.93M – $2.58M
NOI $154,695 @ 7.0% cap · market cap 4.33%
Theoretical Best
Office A
$4.40M
$3.85M – $5.14M
NOI $308,174 @ 7.0% cap · market cap 8.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14 ft
Clear height
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
986
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85282, AZ
52,351
Population
25,667
Households
2
Avg Household Size
33
Median Age
44%
College-Educated
94%
High-School Grad
11.1 sq mi
ZIP Area
4,716
Density / Sq Mi
$79,084
Median Household Income
$43,863
Median Earnings
$1,627
Median Rent
$370,000
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Flex space - Functional flex property with a secured gated yard, open warehouse area, and office space for industrial users.
Where is this flex space located?
The property is located at 1203 W Geneva Dr Tempe, AZ.
What is the asking price?
The asking price for this property is $3,575,000.
What are key features of this property?
This property features: Approximately 14,000 SF flex/industrial building; Approximately 75% warehouse and 25% office configuration; Fully secured gated yard on an approximately 1.03‑acre site
