Flex Space Industrial
For Sale
Contact for pricing
23640 N 35th Dr, Glendale, AZ 85310
Owner-user flex space with 80% HVAC and potential for a small fenced yard.
Property Size12,264 SF
Price / SF$260.93
Days on Market573
Property Features for 23640 N 35th Dr
General Information
Standard status
Active
Size
12,264 SF
Property subtype
INDUSTRIAL
Listing Agency:
ORION Investment Real Estate
(480) 634-6934
Listed By:
Jay Krew
(602) 768-3704
Source:
Moodyscre
Added: Feb 19, 2025
Changed: Sep 13
Last Checked: Sep 15 at 5:22AM
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 ORION Investment Real Estate
Investment Insights
Based on property information with market context.
Owner-user flex space industrial building for sale with approximately 12,264 SF of space. The building includes 80% HVAC coverage to support a range of light industrial and storage-oriented uses.
There is potential for a small fenced yard, which can help support outdoor staging or limited material handling depending on tenant needs. This property is well suited for an owner-operator looking for a straightforward flex setup with an emphasis on climate-controlled interior space.
There is potential for a small fenced yard, which can help support outdoor staging or limited material handling depending on tenant needs. This property is well suited for an owner-operator looking for a straightforward flex setup with an emphasis on climate-controlled interior space.
Key Highlights
- Approximately 12,264 SF flex space industrial building
- 80% HVAC coverage
- Potential small fenced yard
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
$154,107
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
4.82%
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%
$3,082,140
$3.1M
Cap Rate 7%
$2,201,529
$2.2M
Cap Rate 9%
$1,712,300
$1.7M
Market Conditions
NOI Build-Up for 12,264 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
$264.9K $21.60/SF
− Vacancy
−$27.8K −$2.27/SF
EGI
$237.1K $19.33/SF
− OpEx
−$83.0K −$6.77/SF
NOI
$154.1K $12.57/SF
Area
Glendale, AZ
Vacancy
10.50%
Lease Rate
$21.60 /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%
$3,082,140
Cap Rate 7%
$2,201,529
Cap Rate 9%
$1,712,300
Alternative Uses
Best Use
Flex RnD
$2.20M
$1.93M – $2.57M
NOI $154,107 @ 7.0% cap · market cap 4.82%
Second Best
Industrial
$1.38M
$1.21M – $1.61M
NOI $96,532 @ 7.0% cap · market cap 3.02%
Theoretical Best
Office A
$3.85M
$3.37M – $4.49M
NOI $269,659 @ 7.0% cap · market cap 8.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
223
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85310, AZ
19,315
Population
7,269
Households
2.7
Avg Household Size
42
Median Age
45%
College-Educated
97%
High-School Grad
9.2 sq mi
ZIP Area
2,099
Density / Sq Mi
$117,095
Median Household Income
$59,905
Median Earnings
$2,087
Median Rent
$489,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Owner-user flex space with 80% HVAC and potential for a small fenced yard.
Where is this flex space located?
The property is located at 23640 N 35th Dr Glendale, AZ.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Approximately 12,264 SF flex space industrial building; 80% HVAC coverage; Potential small fenced yard
