Infill Office Redevelopment
For Sale
$2,650,000
1405 N 1ST Street, Phoenix, AZ 85004
Office improvements sit on four combined parcels near Downtown Phoenix, with zoning that supports redevelopment height.
Property Size7,450 SF
Lot Size0.64 Acres
Price / SF$355.70
Days on Market109
Property Features for 1405 N 1ST Street
General Information
Standard status
Active
Size
7,450 SF
Lot size
0.64 Acres
Property subtype
Comm/industry Sale
Zoning
DTC-TWNPK
Listing Agency:
R.O.I. Properties
Listed By:
Beth Jo Zeitzer · License #BR044331000
(602) 319-1326
Source:
Nicolesecrest
Added: Jul 5
Changed: Oct 13
Last Checked: Oct 20 at 8:29PM
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 R.O.I. Properties
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
1405 N 1st Street is an infill office redevelopment site featuring approximately 7,450 square feet of office improvements across four parcels (APNs 111-35-085, 111-35-086, 111-35-100, and 111-35-098). The total land area is approximately 0.64 acres, providing a defined footprint for future redevelopment planning while retaining existing improvements for evaluation.
The property is positioned just north of Downtown Phoenix near the intersection of 1st Street and McDowell Road, within the Downtown Phoenix Overlay District. Zoning is DTC-TWNPK, which allows up to 90 feet of building height and up to 125 dwelling units per acre, offering flexibility for redevelopment under current entitlements.
The offering’s combination of existing office improvements and multi-parcel structure may appeal to buyers looking to consolidate parcels and evaluate redevelopment options in a highly active urban growth corridor.
The property is positioned just north of Downtown Phoenix near the intersection of 1st Street and McDowell Road, within the Downtown Phoenix Overlay District. Zoning is DTC-TWNPK, which allows up to 90 feet of building height and up to 125 dwelling units per acre, offering flexibility for redevelopment under current entitlements.
The offering’s combination of existing office improvements and multi-parcel structure may appeal to buyers looking to consolidate parcels and evaluate redevelopment options in a highly active urban growth corridor.
Key Highlights
- Office improvements at 1405 N 1st Street positioned just north of Downtown Phoenix near 1st St and McDowell Rd
- Approximately 7,450 SF of office improvements across four parcels
- Total land area approximately 0.64 acres (four combined parcels)
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$127,534
Cap Rate
4.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,550,680
$2.6M
Cap Rate 7%
$1,821,914
$1.8M
Cap Rate 9%
$1,417,044
$1.4M
Market Conditions
NOI Build-Up for 7,450 SF
Gross rent
$228.9K $30.72/SF
− Vacancy
−$58.8K −$7.90/SF
EGI
$170.0K $22.82/SF
− OpEx
−$42.5K −$5.71/SF
NOI
$127.5K $17.12/SF
Area
Phoenix, AZ
Vacancy
25.70%
Lease Rate
$30.72 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,550,680
Cap Rate 7%
$1,821,914
Cap Rate 9%
$1,417,044
Alternative Uses
Best Use
Office B
$1.82M
$1.59M – $2.13M
NOI $127,534 @ 7.0% cap · market cap 4.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.26M
$1.97M – $2.63M
NOI $157,967 @ 7.0% cap · market cap 5.96%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,266
Businesses Nearby
Explore this area
Business Placement
Demographics for 85004, AZ
8,833
Population
6,455
Households
1.4
Avg Household Size
32
Median Age
59%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
4,206
Density / Sq Mi
$71,250
Median Household Income
$46,376
Median Earnings
$1,759
Median Rent
$365,500
Median Home Value
Market
Vacancy Rate% for Office in Phoenix, AZ
Frequently Asked Questions
What type of property is this?
Office building - Office improvements sit on four combined parcels near Downtown Phoenix, with zoning that supports redevelopment height.
Where is this office building located?
The property is located at 1405 N 1ST Street Phoenix, AZ.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: Office improvements at 1405 N 1st Street positioned just north of Downtown Phoenix near 1st St and McDowell Rd; Approximately 7,450 SF of office improvements across four parcels; Total land area approximately 0.64 acres (four combined parcels)
