Flex Property with Roll-Up
For Sale
$1,150,000
1417-1421 E WASHINGTON Street, Phoenix, AZ 85034
Multi-building commercial asset with office space, alley access, and C3 zoning.
Property Size5,630 SF
Price / SF$204.26
Days on Market315
Property Features for 1417-1421 E WASHINGTON Street
General Information
Standard status
Active
Size
5,630 SF
Property subtype
Commercial/Industrial
Zoning
C3
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Opportunity Zone
Yes
Taxes and HOA fees
Annual Taxes
$7,506
Amenities
multiple roll up garage doors
private office space
back alley access
Building Details
Year Built
1981
Buildings
3
Listing Agency:
RE/MAX Fine Properties
(646) 206-0905
Listed By:
Cindy Moy-Zhang · License #SA701280000
(646) 206-0905
Source:
Exitrealty
Added: Oct 20, 2025
Changed: Aug 29
Last Checked: Aug 29 at 4:29PM
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 RE/MAX Fine Properties
Investment Insights
Based on property information with market context.
This 5,630-square-foot flex property includes two primary buildings and a separate pre-engineered steel building. Multiple roll-up garage doors, private office space, and rear alley access support a range of commercial configurations. The property is situated on just under 1/2 acre and carries C3 zoning, with the sale including Parcels 116-48-007 and 116-48-008.
Frontage is along Washington Street in Downtown Phoenix, with access to 1-10, the light rail, and the downtown area. The property is also located within an Opportunity Zone and is identified by the source information as being near new downtown developments.
Frontage is along Washington Street in Downtown Phoenix, with access to 1-10, the light rail, and the downtown area. The property is also located within an Opportunity Zone and is identified by the source information as being near new downtown developments.
Key Highlights
- 5,630 SF flex property with two main buildings plus a pre‑engineered steel building
- Multiple roll‑up garage doors and private office space
- C3 zoning on just under 1/2 acre
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
$63,631
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
5.53%
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%
$1,272,620
$1.3M
Cap Rate 7%
$909,014
$909.0K
Cap Rate 9%
$707,011
$707.0K
Market Conditions
NOI Build-Up for 5,630 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
$101.3K $18.00/SF
− Vacancy
−$10.4K −$1.85/SF
EGI
$90.9K $16.15/SF
− OpEx
−$27.3K −$4.84/SF
NOI
$63.6K $11.30/SF
Area
Phoenix, AZ
Vacancy
10.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,272,620
Cap Rate 7%
$909,014
Cap Rate 9%
$707,011
Alternative Uses
Best Use
Retail
$909.0K
$795.4K – $1.06M
NOI $63,631 @ 7.0% cap · market cap 5.53%
Second Best
Flex RnD
$883.3K
$772.9K – $1.03M
NOI $61,831 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$1.71M
$1.49M – $1.99M
NOI $119,376 @ 7.0% cap · market cap 10.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,105
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 85034, AZ
5,033
Population
2,901
Households
1.7
Avg Household Size
32
Median Age
32%
College-Educated
81%
High-School Grad
11.6 sq mi
ZIP Area
434
Density / Sq Mi
$53,545
Median Household Income
$43,236
Median Earnings
$1,205
Median Rent
$397,400
Median Home Value
Market
Vacancy Rate% for Industrial in Phoenix, AZ
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-building commercial asset with office space, alley access, and C3 zoning.
Where is this flex space located?
The property is located at 1417-1421 E WASHINGTON Street Phoenix, AZ.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 5,630 SF flex property with two main buildings plus a pre‑engineered steel building; Multiple roll‑up garage doors and private office space; C3 zoning on just under 1/2 acre
