Full-Service Hospital
1492 S Mill Ave, Tempe, AZ 85281
For Sale
Contact for pricing
Full-service, 87-bed hospital with emergency care, critical care, and a new Cath Lab on an established health campus.
Property Size59,808 SF
Days on Market139
Property Features for 1492 S Mill Ave
General Information
Standard status
Size
Class
Property subtype
Lease Term
Site & Location
Neighborhood
Building Details
Building Size
Year Built
Properties For Sale
at 1492 S Mill Ave Contact us103
Size
2,951 SF
Type
Medical Office
Term
Negotiable
313
Size
2,033 SF
Type
Medical Office
Term
Negotiable
Listing Agency:
The Plaza Companies
Listed By:
Margaret Lloyd · License AZ BR021825000
(602) 828-7214
Source:
Theplazaco
Added: Jun 25
Changed: Nov 2
Last Checked: Nov 8 at 2:56AM
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 The Plaza Companies
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Investment Insights
Based on property information with market context.
This offering is a full-service, 87-bed hospital operated as part of the Steward Family Hospital platform. The hospital provides a wide range of clinical services, including Diagnostic Imaging, Cardiovascular Care, Orthopedic Services, Women’s Care, and a Wound Center. Operational services include an emergency department and a critical care unit, along with a new Cath Lab.
The property is located on the Tempe St. Luke’s Hospital campus, supporting an established healthcare environment. Existing tenant mix includes primary care, orthopedics and sports medicine, women’s health, ENT, and additional services.
For buyers or operators seeking an anchored healthcare facility, the mix of inpatient capacity and specialized departments supports a broad range of patient care needs. The current tenant mix adds continuity within the campus setting, and the hospital is described as offering generous tenant improvement allowances. This combination of full-service capabilities and existing clinical tenancy can be well suited for healthcare providers looking to operate within a dedicated hospital campus.
The property is located on the Tempe St. Luke’s Hospital campus, supporting an established healthcare environment. Existing tenant mix includes primary care, orthopedics and sports medicine, women’s health, ENT, and additional services.
For buyers or operators seeking an anchored healthcare facility, the mix of inpatient capacity and specialized departments supports a broad range of patient care needs. The current tenant mix adds continuity within the campus setting, and the hospital is described as offering generous tenant improvement allowances. This combination of full-service capabilities and existing clinical tenancy can be well suited for healthcare providers looking to operate within a dedicated hospital campus.
Key Highlights
- Full‑service hospital built in 1996 with 87 beds
- Hospital services include an emergency department and critical care unit
- New Cath Lab included
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$901,067
Suggested Prices Based on Cap Rates
Cap Rate 5%
$18,021,340
$18.0M
Cap Rate 7%
$12,872,386
$12.9M
Cap Rate 9%
$10,011,856
$10.0M
Market Conditions
NOI Build-Up for 59,808 SF
Gross rent
$1.61M $27.00/SF
− Vacancy
−$113.0K −$1.89/SF
EGI
$1.50M $25.11/SF
− OpEx
−$600.7K −$10.04/SF
NOI
$901.1K $15.07/SF
Area
Tempe, AZ
Vacancy
7.00%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$18,021,340
Cap Rate 7%
$12,872,386
Cap Rate 9%
$10,011,856
Alternative Uses
Best Use
Healthcare Medical
$12.87M
$11.26M – $15.02M
NOI $901,067 @ 7.0% cap
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$18.81M
$16.46M – $21.94M
NOI $1,316,519 @ 7.0% cap
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,445
Businesses Nearby
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Business Placement
Demographics for 85281, AZ
69,218
Population
32,475
Households
2.1
Avg Household Size
26
Median Age
49%
College-Educated
91%
High-School Grad
13.3 sq mi
ZIP Area
5,204
Density / Sq Mi
$59,084
Median Household Income
$32,805
Median Earnings
$1,531
Median Rent
$364,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Hospital - Full-service, 87-bed hospital with emergency care, critical care, and a new Cath Lab on an established health campus.
Where is this hospital located?
The property is located at 1492 S Mill Ave Tempe, AZ.
What are key features of this property?
This property features: Full‑service hospital built in 1996 with 87 beds; Hospital services include an emergency department and critical care unit; New Cath Lab included
