Medical Office Suite with Lake
For Sale
$432,384
1543 W Elliot Rd Suite 104, Gilbert, AZ 85233
Configured with treatment rooms, covered parking, and building signage for an established medical spa tenant.
Property Size1,502 SF
Price / SF$287.87
Days on Market105
Property Features for 1543 W Elliot Rd Suite 104
General Information
Standard status
Active
Size
1,502 SF
Class
A
Total Parking Spaces
3
Property subtype
Multi Tenant Office
Occupancy
100%
Additional Details
Asking Price
$432,384
Highway Access
Yes
Amenities
building signage
lake views
Building Details
Building Size
1,502 SF
Tenancy
Single
Listing Agency:
COBE Real Estate
(480) 610-2400
Listed By:
Steve Beck · License #714756000
(480) 610-2400
Source:
Thebrokerlist
Added: May 18
Changed: Aug 30
Last Checked: Aug 30 at 1:21PM
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 COBE Real Estate
Investment Insights
Based on property information with market context.
Located at 1543 W Elliot Rd, Suite 104, this 1,502-square-foot medical office condominium includes a reception area, four treatment rooms, a storage room, and a break/laundry room. The suite is leased to a medical spa through 2031 and includes three covered parking spaces, building signage, and lake views.
Oasis at the Islands Professional Plaza is adjacent to restaurants and retailers, with access to US 60, Loop 101, and Loop 202. The surrounding area records traffic counts exceeding 43,000 vehicles per day and includes dense residential neighborhoods and nearby commercial services.
Oasis at the Islands Professional Plaza is adjacent to restaurants and retailers, with access to US 60, Loop 101, and Loop 202. The surrounding area records traffic counts exceeding 43,000 vehicles per day and includes dense residential neighborhoods and nearby commercial services.
Key Highlights
- 1,502‑square‑foot medical office condominium
- Leased to a medical spa through 2031
- Reception area, four treatment rooms, storage, and break/laundry room
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
$21,900
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
5.06%
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%
$438,000
$438.0K
Cap Rate 7%
$312,857
$312.9K
Cap Rate 9%
$243,333
$243.3K
Market Conditions
NOI Build-Up for 1,502 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
$36.2K $24.12/SF
− Vacancy
−$7.0K −$4.68/SF
EGI
$29.2K $19.44/SF
− OpEx
−$7.3K −$4.86/SF
NOI
$21.9K $14.58/SF
Area
Gilbert, AZ
Vacancy
19.40%
Lease Rate
$24.12 /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%
$438,000
Cap Rate 7%
$312,857
Cap Rate 9%
$243,333
Alternative Uses
Best Use
Office B
$312.9K
$273.8K – $365.0K
NOI $21,900 @ 7.0% cap · market cap 5.06%
Second Best
Healthcare Medical
$292.0K
$255.5K – $340.7K
NOI $20,439 @ 7.0% cap · market cap 4.73%
Theoretical Best
Office A
$394.4K
$345.1K – $460.1K
NOI $27,605 @ 7.0% cap · market cap 6.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
805
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85233, AZ
39,006
Population
15,080
Households
2.6
Avg Household Size
37
Median Age
43%
College-Educated
95%
High-School Grad
9.6 sq mi
ZIP Area
4,063
Density / Sq Mi
$105,154
Median Household Income
$55,132
Median Earnings
$1,895
Median Rent
$468,600
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
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- Hippo Veterinary Group — 160 N McQueen Rd, Gilbert, AZ 85233
Frequently Asked Questions
What type of property is this?
Medical Office Space - Configured with treatment rooms, covered parking, and building signage for an established medical spa tenant.
Where is this medical office space located?
The property is located at 1543 W Elliot Rd Suite 104 Gilbert, AZ.
What is the asking price?
The asking price for this property is $432,384.
What are key features of this property?
This property features: 1,502‑square‑foot medical office condominium; Leased to a medical spa through 2031; Reception area, four treatment rooms, storage, and break/laundry room
