Adaptable Building in Commerce
15601 N 28th Ave, Phoenix, AZ 85053
For Sale
Contact for pricing
40,666 SF building suitable for multiple uses.
Property Size40,620 SF
Lot Size3.85 Acres
Price / SF$307.73
Days on Market901
Property Features for 15601 N 28th Ave
General Information
Standard status
Size
Class
Lot size
Property subtype
Zoning
Site & Location
Neighborhood
Building Details
Year Renovated
Buildings
Tenancy
Listing Agency:
R.O.I. Properties
Listed By:
Beth Jo Zeitzer · License #AZ BR044331000
(602) 319-1326
Source:
Crexi
Added: May 23, 2024
Changed: Oct 31
Last Checked: Nov 8 at 6:55AM
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.
This property features a 40,066 square foot building situated on a 3.85-acre parcel within the General Commerce Park. The location offers excellent freeway access and visibility. Currently, the building coverage ratio is approximately 16.24%, with the potential to increase up to 50% under General Commerce Park zoning, subject to buyer verification. The existing improvements are designed for medical office use but can be retrofitted for office, research and development, or potentially climate-controlled advanced manufacturing. The property's low lot coverage, commerce park zoning, and excess land provide opportunities for redevelopers and end users.
Key Highlights
- 40,066 SF building on 3.85 AC parcel.
- Excellent freeway access and visibility.
- General Commerce Park zoning allows for up to 50% lot coverage (buyer to verify).
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$695,362
Cap Rate
5.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$13,907,240
$13.9M
Cap Rate 7%
$9,933,743
$9.9M
Cap Rate 9%
$7,726,244
$7.7M
Market Conditions
NOI Build-Up for 40,620 SF
Gross rent
$1.25M $30.72/SF
− Vacancy
−$320.7K −$7.90/SF
EGI
$927.1K $22.82/SF
− OpEx
−$231.8K −$5.71/SF
NOI
$695.4K $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%
$13,907,240
Cap Rate 7%
$9,933,743
Cap Rate 9%
$7,726,244
Alternative Uses
Best Use
Office B
$9.93M
$8.69M – $11.59M
NOI $695,362 @ 7.0% cap · market cap 5.56%
Second Best
Healthcare Medical
$8.27M
$7.24M – $9.65M
NOI $579,079 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$12.30M
$10.77M – $14.35M
NOI $861,290 @ 7.0% cap · market cap 6.89%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
470
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85053, AZ
30,136
Population
12,003
Households
2.5
Avg Household Size
37
Median Age
26%
College-Educated
89%
High-School Grad
5.2 sq mi
ZIP Area
5,795
Density / Sq Mi
$66,870
Median Household Income
$43,411
Median Earnings
$1,385
Median Rent
$329,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Medical Office Space in Phoenix, AZ
Properties on Market for Medical Office Space in Phoenix
Vacancy Rate% for Office in Phoenix, AZ
Similar Off Market Nearby
- DIABETIC APOTHECARY — 15640 N 28th Dr SUITE PHARMACY, Phoenix, AZ 85053
Frequently Asked Questions
What type of property is this?
Medical Office Space - 40,666 SF building suitable for multiple uses.
Where is this medical office space located?
The property is located at 15601 N 28th Ave Phoenix, AZ.
What is the asking price?
The asking price for this property is $12,500,000.
What are key features of this property?
This property features: 40,066 SF building on 3.85 AC parcel.; Excellent freeway access and visibility.; General Commerce Park zoning allows for up to 50% lot coverage (buyer to verify).
