Office Condo with Private School
For Sale
Contact for pricing
1602 S Priest Dr, Tempe, AZ 85281
Office condo suite 101-102 offers private school build-out, 4,997 SF, and 19 on-site parking spaces.
Property Size4,997 SF
Price / SF$295.18
Days on Market26
Property Features for 1602 S Priest Dr
General Information
Standard status
Active
Size
4,997 SF
Class
B
Total Parking Spaces
19
Property subtype
OFFICE
Zoning
GID
Additional Details
Asking Price
$1,475,000
Building Details
Year Built
2009
Parking Ratio
3.8 per 1,000 SF
Listing Agency:
Insight Land & Investments
(602) 421-6300
Listed By:
Bob Garland
(602) 421-6300
Source:
Moodyscre
Added: Jul 7
Changed: Jul 31
Last Checked: Jul 31 at 12:57AM
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 Insight Land & Investments
Investment Insights
Based on property information with market context.
This office condo is available as suites 101-102 at 1602 S Priest Dr, Tempe, AZ 85281. The property totals 4,997 SF and was built in 2009 as a Class B office condo. The current interior build-out is suited for a private school, with building signage available for tenant use.
The site is located with frontage and visibility on Priest Drive, supporting strong on-street exposure. Zoning is identified as GID by the City of Tempe.
Parking is on-site with 19 spaces, and the provided parking ratio is 3.80/1,000 SF. The APN is listed as 124-58-131, 183.
The site is located with frontage and visibility on Priest Drive, supporting strong on-street exposure. Zoning is identified as GID by the City of Tempe.
Parking is on-site with 19 spaces, and the provided parking ratio is 3.80/1,000 SF. The APN is listed as 124-58-131, 183.
Key Highlights
- Private school build‑out inside office condo suites 101‑102
- 4,997 SF office condo with Class B designation
- Built in 2009
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $151.7k | $30.36 |
| − Vacancy | −$32.6k | −$6.53 |
| EGI | $119.1k | $23.83 |
| − OpEx | −$29.8k | −$5.96 |
| NOI | $89.3k | $17.87 |
4,997 SF · lease $30.36/SF/yr · vacancy 21.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.28M
$1.12M – $1.49M
NOI $89,319 @ 7.0% cap · market cap 6.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,996 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,200
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office condo suite 101-102 offers private school build-out, 4,997 SF, and 19 on-site parking spaces.
Where is this office units located?
The property is located at 1602 S Priest Dr Tempe, AZ.
What is the asking price?
The asking price for this property is $1,475,000.
What are key features of this property?
This property features: Private school build‑out inside office condo suites 101‑102; 4,997 SF office condo with Class B designation; Built in 2009
