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 Market118
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) 385-1515
Listed By:
Bob Garland
(602) 421-6300
Source:
Moodyscre
Added: Jul 7
Changed: Oct 26
Last Checked: Nov 1 at 2:26AM
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
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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
Estimated NOI and Cap Rate
NOI / Yr
$89,319
Cap Rate
6.06%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,786,380
$1.8M
Cap Rate 7%
$1,275,986
$1.3M
Cap Rate 9%
$992,433
$992.4K
Market Conditions
NOI Build-Up for 4,997 SF
Gross rent
$151.7K $30.36/SF
− Vacancy
−$32.6K −$6.53/SF
EGI
$119.1K $23.83/SF
− OpEx
−$29.8K −$5.96/SF
NOI
$89.3K $17.87/SF
Area
Tempe, AZ
Vacancy
21.50%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,786,380
Cap Rate 7%
$1,275,986
Cap Rate 9%
$992,433
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.
How Realmo checks its estimates
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
Frequently Asked Questions
What type of property is this?
Office unit - Office condo suite 101-102 offers private school build-out, 4,997 SF, and 19 on-site parking spaces.
Where is this office unit 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
