Flex Warehouse with
1655 W Drake Dr Tempe, AZ 85283
1655 W Drake Dr, Tempe, AZ, 85283
Contact for pricing
For Sale
Contact for pricing
Recently renovated flex building with 18’ clear height warehouse, 800A 3-phase power, and 12 private offices.
Property Size9,216 SF
Price / SF$303.82
Days on Market221
Property Features for 1655 W Drake Dr
General Information
- Standard status
- Active
- Size
- 9,216 SF
- Property subtype
- INDUSTRIAL
Properties For Sale
at 1655 W Drake Dr Contact us
Listing agency
LevRose Commercial Real Estate
(480) 294-6584
Listed by
Mark Cassell · License #SA690813000
(818) 390-0838
Source
Moodyscre
Added: Dec 12, 2025 Updated: Jul 20 at 5:36PM Checked: Jul 21 at 6:38AM
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 LevRose Commercial Real Estate
Investment Insights
Based on property information with market context.
This recently renovated flex warehouse includes a fully built-out office component and a clear-span warehouse with practical distribution support. The office features 12 private offices, three conference rooms, two kitchenettes, one training room, and two office storage rooms. The warehouse offers 18’ clear height, 800A 3-phase power, and a portion that is 100% HVAC. There are two grade level doors: one measuring 12’ x 14’ and another measuring 10’ x 8’. The facility is fire sprinklered.
The property has been updated with recent slurry coat and striping, and is noted as being within a 2-minute drive of the I-10 Freeway.
Overall, it’s a functional warehouse-and-office setup designed for users that need both dedicated workspace and conditioned warehouse area in the same facility.
The property has been updated with recent slurry coat and striping, and is noted as being within a 2-minute drive of the I-10 Freeway.
Overall, it’s a functional warehouse-and-office setup designed for users that need both dedicated workspace and conditioned warehouse area in the same facility.
Key Highlights
- Recently renovated flex building with warehouse and office space
- Warehouse features 18’ clear height
- 800A 3‑phase power and fire sprinkler system
Local 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 | $279.8k | $30.36 |
| − Vacancy | −$60.2k | −$6.53 |
| EGI | $219.6k | $23.83 |
| − OpEx | −$54.9k | −$5.96 |
| NOI | $164.7k | $17.87 |
9,216 SF · lease $30.36/SF/yr · vacancy 21.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$2.35M
$2.06M – $2.75M
NOI $164,731 @ 7.0% cap · market cap 5.88%
Second Best
Warehouse
$1.45M
$1.27M – $1.70M
NOI $101,834 @ 7.0% cap · market cap 3.64%
Theoretical Best
Office A
$2.90M
$2.54M – $3.38M
NOI $202,866 @ 7.0% cap · market cap 7.25%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
1st Choice Insurance
Insurance Agency
Jeremiah Butout - Alpha ...
Financial Advisor
Canyon Lands Insurance
Insurance Agency
TAG Insurance and Financial ...
Insurance Agency
Mercury Insurance
Insurance Agency
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FAQs
What type of property is this?
Flex space - Recently renovated flex building with 18’ clear height warehouse, 800A 3-phase power, and 12 private offices.
Where is this flex space located?
The property is located at 1655 W Drake Dr Tempe, AZ.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Recently renovated flex building with warehouse and office space; Warehouse features 18’ clear height; 800A 3‑phase power and fire sprinkler system
