Single-Tenant Office Condo
For Sale
Contact for pricing
16841 N 31st Ave Bldg 4 Ste 131, Phoenix, AZ 85053
Leased office condo in high-demand Deer Valley/Airport submarket.
Property Size1,381 SF
Price / SF$248.08
Days on Market286
Property Features for 16841 N 31st Ave Bldg 4 Ste 131
General Information
Standard status
Active
Size
1,381 SF
Class
B
Property subtype
Office
Zoning
C-O
Listing Agency:
Commercial Properties Inc.
(602) 561-1339
Listed By:
Matt Zaccardi · License #AZ SA584155000
Source:
Crexi
Added: Oct 31, 2025
Changed: Aug 8
Last Checked: Jul 19 at 9:31AM
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 Commercial Properties Inc.
Investment Insights
Based on property information with market context.
This is a 1,381 square foot single-tenant office condo located in the Bell Canyon Offices park. The property is 100% leased to Caring Presence Home Care, an Arizona-based healthcare provider with a 37-year operating history. The tenant is on a 60-month, Modified Gross lease. The property offers a 6.00% capitalization rate based on the 2026 Net Operating Income of $20,556.10. The property features a functional layout that was remodeled in 2021. It is situated in the Deer Valley/Airport submarket, with access to the I-17 and Loop 101 freeways, placing it at the center of an employment hub. Major corporations like Honeywell, Cigna, and USAA are located nearby, as well as the Phoenix Deer Valley Airport. The area is also near the $165B TSMC semiconductor campus. The submarket has strong 2.8% 12-month rent growth and zero new office construction.
Key Highlights
- 100% leased to Caring Presence Home Care, a premier Arizona‑based healthcare provider with a 37‑year operating history
- Located in the high‑demand Deer Valley/Airport submarket with immediate access to I‑17 and Loop 101 freeways
- Offers a secure 6.00% capitalization rate based on the 2026 Net Operating Income of $20,556.10
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
$23,641
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
6.90%
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%
$472,820
$472.8K
Cap Rate 7%
$337,729
$337.7K
Cap Rate 9%
$262,678
$262.7K
Market Conditions
NOI Build-Up for 1,381 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
$42.4K $30.72/SF
− Vacancy
−$10.9K −$7.90/SF
EGI
$31.5K $22.82/SF
− OpEx
−$7.9K −$5.71/SF
NOI
$23.6K $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 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%
$472,820
Cap Rate 7%
$337,729
Cap Rate 9%
$262,678
Alternative Uses
Best Use
Office B
$337.7K
$295.5K – $394.0K
NOI $23,641 @ 7.0% cap · market cap 6.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$418.3K
$366.0K – $488.0K
NOI $29,282 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
969
Businesses Nearby
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
Market
Vacancy Rate% for Office in Phoenix, AZ
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Leased office condo in high-demand Deer Valley/Airport submarket.
Where is this office units located?
The property is located at 16841 N 31st Ave Bldg 4 Ste 131 Phoenix, AZ.
What is the asking price?
The asking price for this property is $342,601.
What are key features of this property?
This property features: 100% leased to Caring Presence Home Care, a premier Arizona‑based healthcare provider with a 37‑year operating history; Located in the high‑demand Deer Valley/Airport submarket with immediate access to I‑17 and Loop 101 freeways; Offers a secure 6.00% capitalization rate based on the 2026 Net Operating Income of $20,556.10
