Flex Space with Covered Work
For Sale
$650,000
1810 E Washington St, Phoenix, AZ 85034
C-3-zoned space combines a customer-facing showroom with an exterior work area under a canopy.
Property Size2,871 SF
Lot Size0.36 Acres
Price / SF$226.40
Days on Market15
Property Features for 1810 E Washington St
General Information
Standard status
Active
Size
2,871 SF
Lot size
0.36 Acres
Property subtype
Commercial
Zoning
C-3
Additional Details
Road Access
Yes
Amenities
indoor showroom area
interior restroom
large covered outdoor work area beneath a canopy
Building Details
Year Built
1953
Buildings
1
Listing Agency:
AFFIRE
Listed By:
Alex J Affas · License #BR670396000
(480) 516-2046
Source:
Myphoenixhomesource
Added: Sep 18
Changed: Oct 1
Last Checked: Oct 1 at 11:43AM
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 AFFIRE
Investment Insights
Based on property information with market context.
This freestanding flex property contains 2,871 square feet of building area, including a showroom and an interior restroom. A canopy shelters a substantial outdoor work area, adding covered space alongside the enclosed building. The property was built in 1953.
The site comprises two parcels totaling approximately 0.36 acres, with frontage on Washington Street at 1810 E Washington St in Phoenix. C-3 zoning applies to the property.
The site comprises two parcels totaling approximately 0.36 acres, with frontage on Washington Street at 1810 E Washington St in Phoenix. C-3 zoning applies to the property.
Key Highlights
- 2,871‑square‑foot freestanding flex property
- Showroom and interior restroom
- Covered outdoor work area beneath a canopy
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
$32,449
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
4.99%
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%
$648,980
$649.0K
Cap Rate 7%
$463,557
$463.6K
Cap Rate 9%
$360,544
$360.5K
Market Conditions
NOI Build-Up for 2,871 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
$51.7K $18.00/SF
− Vacancy
−$5.3K −$1.85/SF
EGI
$46.4K $16.15/SF
− OpEx
−$13.9K −$4.84/SF
NOI
$32.4K $11.30/SF
Area
Phoenix, AZ
Vacancy
10.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$648,980
Cap Rate 7%
$463,557
Cap Rate 9%
$360,544
Alternative Uses
Best Use
Retail
$463.6K
$405.6K – $540.8K
NOI $32,449 @ 7.0% cap · market cap 4.99%
Second Best
Flex RnD
$450.4K
$394.1K – $525.5K
NOI $31,530 @ 7.0% cap · market cap 4.85%
Theoretical Best
Office A
$869.7K
$761.0K – $1.01M
NOI $60,876 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
906
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85034, AZ
5,033
Population
2,901
Households
1.7
Avg Household Size
32
Median Age
32%
College-Educated
81%
High-School Grad
11.6 sq mi
ZIP Area
434
Density / Sq Mi
$53,545
Median Household Income
$43,236
Median Earnings
$1,205
Median Rent
$397,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Phoenix, AZ
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Frequently Asked Questions
What type of property is this?
Flex space - C-3-zoned space combines a customer-facing showroom with an exterior work area under a canopy.
Where is this flex space located?
The property is located at 1810 E Washington St Phoenix, AZ.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 2,871‑square‑foot freestanding flex property; Showroom and interior restroom; Covered outdoor work area beneath a canopy
