Medical Office Condo For
For Sale
Contact for pricing
Pending
20045 N 19th Ave, Phoenix, AZ 85027
Medical office condo available for sale near I-17.
Property Size2,264 SF
Days on Market277
Property Features for 20045 N 19th Ave
General Information
Standard status
Pending
Size
2,264 SF
Class
A
Property subtype
Office
Zoning
C-O
Investment Type
Owner/User
Building Details
Year Built
2008
Buildings
13
Tenancy
Single
Listing Agency:
The Menlo Group Commercial Real Estate LLC
(480) 771-1376
Listed By:
Rich Andrus · License #AZ SA637785000
Source:
Crexi
Added: Nov 17, 2025
Changed: Aug 8
Last Checked: Jul 24 at 11:44AM
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 The Menlo Group Commercial Real Estate LLC
Investment Insights
Based on property information with market context.
A 2,264 square foot medical office condo is available for sale. The unit, located off the I-17 and 19th Avenue, can be acquired for owner occupancy or rented out as an investment property. Previously a chiropractic office, the layout includes a reception area, waiting area, two restrooms, a laundry room, multiple exam rooms, a lab, a dark room, and changing rooms.
Key Highlights
- Medical office condo ideal for owner‑occupancy or investment.
- Located off I‑17 and 19th Ave.
- Equipped as a former chiropractic office.
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
$38,757
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
4.84%
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%
$775,140
$775.1K
Cap Rate 7%
$553,671
$553.7K
Cap Rate 9%
$430,633
$430.6K
Market Conditions
NOI Build-Up for 2,264 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
$69.6K $30.72/SF
− Vacancy
−$17.9K −$7.90/SF
EGI
$51.7K $22.82/SF
− OpEx
−$12.9K −$5.71/SF
NOI
$38.8K $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%
$775,140
Cap Rate 7%
$553,671
Cap Rate 9%
$430,633
Alternative Uses
Best Use
Office B
$553.7K
$484.5K – $646.0K
NOI $38,757 @ 7.0% cap · market cap 4.84%
Second Best
Healthcare Medical
$461.1K
$403.5K – $537.9K
NOI $32,276 @ 7.0% cap · market cap 4.03%
Theoretical Best
Office A
$685.8K
$600.1K – $800.1K
NOI $48,005 @ 7.0% cap · market cap 6.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
789
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85027, AZ
38,343
Population
17,458
Households
2.2
Avg Household Size
36
Median Age
29%
College-Educated
92%
High-School Grad
11.7 sq mi
ZIP Area
3,277
Density / Sq Mi
$73,255
Median Household Income
$46,338
Median Earnings
$1,488
Median Rent
$316,100
Median Home Value
Market
Vacancy Rate% for Office in Phoenix, AZ
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Covetrus — 2401 West Grandview Road, Phoenix, AZ 85027
- AZ MIX Compounding Pharmacy — 2501 W Behrend Dr Suite A-11, Phoenix, AZ 85027
- Valet Vet Mobile Veterinary Services — 2401 W Behrend Dr Suite 85, Phoenix, AZ 85027
- North Valley Equine — Phoenix, AZ 85027
Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office condo available for sale near I-17.
Where is this medical office space located?
The property is located at 20045 N 19th Ave Phoenix, AZ.
What is the asking price?
The asking price for this property is $799,999.
What are key features of this property?
This property features: Medical office condo ideal for owner‑occupancy or investment.; Located off I‑17 and 19th Ave.; Equipped as a former chiropractic office.
