Medical Office Condo
For Sale
Contact for pricing
20045 N 19th Ave, Phoenix, AZ 85027
Suite 166 within a 13-unit medical/office condo near two hospitals with high traffic counts.
Property Size2,264 SF
Price / SF$353.36
Days on Market199
Property Features for 20045 N 19th Ave
General Information
Standard status
Active
Size
2,264 SF
Property subtype
OFFICE
Listing Agency:
Menlo Group Commercial Real Estate
(602) 363-5545
Listed By:
Rich Andrus · License #SA697072000
(602) 363-5545
Source:
Moodyscre
Added: Jan 29
Changed: Aug 14
Last Checked: Aug 14 at 8:15AM
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 Menlo Group Commercial Real Estate
Investment Insights
Based on property information with market context.
This medical/office condo suite (Suite 166) offers approximately 2,264 square feet within a 13-unit medical/office condominium building totaling about 4,890 square feet. The space is set up for professional use in a multi-tenant medical/office environment.
The property is located at the southeast corner of 19th Ave and Loop 101 in Phoenix, AZ, with high traffic counts. It is also described as being in close proximity to two hospitals, supporting frequent demand from patients and healthcare professionals.
Overall, this is a well-defined, stand-alone suite option inside a dedicated medical/office condo building, positioned for convenient access in a high-visibility intersection near major regional healthcare facilities.
The property is located at the southeast corner of 19th Ave and Loop 101 in Phoenix, AZ, with high traffic counts. It is also described as being in close proximity to two hospitals, supporting frequent demand from patients and healthcare professionals.
Overall, this is a well-defined, stand-alone suite option inside a dedicated medical/office condo building, positioned for convenient access in a high-visibility intersection near major regional healthcare facilities.
Key Highlights
- Suite 166 is +/- 2,264 SF within a 13‑unit medical/office condo
- Building is +/- 4,890 SF, offering a dedicated medical/office condo setting
- Condo is located at the SEC of 19th Ave and Loop 101
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
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Suite 166 within a 13-unit medical/office condo near two hospitals with high traffic counts.
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: Suite 166 is +/- 2,264 SF within a 13‑unit medical/office condo; Building is +/- 4,890 SF, offering a dedicated medical/office condo setting; Condo is located at the SEC of 19th Ave and Loop 101
