Built-Out Medical Office
For Sale
$799,999
Pending
20045 N 19th Ave Unit 166, Phoenix, AZ 85027
Configured medical space with substantial electrical capacity in a multi-building medical and office condominium project.
Property Size4,901 SF
Days on Market342
Property Features for 20045 N 19th Ave Unit 166
General Information
Standard status
Pending
Size
4,901 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Office Units
1
Building Details
Year Built
2007
Listing Agency:
The Menlo Group Commercial Real Estate
(480) 282-3089
Listed By:
Grafton Milne · License #BR584594000
Source:
Myphoenixhomesource
Added: Sep 23, 2025
Changed: Aug 29
Last Checked: Aug 25 at 7:15AM
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 The Menlo Group Commercial Real Estate
Investment Insights
Based on property information with market context.
This medical office unit contains approximately 2,264 SF within a 13-building medical and office condominium project. The interior is fully built out for medical use and includes 500-amp service with 120/208-volt, three-phase power. The space was constructed in 2007 and previously operated as a chiropractic office.
The property is positioned at the southeast corner of 19th Avenue and Loop 101, immediately off the freeway. Its location within an established medical and office condo project provides a defined professional setting for an owner-user seeking a built-out healthcare office.
The property is positioned at the southeast corner of 19th Avenue and Loop 101, immediately off the freeway. Its location within an established medical and office condo project provides a defined professional setting for an owner-user seeking a built-out healthcare office.
Key Highlights
- +/- 2,264 SF medical office unit
- Fully built‑out medical interior
- 500 Amps, 120/208 Volts, 3 Phase Power
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
$69,869
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
8.73%
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%
$1,397,380
$1.4M
Cap Rate 7%
$998,129
$998.1K
Cap Rate 9%
$776,322
$776.3K
Market Conditions
NOI Build-Up for 4,901 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
$129.4K $26.40/SF
− Vacancy
−$12.9K −$2.64/SF
EGI
$116.4K $23.76/SF
− OpEx
−$46.6K −$9.50/SF
NOI
$69.9K $14.26/SF
Area
Phoenix, AZ
Vacancy
10.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
40.00%
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%
$1,397,380
Cap Rate 7%
$998,129
Cap Rate 9%
$776,322
Alternative Uses
Best Use
Office B
$1.20M
$1.05M – $1.40M
NOI $83,899 @ 7.0% cap · market cap 10.49%
Second Best
Healthcare Medical
$998.1K
$873.4K – $1.16M
NOI $69,869 @ 7.0% cap · market cap 8.73%
Theoretical Best
Office A
$1.48M
$1.30M – $1.73M
NOI $103,919 @ 7.0% cap · market cap 12.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Yes
Highway access
Yes
Utilities to site
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 - Configured medical space with substantial electrical capacity in a multi-building medical and office condominium project.
Where is this medical office space located?
The property is located at 20045 N 19th Ave Unit 166 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: +/- 2,264 SF medical office unit; Fully built‑out medical interior; 500 Amps, 120/208 Volts, 3 Phase Power
