Well-Maintained Office
For Sale
$725,000
214 E MONTEREY Way, Phoenix, AZ 85012
A well-maintained office building with private offices, open work areas, reception, and break areas plus ample on-site parking.
Property Size1,852 SF
Days on Market55
Property Features for 214 E MONTEREY Way
General Information
Standard status
Active
Size
1,852 SF
Property subtype
COMMERCIAL
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$6,434
Building Details
Building Size
1,852 SF
Year Built
1956
Listing Agency:
RE/MAX Fine Properties
(602) 527-2929
Listed By:
Brett Nicholas · License #SA687827000
(602) 527-2929
Source:
Alexiabertsatos
Added: Jul 1
Changed: Aug 24
Last Checked: Aug 22 at 5:08PM
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 RE/MAX Fine Properties
Investment Insights
Based on property information with market context.
214 E. Monterey Way is a well-maintained office building offering a functional, efficient layout for a range of professional uses. The space includes private offices alongside open work areas, with dedicated reception and break areas to support day-to-day operations. It is presented as a practical owner-user or investment option within a professional office setting.
The property is positioned in Central Phoenix with quick access to the Camelback Corridor, Downtown Phoenix, and SR-51. Commuting for employees and client visits are supported by connectivity to Central Avenue, Thomas Road, 7th Street, and SR-51. The area is described as established, with convenient access to employment centers, restaurants, retail amenities, and public transportation.
On-site parking is available, supporting straightforward arrival and accessibility for staff and visitors.
The property is positioned in Central Phoenix with quick access to the Camelback Corridor, Downtown Phoenix, and SR-51. Commuting for employees and client visits are supported by connectivity to Central Avenue, Thomas Road, 7th Street, and SR-51. The area is described as established, with convenient access to employment centers, restaurants, retail amenities, and public transportation.
On-site parking is available, supporting straightforward arrival and accessibility for staff and visitors.
Key Highlights
- Office building built in 1956 with a functional, efficient layout.
- Includes private offices plus open work areas, reception, and break areas.
- Well‑maintained office building in Central Phoenix Midtown with quick access to major corridors.
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
$31,704
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
4.37%
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%
$634,080
$634.1K
Cap Rate 7%
$452,914
$452.9K
Cap Rate 9%
$352,267
$352.3K
Market Conditions
NOI Build-Up for 1,852 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
$56.9K $30.72/SF
− Vacancy
−$14.6K −$7.90/SF
EGI
$42.3K $22.82/SF
− OpEx
−$10.6K −$5.71/SF
NOI
$31.7K $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%
$634,080
Cap Rate 7%
$452,914
Cap Rate 9%
$352,267
Alternative Uses
Best Use
Office B
$452.9K
$396.3K – $528.4K
NOI $31,704 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$561.0K
$490.9K – $654.5K
NOI $39,269 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
6,216
Businesses Nearby
Explore this area
Business Placement
Demographics for 85012, AZ
8,201
Population
5,269
Households
1.6
Avg Household Size
39
Median Age
60%
College-Educated
95%
High-School Grad
2.3 sq mi
ZIP Area
3,566
Density / Sq Mi
$80,242
Median Household Income
$57,228
Median Earnings
$1,693
Median Rent
$701,200
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 building - A well-maintained office building with private offices, open work areas, reception, and break areas plus ample on-site parking.
Where is this office building located?
The property is located at 214 E MONTEREY Way Phoenix, AZ.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Office building built in 1956 with a functional, efficient layout.; Includes private offices plus open work areas, reception, and break areas.; Well‑maintained office building in Central Phoenix Midtown with quick access to major corridors.
