Office Building with Paved
For Sale
$715,000
214 E MONTEREY Way, Phoenix, AZ 85012
Built in 1956 with central air, R-5 zoning, and a paved parking lot.
Property Size1,852 SF
Price / SF$386.07
Days on Market44
Property Features for 214 E MONTEREY Way
General Information
Standard status
Active
Size
1,852 SF
Total Parking Spaces
13
Zoning
R-5
Taxes and HOA fees
Annual Taxes
$6,434
Amenities
Accessible Entrance, Kitchen, Skylight(s)
Central Air
Ceiling
Disposal
Chain Link, None
Parking Lot, Paved
Building Details
Year Built
1956
Buildings
1
Stories
1
Listing Agency:
RE/MAX Fine Properties
(602) 527-2929
Listed By:
Brett Nicholas · License #SA687827000
(602) 527-2929
Source:
Evrealestate
Added: Jul 1
Changed: Aug 2
Last Checked: Aug 13 at 5:36AM
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.
This office building at 214 E. Monterey Way includes central air, ceiling features, and a disposal. The property was built in 1956 and carries R-5 zoning.
A paved parking lot serves the property. The building is located in Phoenix, Arizona, at 214 E. Monterey Way, west of 3rd Street and near the intersection of 7th Street and Thomas Road.
A paved parking lot serves the property. The building is located in Phoenix, Arizona, at 214 E. Monterey Way, west of 3rd Street and near the intersection of 7th Street and Thomas Road.
Key Highlights
- R‑5 zoning
- Built in 1956
- Central air
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
4.43%
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 4.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$561.0K
$490.9K – $654.5K
NOI $39,269 @ 7.0% cap · market cap 5.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,887
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Built in 1956 with central air, R-5 zoning, and a paved parking lot.
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 $715,000.
What are key features of this property?
This property features: R‑5 zoning; Built in 1956; Central air
