Office/Retail Condominium with Rear
For Sale
$419,000
2302 N CENTRAL Avenue 313, Phoenix, AZ 85004
Well-positioned condominium with functional office/retail layout and dedicated rear parking.
Property Size1,716 SF
Price / SF$256.43
Days on Market44
Property Features for 2302 N CENTRAL Avenue 313
General Information
Standard status
Active
Size
1,716 SF
Property subtype
Apartment
Lease Type
NNN
Taxes and HOA fees
Annual Taxes
$3,087
Amenities
monument and building signage opportunities
dedicated rear parking
Building Details
Building Size
1,716 SF
Year Built
2006
Listing Agency:
My Home Group Real Estate
Listed By:
Robert Maurice
(602) 738-3594
Source:
Alexiabertsatos
Added: Jul 24
Changed: Sep 3
Last Checked: Sep 5 at 4:50AM
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 My Home Group Real Estate
Investment Insights
Based on property information with market context.
This ±1,634 SF office/retail condominium offers a functional layout designed for professional use with minimal build-out requirements. The property supports both monument and building signage opportunities, helping establish on-site identity.
Located on N Central Ave in Phoenix, the space is described as having strong visibility. The configuration includes dedicated rear parking for day-to-day access and customer or client convenience.
Offered for sale at $515,000, with an indicated lease rate of $20.00/SF plus NNN (estimated at approximately $8.75/SF). Seller financing is available for qualified buyers.
Located on N Central Ave in Phoenix, the space is described as having strong visibility. The configuration includes dedicated rear parking for day-to-day access and customer or client convenience.
Offered for sale at $515,000, with an indicated lease rate of $20.00/SF plus NNN (estimated at approximately $8.75/SF). Seller financing is available for qualified buyers.
Key Highlights
- 1,634 SF office/retail condominium with a functional layout and minimal build‑out requirements
- Central Avenue location with monument and building signage opportunities
- Dedicated rear parking
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
$27,972
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
6.68%
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%
$559,440
$559.4K
Cap Rate 7%
$399,600
$399.6K
Cap Rate 9%
$310,800
$310.8K
Market Conditions
NOI Build-Up for 1,634 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
$50.2K $30.72/SF
− Vacancy
−$12.9K −$7.90/SF
EGI
$37.3K $22.82/SF
− OpEx
−$9.3K −$5.71/SF
NOI
$28.0K $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%
$559,440
Cap Rate 7%
$399,600
Cap Rate 9%
$310,800
Alternative Uses
Best Use
Office B
$399.6K
$349.7K – $466.2K
NOI $27,972 @ 7.0% cap · market cap 6.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$495.0K
$433.1K – $577.5K
NOI $34,647 @ 7.0% cap · market cap 8.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,992
Businesses Nearby
Explore this area
Business Placement
Demographics for 85004, AZ
8,833
Population
6,455
Households
1.4
Avg Household Size
32
Median Age
59%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
4,206
Density / Sq Mi
$71,250
Median Household Income
$46,376
Median Earnings
$1,759
Median Rent
$365,500
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 units - Well-positioned condominium with functional office/retail layout and dedicated rear parking.
Where is this office units located?
The property is located at 2302 N CENTRAL Avenue 313 Phoenix, AZ.
What is the asking price?
The asking price for this property is $419,000.
What are key features of this property?
This property features: 1,634 SF office/retail condominium with a functional layout and minimal build‑out requirements; Central Avenue location with monument and building signage opportunities; Dedicated rear parking
