High-End Office
For Sale
Contact for pricing
23027 N 15th Ln, Phoenix, AZ 85027
All HVAC units were replaced in 2016.
Property Size3,959 SF
Price / SF$300
Days on Market73
Property Features for 23027 N 15th Ln
General Information
Standard status
Active
Size
3,959 SF
Property subtype
OFFICE
Additional Details
Clear Height
12 ft
Amenities
electronic gate
monument signage
Listing Agency:
LevRose Commercial Real Estate
(480) 947-0600
Listed By:
Matt Leonard · License #BR544219000
(602) 369-7127
Source:
Moodyscre
Added: Jul 3
Changed: Sep 7
Last Checked: Sep 12 at 11:26AM
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 LevRose Commercial Real Estate
Investment Insights
Based on property information with market context.
This office space features a high-end office buildout and includes all HVAC units that were replaced in 2016. The property also has a newer electronic gate and a backflow preventor.
Recent property improvements include repainting the building and repaving the parking lot (approximately 2 years ago). Operationally, the listing notes very low CAM fees with no reserves.
In addition to the office improvements, the site offers 12' clear height and is described as having potential to expand the warehouse. Monument signage availability is also noted.
Recent property improvements include repainting the building and repaving the parking lot (approximately 2 years ago). Operationally, the listing notes very low CAM fees with no reserves.
In addition to the office improvements, the site offers 12' clear height and is described as having potential to expand the warehouse. Monument signage availability is also noted.
Key Highlights
- All HVAC units replaced in 2016
- 12' clear height
- High‑end office buildout
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
$67,773
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
5.71%
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%
$1,355,460
$1.4M
Cap Rate 7%
$968,186
$968.2K
Cap Rate 9%
$753,033
$753.0K
Market Conditions
NOI Build-Up for 3,959 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
$121.6K $30.72/SF
− Vacancy
−$31.3K −$7.90/SF
EGI
$90.4K $22.82/SF
− OpEx
−$22.6K −$5.71/SF
NOI
$67.8K $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%
$1,355,460
Cap Rate 7%
$968,186
Cap Rate 9%
$753,033
Alternative Uses
Best Use
Office B
$968.2K
$847.2K – $1.13M
NOI $67,773 @ 7.0% cap · market cap 5.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $83,945 @ 7.0% cap · market cap 7.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
12 ft
Clear height
Location Intelligence
Trade Area within ½ mile
917
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Phoenix, AZ
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Frequently Asked Questions
What type of property is this?
Office units - All HVAC units were replaced in 2016.
Where is this office units located?
The property is located at 23027 N 15th Ln Phoenix, AZ.
What is the asking price?
The asking price for this property is $1,187,700.
What are key features of this property?
This property features: All HVAC units replaced in 2016; 12' clear height; High‑end office buildout
