Office Building with Flexible
For Sale
Contact for pricing
23200 N Pima Rd, Scottsdale, AZ 85255
Office property with mountain views, building signage along Pima Road, and nearby shops and restaurants.
Property Size11,609 SF
Price / SF$258.42
Days on Market897
Property Features for 23200 N Pima Rd
General Information
Standard status
Active
Size
11,609 SF
Property subtype
OFFICE
Listing Agency:
LevRose Commercial Real Estate
(480) 947-0600
Listed By:
Hunter Chasse · License #SA657832000
(480) 289-4225
Source:
Moodyscre
Added: Apr 4, 2024
Changed: Sep 2
Last Checked: Sep 16 at 6:25PM
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 11,609-square-foot office building offers flexible floor plan options for a range of office configurations. The property also features sweeping mountain views and an opportunity for building signage along Pima Road.
Located at 23200 N Pima Rd in Scottsdale, the property is within walking distance of shops and restaurants, including AJ’s, Mastro’s, and Preston’s. The surrounding area includes DC Ranch, Grayhawk, Troon, and Silverleaf.
Located at 23200 N Pima Rd in Scottsdale, the property is within walking distance of shops and restaurants, including AJ’s, Mastro’s, and Preston’s. The surrounding area includes DC Ranch, Grayhawk, Troon, and Silverleaf.
Key Highlights
- 11,609‑square‑foot office building
- Flexible floor plan options
- Building signage opportunity along Pima Road
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
$183,790
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
6.13%
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%
$3,675,800
$3.7M
Cap Rate 7%
$2,625,571
$2.6M
Cap Rate 9%
$2,042,111
$2.0M
Market Conditions
NOI Build-Up for 11,609 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
$298.1K $25.68/SF
− Vacancy
−$53.1K −$4.57/SF
EGI
$245.1K $21.11/SF
− OpEx
−$61.3K −$5.28/SF
NOI
$183.8K $15.83/SF
Area
Scottsdale, AZ
Vacancy
17.80%
Lease Rate
$25.68 /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%
$3,675,800
Cap Rate 7%
$2,625,571
Cap Rate 9%
$2,042,111
Alternative Uses
Best Use
Office B
$2.63M
$2.30M – $3.06M
NOI $183,790 @ 7.0% cap · market cap 6.13%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$3.81M
$3.33M – $4.45M
NOI $266,764 @ 7.0% cap · market cap 8.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
856
Businesses Nearby
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Business Placement
Demographics for 85255, AZ
44,976
Population
23,016
Households
2
Avg Household Size
51
Median Age
68%
College-Educated
98%
High-School Grad
88.2 sq mi
ZIP Area
510
Density / Sq Mi
$143,567
Median Household Income
$93,339
Median Earnings
$2,401
Median Rent
$975,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office building - Office property with mountain views, building signage along Pima Road, and nearby shops and restaurants.
Where is this office building located?
The property is located at 23200 N Pima Rd Scottsdale, AZ.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 11,609‑square‑foot office building; Flexible floor plan options; Building signage opportunity along Pima Road
