Single-Tenant Industrial
For Sale
Contact for pricing
2340 N 34th Dr, Phoenix, AZ 85009
Turnkey industrial building with renovated office space, heavy power, and two grade-level doors on a secured, block-walled yard.
Property Size14,880 SF
Price / SF$228.16
Days on Market141
Property Features for 2340 N 34th Dr
General Information
Standard status
Active
Size
14,880 SF
Class
C
Property subtype
Industrial
Zoning
IP
Building Details
Year Built
1982
Year Renovated
2023
Buildings
1
Tenancy
Single
Listing Agency:
Citywide Commercial Real Estate
Listed By:
Todd Hamilton · License #AZ 113954000
(602) 313-1000
Source:
Crexi
Added: Apr 20
Changed: Sep 6
Last Checked: Sep 7 at 6:30AM
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 Citywide Commercial Real Estate
Investment Insights
Based on property information with market context.
This fully renovated single-tenant industrial building offers a combined warehouse and office configuration totaling 14,880 SF, including approximately 12,617 SF of warehouse space and about 2,263 SF of office. The property was renovated in 2023 and includes a new roof, HVAC system, and electrical. Warehouse features include 14’ clear height and heavy 3-phase power, along with two grade-level doors sized 10’x12’ and 14’x12’. Office improvements include six offices, a conference room, and a breakroom, plus three restrooms including a shower.
The site is secured with a block wall and includes a covered parking area with prominent signage. The property also provides a yard area for day-to-day operations and is located close to major freeways for convenient access.
The building is presented in turnkey condition, with updated building systems and dedicated loading via two grade-level doors suitable for a range of industrial operations.
The site is secured with a block wall and includes a covered parking area with prominent signage. The property also provides a yard area for day-to-day operations and is located close to major freeways for convenient access.
The building is presented in turnkey condition, with updated building systems and dedicated loading via two grade-level doors suitable for a range of industrial operations.
Key Highlights
- Fully renovated single‑tenant industrial building (1982), turnkey condition (2023)
- 14,880 SF total with approx. 12,617 SF warehouse and 2,263 SF office
- 0.93‑acre secured yard with block wall and covered 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
$163,418
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
4.81%
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%
$3,268,360
$3.3M
Cap Rate 7%
$2,334,543
$2.3M
Cap Rate 9%
$1,815,756
$1.8M
Market Conditions
NOI Build-Up for 14,880 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
$285.7K $19.20/SF
− Vacancy
−$34.3K −$2.30/SF
EGI
$251.4K $16.90/SF
− OpEx
−$88.0K −$5.91/SF
NOI
$163.4K $10.98/SF
Area
Phoenix, AZ
Vacancy
12.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
35.00%
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%
$3,268,360
Cap Rate 7%
$2,334,543
Cap Rate 9%
$1,815,756
Alternative Uses
Best Use
Flex RnD
$2.33M
$2.04M – $2.72M
NOI $163,418 @ 7.0% cap · market cap 4.81%
Second Best
Warehouse
$1.62M
$1.42M – $1.89M
NOI $113,657 @ 7.0% cap · market cap 3.35%
Theoretical Best
Office A
$4.51M
$3.94M – $5.26M
NOI $315,510 @ 7.0% cap · market cap 9.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,353
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85009, AZ
50,439
Population
14,873
Households
3.4
Avg Household Size
31
Median Age
7%
College-Educated
59%
High-School Grad
14.7 sq mi
ZIP Area
3,431
Density / Sq Mi
$51,615
Median Household Income
$29,674
Median Earnings
$1,128
Median Rent
$215,300
Median Home Value
Market
Vacancy Rate% for Industrial in Phoenix, AZ
Questions? Ask Rey
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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Flex space - Turnkey industrial building with renovated office space, heavy power, and two grade-level doors on a secured, block-walled yard.
Where is this flex space located?
The property is located at 2340 N 34th Dr Phoenix, AZ.
What is the asking price?
The asking price for this property is $3,395,000.
What are key features of this property?
This property features: Fully renovated single‑tenant industrial building (1982), turnkey condition (2023); 14,880 SF total with approx. 12,617 SF warehouse and 2,263 SF office; 0.93‑acre secured yard with block wall and covered parking
