Office Building with Two HVAC
For Sale
Contact for pricing
2345 W Glendale Ave, Phoenix, AZ 85021
Office building with an additional 0.25-acre parking lot behind the building and two HVAC systems.
Property Size7,403 SF
Price / SF$225
Days on Market332
Property Features for 2345 W Glendale Ave
General Information
Standard status
Active
Size
7,403 SF
Property subtype
OFFICE
Additional Details
Highway Access
Yes
Building Details
Year Renovated
2022
Listing Agency:
Avison Young | Phoenix
(480) 994-8155
Listed By:
Kelly Carlon · License #SA669487000
(480) 463-4199
Source:
Moodyscre
Added: Oct 20, 2025
Changed: Sep 7
Last Checked: Sep 15 at 9:35AM
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 Avison Young | Phoenix
Investment Insights
Based on property information with market context.
This office building includes a separate 0.25-acre additional parking lot directly behind the building, suitable for staff or client use. The space is served by two HVAC systems installed 5/2017, and the systems are described as secured. Power includes Phase 1 service, and interior ceilings measure 10 feet.
Recent improvements in 2022 include fresh exterior and interior paint, updated flooring, enhanced electrical systems, an enclosed dumpster area, and upgraded millwork in the reception area, breakroom, and bathrooms. The building totals 7,403 square feet and is positioned for move-in-ready occupancy.
The property is conveniently located near the I-17 Freeway, minutes from the Metrocenter redevelopment, and about three miles north of Grand Canyon University.
Recent improvements in 2022 include fresh exterior and interior paint, updated flooring, enhanced electrical systems, an enclosed dumpster area, and upgraded millwork in the reception area, breakroom, and bathrooms. The building totals 7,403 square feet and is positioned for move-in-ready occupancy.
The property is conveniently located near the I-17 Freeway, minutes from the Metrocenter redevelopment, and about three miles north of Grand Canyon University.
Key Highlights
- Additional 0.25‑acre parking lot directly behind the building for staff or clients
- Two HVAC systems installed 5/2017, described as secured
- Phase 1 power service
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
$126,730
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
7.61%
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%
$2,534,600
$2.5M
Cap Rate 7%
$1,810,429
$1.8M
Cap Rate 9%
$1,408,111
$1.4M
Market Conditions
NOI Build-Up for 7,403 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
$227.4K $30.72/SF
− Vacancy
−$58.4K −$7.90/SF
EGI
$169.0K $22.82/SF
− OpEx
−$42.2K −$5.71/SF
NOI
$126.7K $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%
$2,534,600
Cap Rate 7%
$1,810,429
Cap Rate 9%
$1,408,111
Alternative Uses
Best Use
Office B
$1.81M
$1.58M – $2.11M
NOI $126,730 @ 7.0% cap · market cap 7.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.24M
$1.96M – $2.62M
NOI $156,970 @ 7.0% cap · market cap 9.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
811
Businesses Nearby
Explore this area
Business Placement
Demographics for 85021, AZ
40,943
Population
18,136
Households
2.3
Avg Household Size
35
Median Age
33%
College-Educated
87%
High-School Grad
6.9 sq mi
ZIP Area
5,934
Density / Sq Mi
$58,481
Median Household Income
$38,147
Median Earnings
$1,221
Median Rent
$433,000
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 building - Office building with an additional 0.25-acre parking lot behind the building and two HVAC systems.
Where is this office building located?
The property is located at 2345 W Glendale Ave Phoenix, AZ.
What is the asking price?
The asking price for this property is $1,665,675.
What are key features of this property?
This property features: Additional 0.25‑acre parking lot directly behind the building for staff or clients; Two HVAC systems installed 5/2017, described as secured; Phase 1 power service
