Warehouse with Dock-High
For Sale
$4,500,000
2423 E University Dr, Phoenix, AZ 85034
Warehouse with dock-high doors, renovated interior with LED lighting, and office plus cold and refrigerated storage space.
Property Size17,671 SF
Price / SF$254.65
Days on Market49
Property Features for 2423 E University Dr
General Information
Standard status
Active
Size
17,671 SF
Property subtype
Industrial
Warehouse & Industrial
Clear Height
20 ft
Office Build-Out
2,430 SF
Dock-High Doors
3
Power
800 amps
Voltage
208 V
Three-Phase Power
Yes
Cold Storage
Yes
Refrigeration
Freon-Based Cooling System
Additional Details
Utilities to Site
Yes
Amenities
High-Speed Optic Fiber Cable
Building Details
Building Size
17,671 SF
Year Built
1966
Listed By:
Conner Lee, SIOR
(602) 474-9516
Source:
Lee-associates
Added: Jul 29
Changed: Sep 14
Last Checked: Sep 15 at 5:16AM
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 Conner Lee, SIOR
Investment Insights
Based on property information with market context.
This warehouse facility offers a mix of office and temperature-controlled storage, totaling 17,671 SF. The building provides up to 20’ clear height and includes three (3) dock high doors for loading and distribution. Cooling is provided via a freon-based system, supported by a power supply rated at 800A 120/208V, 3-phase. Natural gas is available.
The space includes approximately 2,430 SF of air-conditioned office. Additional support space includes about 1,008 SF of LED-lighted shipping office and locker room, and about 1,492 SF of finished and insulated dry storage with LED lighting. Temperature-controlled areas include approximately 3,364 SF of cold storage with a fully insulated floor and 32° capability, 936 SF of cold storage with 0° capability, and about 8,846 SF of refrigerated space with 32° capability.
Recent renovations and LED lighting upgrades are included, along with working floor drains. High-speed optic fiber cable is available in the office for connectivity.
The space includes approximately 2,430 SF of air-conditioned office. Additional support space includes about 1,008 SF of LED-lighted shipping office and locker room, and about 1,492 SF of finished and insulated dry storage with LED lighting. Temperature-controlled areas include approximately 3,364 SF of cold storage with a fully insulated floor and 32° capability, 936 SF of cold storage with 0° capability, and about 8,846 SF of refrigerated space with 32° capability.
Recent renovations and LED lighting upgrades are included, along with working floor drains. High-speed optic fiber cable is available in the office for connectivity.
Key Highlights
- 17,671 SF warehouse with up to 20’ clear height
- Three dock‑high doors for loading operations
- 2,430 SF air‑conditioned office plus LED‑lit shipping office and locker room
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
$134,976
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
3.00%
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%
$2,699,520
$2.7M
Cap Rate 7%
$1,928,229
$1.9M
Cap Rate 9%
$1,499,733
$1.5M
Market Conditions
NOI Build-Up for 17,671 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
$180.2K $10.20/SF
− Vacancy
−$21.4K −$1.21/SF
EGI
$158.8K $8.99/SF
− OpEx
−$23.8K −$1.35/SF
NOI
$135.0K $7.64/SF
Area
Phoenix, AZ
Vacancy
11.90%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
15.00%
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%
$2,699,520
Cap Rate 7%
$1,928,229
Cap Rate 9%
$1,499,733
Alternative Uses
Best Use
Warehouse
$1.93M
$1.69M – $2.25M
NOI $134,976 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.35M
$4.68M – $6.24M
NOI $374,689 @ 7.0% cap · market cap 8.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
20 ft
Clear height
3
Dock-high doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
509
Businesses Nearby
Explore this area
Business Placement
Demographics for 85034, AZ
5,033
Population
2,901
Households
1.7
Avg Household Size
32
Median Age
32%
College-Educated
81%
High-School Grad
11.6 sq mi
ZIP Area
434
Density / Sq Mi
$53,545
Median Household Income
$43,236
Median Earnings
$1,205
Median Rent
$397,400
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 Industrial in Phoenix, AZ
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Frequently Asked Questions
What type of property is this?
Refrigerated & cold storage - Warehouse with dock-high doors, renovated interior with LED lighting, and office plus cold and refrigerated storage space.
Where is this refrigerated & cold storage located?
The property is located at 2423 E University Dr Phoenix, AZ.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 17,671 SF warehouse with up to 20’ clear height; Three dock‑high doors for loading operations; 2,430 SF air‑conditioned office plus LED‑lit shipping office and locker room
