Phoenix Office Building For
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2715 N 3rd St, Phoenix, AZ 85004
Office building for sale near Central Ave and Light Rail.
Property Size16,300 SF
Lot Size1.04 Acres
Price / SF$196.32
Days on Market168
Property Features for 2715 N 3rd St
General Information
Standard status
Active
Size
16,300 SF
Class
C
Lot size
1.04 Acres
Property subtype
Office
Zoning
R-5
Investment Type
Owner/User
Building Details
Year Built
1984
Buildings
1
Stories
2
Listing Agency:
Keyser Commercial Real Estate
Listed By:
Ruth Darby · License #SA549117000
Source:
Crexi
Added: Mar 6
Changed: Aug 8
Last Checked: Aug 20 at 12:48PM
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 Keyser Commercial Real Estate
Investment Insights
Based on property information with market context.
This commercial property, suitable for office use, is located a few blocks from Central Avenue and the Light Rail. The masonry construction building has an open atrium and is situated on approximately 1.04 acres. It features a parking ratio of 4 spaces per 1,000 square feet, with a total of 50 parking spaces, including 38 covered and 12 uncovered spaces. The 16,300 square foot building is separately metered, making it suitable for multi-tenant leased space or office condos.
Key Highlights
- Separately metered for multi‑tenant leased space or office condos.
- ±1.04 Acres.
- Ample Parking: 4/1000 parking ratio with 38 covered and 12 uncovered spaces.
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
$279,035
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
8.72%
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%
$5,580,700
$5.6M
Cap Rate 7%
$3,986,214
$4.0M
Cap Rate 9%
$3,100,389
$3.1M
Market Conditions
NOI Build-Up for 16,300 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
$500.7K $30.72/SF
− Vacancy
−$128.7K −$7.90/SF
EGI
$372.0K $22.82/SF
− OpEx
−$93.0K −$5.71/SF
NOI
$279.0K $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%
$5,580,700
Cap Rate 7%
$3,986,214
Cap Rate 9%
$3,100,389
Alternative Uses
Best Use
Office B
$3.99M
$3.49M – $4.65M
NOI $279,035 @ 7.0% cap · market cap 8.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.94M
$4.32M – $5.76M
NOI $345,619 @ 7.0% cap · market cap 10.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,375
Businesses Nearby
Explore this area
Business Placement
Demographics for 85004, AZ
8,833
Population
6,455
Households
1.4
Avg Household Size
32
Median Age
59%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
4,206
Density / Sq Mi
$71,250
Median Household Income
$46,376
Median Earnings
$1,759
Median Rent
$365,500
Median Home Value
Market
Vacancy Rate% for Office in Phoenix, AZ
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office building for sale near Central Ave and Light Rail.
Where is this office building located?
The property is located at 2715 N 3rd St Phoenix, AZ.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Separately metered for multi‑tenant leased space or office condos.; ±1.04 Acres.; Ample Parking: 4/1000 parking ratio with 38 covered and 12 uncovered spaces.
