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    Biltmore Office Plaza Executive Suites Title is generated by Realmo AI

    2942 N 24Th St, Phoenix, AZ 85016

    View on Map
    For Lease
    $20 SF/Yr $31,988/Mo (calc)

    Biltmore Office Plaza

    Property size:
    18,919 SF
    Lease type:
    Gross
    Added:
    Apr 10, 2026
    Days on Market:
    47
    Last Refresh:
    Apr 10 at 12:16 pm

    Property Features for 2942 N 24Th St

    General Information

    Standard status
    Active
    Property type
    Office Spaces
    Size
    18,919 SF
    Class
    C
    Total Parking Spaces
    63
    Lease Type
    Gross Lease
    Lease Term
    1-2 Years
    Rate Type
    Yearly

    Building Details

    Year Built
    1974
    Year Renovated
    2019
    Buildings
    4
    Stories
    2

    We can help!

    Listing Contact
    Bob Alsbury

    Listing agent Bob

    Listing office

    Listing date Apr 10, 2026

    Overview

    Biltmore Office Plaza, situated in mid-town Phoenix, Arizona, offers professional office spaces with a prestigious business address. This newly renovated, secure garden-style office building features a well-manicured central courtyard. Recent capital improvements exceeding $300,000 include new AC throughout, interior and exterior paint, and new carpet in each space. The property provides broadband internet, free parking, convenient freeway and airport access, uniquely designed floor plans, and covered parking. An on-site management office is available, along with conference rooms and executive suites or virtual offices to meet temporary office needs. Flexible lease terms are offered to fit various company requirements, with utilities included in each lease. Biltmore Office Plaza, located in the heart of the Valley of the Sun, presents a remarkable Phoenix office space value. The property has a size of 18919 PropertySizeUnits.
    Location Intelligence

    Current Use by Public Records

    Commission Express of Phoenix Real Estate Agency Meade Electric Co. Electrical Service Shipley and Sons General Contractor Phoenix Embroidered Polo ... Production Facility Magical Marketing Solution Advertising Agency

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Alliance Communications — 2942 n 24th st, phoenix, az 85016
    • Phoenix Valley Roofing Contractors — 2942 n 24th st, phoenix, az 85016
    • Cloud eConnect — 2942 N 24th St, Phoenix, AZ 85016, United States
    • ✅ STG SURVEILLANCE (Professional Security Camera Installation) — 3015 E Thomas Rd #14, Phoenix, AZ 85016
    • Sanyevo Technologies — 2942 N 24th St Suite 114-424, Phoenix, AZ 85016

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.0307596
    Latitude
    33.4819095

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    FAQs

    What type of property is this?
    Office space - Biltmore Office Plaza
    Where is this office space located?
    The property is located at 2942 N 24Th St Phoenix, AZ.
    What is the lease rate?
    The lease rate is $20 SF/Yr.
    (602) 424-5700
    We can help!
    Listing Contact
    Bob Alsbury
    Learn More
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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