Vacant Scottsdale Office/Retail
For Sale
Contact for pricing
3002 N 67th Pl, Scottsdale, AZ 85251
Free-standing, two-story building with high visibility and accessibility.
Property Size3,023 SF
Price / SF$330.80
Days on Market177
Property Features for 3002 N 67th Pl
General Information
Standard status
Active
Size
3,023 SF
Total Parking Spaces
5
Property subtype
Office, Retail
Zoning
C-1
Investment Type
Owner/User
Building Details
Year Built
2004
Stories
2
Units
1
Listing Agency:
Marcus & Millichap - Phoenix
(954) 547-7212
Listed By:
Kyler Steele · License #SA718921000
Source:
Crexi
Added: Feb 24
Changed: Aug 17
Last Checked: Aug 19 at 11:34AM
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 Marcus & Millichap - Phoenix
Investment Insights
Based on property information with market context.
The property at 3002 North 67th Place, Scottsdale, Arizona, is a vacant, free-standing office/retail building. Constructed in 2004, this two-story building offers approximately 3,023 square feet of space. The first floor provides approximately 1,663 square feet, while the second floor offers approximately 1,360 square feet. The property includes a covered patio of approximately 192 square feet at the rear, and an uncovered patio of approximately 224 square feet on the second floor, facing 67th Avenue. These patio square footages are not included in the total building square footage. The property has a parking ratio of approximately 1.65 spaces per 1,000 square feet, with a total of 5 parking spaces. The property is strategically positioned just off Thomas Road, offering exceptional visibility and accessibility.
Key Highlights
- High‑visibility location just off Thomas Road, a major thoroughfare in the Phoenix MSA.
- Free‑standing, two‑story office/retail building with +/- 3,023 square feet.
- Constructed in 2004, indicating relatively modern construction.
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
$47,859
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
4.79%
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%
$957,180
$957.2K
Cap Rate 7%
$683,700
$683.7K
Cap Rate 9%
$531,767
$531.8K
Market Conditions
NOI Build-Up for 3,023 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
$77.6K $25.68/SF
− Vacancy
−$13.8K −$4.57/SF
EGI
$63.8K $21.11/SF
− OpEx
−$16.0K −$5.28/SF
NOI
$47.9K $15.83/SF
Area
Scottsdale, AZ
Vacancy
17.80%
Lease Rate
$25.68 /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%
$957,180
Cap Rate 7%
$683,700
Cap Rate 9%
$531,767
Alternative Uses
Best Use
Office B
$683.7K
$598.2K – $797.7K
NOI $47,859 @ 7.0% cap · market cap 4.79%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$992.4K
$868.3K – $1.16M
NOI $69,466 @ 7.0% cap · market cap 6.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,238
Businesses Nearby
Explore this area
Business Placement
Demographics for 85251, AZ
40,073
Population
26,456
Households
1.5
Avg Household Size
39
Median Age
60%
College-Educated
96%
High-School Grad
7.2 sq mi
ZIP Area
5,566
Density / Sq Mi
$89,151
Median Household Income
$60,282
Median Earnings
$1,771
Median Rent
$500,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Free-standing, two-story building with high visibility and accessibility.
Where is this office building located?
The property is located at 3002 N 67th Pl Scottsdale, AZ.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: High‑visibility location just off Thomas Road, a major thoroughfare in the Phoenix MSA.; Free‑standing, two‑story office/retail building with +/- 3,023 square feet.; Constructed in 2004, indicating relatively modern construction.
