Medical Office
For Sale
Contact for pricing
3048 E Baseline Rd, Mesa, AZ 85204
Fully built-out clinical suite with 12 wet exam rooms and ADA-compliant restrooms.
Property Size5,000 SF
Price / SF$429.13
Days on Market217
Property Features for 3048 E Baseline Rd
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Office
Zoning
PAD/L-C
Occupancy
100%
Net Operating Income
$128,740
Financials
Asking Price
$2,145,659
Cap Rate
6%
Additional Details
Highway Access
Yes
Building Details
Tenancy
Single
Listing Agency:
Bellagio Executive Plaza
Listed By:
Tinna Xie · License #BR637767000
Source:
Crexi
Added: Jan 27
Changed: Aug 29
Last Checked: Sep 1 at 8:17AM
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 Bellagio Executive Plaza
Investment Insights
Based on property information with market context.
This medical office condominium at 3048 E Baseline Rd, Building 9, contains approximately 5,000 SF of completed clinical improvements. The layout includes 12 wet exam rooms, a medical assistant station, lobby, break room, and two ADA-compliant restrooms. The property is zoned PAD/L-C and is fully leased to Optum, a wholly owned subsidiary of UnitedHealthcare.
The current lease runs from 06/17/2022 through 06/16/2027 and provides three renewal options of three years each, along with 2.00% annual rent escalations. The property is near Dignity Health Arizona General Hospital and Banner Gateway Medical Center, with access to SR-60. The investment is identified with a 6% cap rate.
The current lease runs from 06/17/2022 through 06/16/2027 and provides three renewal options of three years each, along with 2.00% annual rent escalations. The property is near Dignity Health Arizona General Hospital and Banner Gateway Medical Center, with access to SR-60. The investment is identified with a 6% cap rate.
Key Highlights
- Approximately 5,000 SF medical office condominium at 3048 E Baseline Rd, Building 9
- 12 wet exam rooms, medical assistant station, lobby, and break room
- Two ADA‑compliant restrooms included in the clinical build‑out
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
$83,680
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
3.90%
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%
$1,673,600
$1.7M
Cap Rate 7%
$1,195,429
$1.2M
Cap Rate 9%
$929,778
$929.8K
Market Conditions
NOI Build-Up for 5,000 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
$138.6K $27.72/SF
− Vacancy
−$27.0K −$5.41/SF
EGI
$111.6K $22.31/SF
− OpEx
−$27.9K −$5.58/SF
NOI
$83.7K $16.74/SF
Area
ZIP 85204
Vacancy
19.50%
Lease Rate
$27.72 /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%
$1,673,600
Cap Rate 7%
$1,195,429
Cap Rate 9%
$929,778
Alternative Uses
Best Use
Office B
$1.20M
$1.05M – $1.39M
NOI $83,680 @ 7.0% cap · market cap 3.90%
Second Best
Healthcare Medical
$833.1K
$729.0K – $972.0K
NOI $58,320 @ 7.0% cap · market cap 2.72%
Theoretical Best
Office A
$1.66M
$1.45M – $1.94M
NOI $116,214 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
952
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85204, AZ
63,808
Population
24,536
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
84%
High-School Grad
9.9 sq mi
ZIP Area
6,445
Density / Sq Mi
$69,474
Median Household Income
$40,347
Median Earnings
$1,426
Median Rent
$296,000
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Fully built-out clinical suite with 12 wet exam rooms and ADA-compliant restrooms.
Where is this medical office space located?
The property is located at 3048 E Baseline Rd Mesa, AZ.
What is the asking price?
The asking price for this property is $2,145,659.
What are key features of this property?
This property features: Approximately 5,000 SF medical office condominium at 3048 E Baseline Rd, Building 9; 12 wet exam rooms, medical assistant station, lobby, and break room; Two ADA‑compliant restrooms included in the clinical build‑out
