Two-Building Office
For Sale
Contact for pricing
309 W 2nd St, Casa Grande, AZ 85122
Two office buildings share paved parking at a lighted commercial intersection.
Property Size4,623 SF
Price / SF$181.64
Days on Market185
Property Features for 309 W 2nd St
General Information
Standard status
Active
Size
4,623 SF
Property subtype
Office
Building Details
Year Built
1940
Listing Agency:
KW Keeler Williams
(520) 251-1034
Listed By:
Jeril Benedict · License #AZ SA559234000
Source:
Crexi
Added: Feb 26
Changed: Aug 29
Last Checked: Aug 30 at 8:53PM
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 KW Keeler Williams
Investment Insights
Based on property information with market context.
This office property includes two separate buildings totaling 5,997 square feet. The primary 4,623-square-foot building features a reception area, five offices, and two large multi-use rooms. A second 1,374-square-foot office building adds a separate structure to the site. Both buildings were constructed in 1940.
The property occupies a 17,424-square-foot lot at the corner of W 2nd St and a lighted intersection along a commercial arterial. Paved parking serves the two buildings, with a large shared parking area supporting the site’s office configuration.
The property occupies a 17,424-square-foot lot at the corner of W 2nd St and a lighted intersection along a commercial arterial. Paved parking serves the two buildings, with a large shared parking area supporting the site’s office configuration.
Key Highlights
- Two office buildings totaling 5,997 square feet
- Primary building contains 4,623 square feet with reception, 5 offices, and 2 large multi‑use rooms
- Secondary office building measures 1,374 square feet
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
$63,767
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
7.59%
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%
$1,275,340
$1.3M
Cap Rate 7%
$910,957
$911.0K
Cap Rate 9%
$708,522
$708.5K
Market Conditions
NOI Build-Up for 4,623 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
$107.6K $23.28/SF
− Vacancy
−$22.6K −$4.89/SF
EGI
$85.0K $18.39/SF
− OpEx
−$21.3K −$4.60/SF
NOI
$63.8K $13.79/SF
Area
Pinal County, AZ
Vacancy
21.00%
Lease Rate
$23.28 /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%
$1,275,340
Cap Rate 7%
$910,957
Cap Rate 9%
$708,522
Alternative Uses
Best Use
Office B
$911.0K
$797.1K – $1.06M
NOI $63,767 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,465 @ 7.0% cap · market cap 10.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
797
Businesses Nearby
Explore this area
Business Placement
Demographics for 85122, AZ
55,063
Population
24,238
Households
2.3
Avg Household Size
39
Median Age
19%
College-Educated
88%
High-School Grad
56.4 sq mi
ZIP Area
976
Density / Sq Mi
$64,243
Median Household Income
$38,679
Median Earnings
$1,289
Median Rent
$242,500
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?
Office building - Two office buildings share paved parking at a lighted commercial intersection.
Where is this office building located?
The property is located at 309 W 2nd St Casa Grande, AZ.
What is the asking price?
The asking price for this property is $839,720.
What are key features of this property?
This property features: Two office buildings totaling 5,997 square feet; Primary building contains 4,623 square feet with reception, 5 offices, and 2 large multi‑use rooms; Secondary office building measures 1,374 square feet
