Flex Space With Office and
For Sale
$1,450,000
3497 McCulloch Blvd N, Lake Havasu City, AZ 86406
COMMERCIAL - Lake Havasu City, AZ
Property Size4,465 SF
Lot Size0.22 Acres
Price / SF$324.75
Days on Market122
Property Features for 3497 McCulloch Blvd N
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning description
LI Light Industrial
Subdivision
Lake Havasu City
Directions
Jamaica Blvd S left on McCulloch Blvd N
Standard status
Active
APN
105-03-079
Size
4,465 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LAKE HAVASU CITY TR 122 BLK 4 LOT 4
Tax Annual Amount
589
Legal Description
LAKE HAVASU CITY TR 122 BLK 4 LOT 4
Building Details
Year built
2025
Number of units
1
Listing Agency:
eXp Realty
(928) 453-3202
Listed By:
The Gedalje Group · License #2013009293
(928) 453-3202
Added: Apr 14
Changed: Aug 4
Last Checked: Aug 13 at 11:06AM
MLS# 1040405
Copyright © 2026 Lake Havasu Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,465-square-foot flex property is under construction and scheduled for completion in 2025. The configuration includes multiple office areas and restrooms on the main level, along with a substantial garage and storage area served by large bay openings. Additional office space is planned upstairs, with an open-to-below design connecting the levels. A future demising wall is incorporated into the design, supporting a layout that can accommodate multiple units or operations within the building.
The property occupies 0.22 acres at 3497 McCulloch Blvd N in Lake Havasu City, Arizona. Its shell condition allows the interior configuration to be finalized as construction progresses, while the combination of office, storage, and bay-access areas provides the physical framework of a flexible commercial property.
The property occupies 0.22 acres at 3497 McCulloch Blvd N in Lake Havasu City, Arizona. Its shell condition allows the interior configuration to be finalized as construction progresses, while the combination of office, storage, and bay-access areas provides the physical framework of a flexible commercial property.
Key Highlights
- 4,465 SF flex building under construction
- 2025 year built
- Main level includes multiple offices, restrooms, garage, and storage
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
$49,528
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
3.42%
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%
$990,560
$990.6K
Cap Rate 7%
$707,543
$707.5K
Cap Rate 9%
$550,311
$550.3K
Market Conditions
NOI Build-Up for 4,465 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
$77.7K $17.40/SF
− Vacancy
−$11.7K −$2.61/SF
EGI
$66.0K $14.79/SF
− OpEx
−$16.5K −$3.70/SF
NOI
$49.5K $11.09/SF
Area
Mohave County, AZ
Vacancy
15.00%
Lease Rate
$17.40 /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%
$990,560
Cap Rate 7%
$707,543
Cap Rate 9%
$550,311
Alternative Uses
Best Use
Office B
$707.5K
$619.1K – $825.5K
NOI $49,528 @ 7.0% cap · market cap 3.42%
Second Best
Warehouse
$619.0K
$541.7K – $722.2K
NOI $43,333 @ 7.0% cap · market cap 2.99%
Theoretical Best
Office A
$996.9K
$872.3K – $1.16M
NOI $69,783 @ 7.0% cap · market cap 4.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
99
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 86406, AZ
24,935
Population
14,846
Households
1.7
Avg Household Size
57
Median Age
19%
College-Educated
94%
High-School Grad
244.5 sq mi
ZIP Area
102
Density / Sq Mi
$74,171
Median Household Income
$45,457
Median Earnings
$1,311
Median Rent
$434,700
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?
Flex space - Under-construction flex property combines office areas, restrooms, and garage/storage space across two levels.
Where is this flex space located?
The property is located at 3497 McCulloch Blvd N Lake Havasu City, AZ.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 4,465 SF flex building under construction; 2025 year built; Main level includes multiple offices, restrooms, garage, and storage
