Phoenix Office Building For
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3620 N 4th Avenue, Phoenix, AZ 85013
Two-story office building with flexible layout in Phoenix, Arizona.
Property Size18,350 SF
Price / SF$175
Days on Market296
Property Features for 3620 N 4th Avenue
General Information
Standard status
Active
Size
18,350 SF
Class
B
Total Parking Spaces
64
Property subtype
Office
Zoning
C-2, City of Phoenix
Building Details
Year Built
1987
Year Renovated
2006
Buildings
1
Stories
2
Listing Agency:
Avison Young - Phoenix
Listed By:
Kelly Carlon · License #AZ SA669487000
(480) 994-8155
Source:
Crexi
Added: Nov 24, 2025
Changed: Sep 12
Last Checked: Sep 15 at 5:58AM
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 Avison Young - Phoenix
Investment Insights
Based on property information with market context.
This two-story office building in Phoenix, Arizona, offers a versatile layout suitable for various professional uses. The first floor features seven offices, two lobbies/receptions, open work areas, a conference room, storage rooms, and a commercial kitchen/dining area. The second floor includes ten offices, two lobbies/receptions, two conference rooms, open workspace, storage rooms, a breakroom, a copy/work room, and two large group areas. Previously used as an Adult Day Care Facility, the building contains 17 restrooms, including 4 with showers. The property has a total size of 18,350 square feet.
Key Highlights
- Seventeen restrooms, including four with showers.
- Two floors with multiple offices, lobbies/receptions, conference rooms, and open workspace areas.
- Includes a commercial kitchen/dining area, breakroom, and copy/work room.
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
$261,598
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
8.15%
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%
$5,231,960
$5.2M
Cap Rate 7%
$3,737,114
$3.7M
Cap Rate 9%
$2,906,644
$2.9M
Market Conditions
NOI Build-Up for 18,350 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
$484.4K $26.40/SF
− Vacancy
−$48.4K −$2.64/SF
EGI
$436.0K $23.76/SF
− OpEx
−$174.4K −$9.50/SF
NOI
$261.6K $14.26/SF
Area
Phoenix, AZ
Vacancy
10.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
40.00%
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%
$5,231,960
Cap Rate 7%
$3,737,114
Cap Rate 9%
$2,906,644
Alternative Uses
Best Use
Office B
$4.49M
$3.93M – $5.24M
NOI $314,129 @ 7.0% cap · market cap 9.78%
Second Best
Healthcare Medical
$3.74M
$3.27M – $4.36M
NOI $261,598 @ 7.0% cap · market cap 8.15%
Theoretical Best
Office A
$5.56M
$4.86M – $6.48M
NOI $389,086 @ 7.0% cap · market cap 12.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,005
Businesses Nearby
Explore this area
Business Placement
Demographics for 85013, AZ
21,970
Population
11,618
Households
1.9
Avg Household Size
38
Median Age
47%
College-Educated
90%
High-School Grad
3.7 sq mi
ZIP Area
5,938
Density / Sq Mi
$68,895
Median Household Income
$53,067
Median Earnings
$1,435
Median Rent
$476,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Phoenix, AZ
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Frequently Asked Questions
What type of property is this?
Office building - Two-story office building with flexible layout in Phoenix, Arizona.
Where is this office building located?
The property is located at 3620 N 4th Avenue Phoenix, AZ.
What is the asking price?
The asking price for this property is $3,211,250.
What are key features of this property?
This property features: Seventeen restrooms, including four with showers.; Two floors with multiple offices, lobbies/receptions, conference rooms, and open workspace areas.; Includes a commercial kitchen/dining area, breakroom, and copy/work room.
