Office Building With Private
For Sale
Contact for pricing
370 East Virginia Avenue, Phoenix, AZ 85004
Rebuilt in 2015, the office building offers dedicated parking and supports office or medical-office use.
Property Size13,372 SF
Price / SF$284.18
Days on Market12
Property Features for 370 East Virginia Avenue
General Information
Standard status
Active
Size
13,372 SF
Total Parking Spaces
85
Property subtype
Office
Zoning
R5, & R1
Lease Type
NNN
Investment Type
Owner/User
Building Details
Year Built
1984
Year Renovated
2015
Buildings
1
Units
1
Listing Agency:
KW Commercial Integrity First Realty -- Mesa/Gilbert
(602) 290-3643
Listed By:
Melody Bramer · License #AZ SA526989000
Source:
Crexi
Added: Aug 10
Changed: Aug 21
Last Checked: Aug 21 at 8:26AM
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 Commercial Integrity First Realty -- Mesa/Gilbert
Investment Insights
Based on property information with market context.
Located at 370 East Virginia Avenue in Phoenix, this 13,372-square-foot office building was originally constructed in 1984 and rebuilt in 2015. The property supports office and medical-office use, with zoning identified as R5 and R1.
The site is positioned on Virginia Avenue near 7th Street and includes a private parking lot with 85 spaces. Three spaces are ADA-designated, while 14 are covered, providing dedicated parking capacity for the building and its occupants.
The site is positioned on Virginia Avenue near 7th Street and includes a private parking lot with 85 spaces. Three spaces are ADA-designated, while 14 are covered, providing dedicated parking capacity for the building and its occupants.
Key Highlights
- 13,372‑square‑foot office building at 370 East Virginia Avenue in Phoenix
- Rebuilt in 2015; original construction dates to 1984
- Private parking lot with 85 spaces
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
$228,912
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
6.02%
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%
$4,578,240
$4.6M
Cap Rate 7%
$3,270,171
$3.3M
Cap Rate 9%
$2,543,467
$2.5M
Market Conditions
NOI Build-Up for 13,372 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
$410.8K $30.72/SF
− Vacancy
−$105.6K −$7.90/SF
EGI
$305.2K $22.82/SF
− OpEx
−$76.3K −$5.71/SF
NOI
$228.9K $17.12/SF
Area
Phoenix, AZ
Vacancy
25.70%
Lease Rate
$30.72 /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%
$4,578,240
Cap Rate 7%
$3,270,171
Cap Rate 9%
$2,543,467
Alternative Uses
Best Use
Office B
$3.27M
$2.86M – $3.82M
NOI $228,912 @ 7.0% cap · market cap 6.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.05M
$3.54M – $4.73M
NOI $283,535 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,021
Businesses Nearby
Explore this area
Business Placement
Demographics for 85004, AZ
8,833
Population
6,455
Households
1.4
Avg Household Size
32
Median Age
59%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
4,206
Density / Sq Mi
$71,250
Median Household Income
$46,376
Median Earnings
$1,759
Median Rent
$365,500
Median Home Value
Market
Vacancy Rate% for Office in Phoenix, AZ
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Rebuilt in 2015, the office building offers dedicated parking and supports office or medical-office use.
Where is this office building located?
The property is located at 370 East Virginia Avenue Phoenix, AZ.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: 13,372‑square‑foot office building at 370 East Virginia Avenue in Phoenix; Rebuilt in 2015; original construction dates to 1984; Private parking lot with 85 spaces
