Mixed-Use Flex
For Sale
$1,900,000
37202 N Cave Creek Road Tract D, Cave Creek, AZ 85331
Cave Creek, AZ
Property Size4,500 SF
Price / SF$422.22
Days on Market47
Property Features for 37202 N Cave Creek Road Tract D
General Information
Property type
Commercial Sale
Property subtype
Office
Subdivision
BLACK MOUNTAIN VISTA
Standard status
Active
Size
4,500 SF
Building Details
Year built
2026
Listing Agency:
Engel & Volkers Scottsdale · Engel & Völkers
(602) 610-3713
Listed By:
Mason Ottersberg · License #SA717712000
(602) 499-0869
Added: Jul 21
Changed: Sep 1
Last Checked: Sep 5 at 9:06AM
MLS# 6944283
Copyright © 2026 Engel & Völkers. 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 planned flex-space property in Cave Creek is configured around a 4,500+ square foot base design with separate office, workshop, and optional residential components. The approved concept includes a five-bay garage with high-clearance, lift-ready construction, while the optional upper-level suite provides a kitchen, bedroom, bath, and rooftop potential. The layout can also accommodate gallery and studio functions.
Water, sewer service, and electric power are already installed at the site. The property is positioned in Cave Creek’s Commercial district near Black Mountain, with panoramic views identified in the plans. Seven adjacent lots, ranging from approximately 13,900 to 25,000 square feet, are also offered for custom development under an approved base plan. Design-build consultation and construction options are available.
Water, sewer service, and electric power are already installed at the site. The property is positioned in Cave Creek’s Commercial district near Black Mountain, with panoramic views identified in the plans. Seven adjacent lots, ranging from approximately 13,900 to 25,000 square feet, are also offered for custom development under an approved base plan. Design-build consultation and construction options are available.
Key Highlights
- 4,500+ square foot approved base design with office, garage/flex space, and optional residential suite
- Approved five‑bay garage with lift‑ready, high‑clearance design
- Water, sewer, and electric already installed
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
$78,076
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
4.11%
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%
$1,561,520
$1.6M
Cap Rate 7%
$1,115,371
$1.1M
Cap Rate 9%
$867,511
$867.5K
Market Conditions
NOI Build-Up for 4,500 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
$137.7K $30.60/SF
− Vacancy
−$33.6K −$7.47/SF
EGI
$104.1K $23.13/SF
− OpEx
−$26.0K −$5.78/SF
NOI
$78.1K $17.35/SF
Area
Maricopa County, AZ
Vacancy
24.40%
Lease Rate
$30.60 /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%
$1,561,520
Cap Rate 7%
$1,115,371
Cap Rate 9%
$867,511
Alternative Uses
Best Use
Office B
$1.12M
$976.0K – $1.30M
NOI $78,076 @ 7.0% cap · market cap 4.11%
Second Best
Industrial
$512.6K
$448.6K – $598.1K
NOI $35,884 @ 7.0% cap · market cap 1.89%
Theoretical Best
Office A
$1.39M
$1.22M – $1.62M
NOI $97,438 @ 7.0% cap · market cap 5.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Service bays
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
147
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 85331, AZ
31,038
Population
13,680
Households
2.3
Avg Household Size
51
Median Age
53%
College-Educated
99%
High-School Grad
131.1 sq mi
ZIP Area
237
Density / Sq Mi
$123,710
Median Household Income
$61,542
Median Earnings
$2,535
Median Rent
$674,400
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Cater Phoenix — 37611 N Cave Creek Rd, Cave Creek, AZ 85331
Frequently Asked Questions
What type of property is this?
Flex space - Approved plans combine office, shop, and optional residential components with installed utilities.
Where is this flex space located?
The property is located at 37202 N Cave Creek Road Tract D Cave Creek, AZ.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 4,500+ square foot approved base design with office, garage/flex space, and optional residential suite; Approved five‑bay garage with lift‑ready, high‑clearance design; Water, sewer, and electric already installed
