Flexible Office or Retail
For Sale
Contact for pricing
38246 N Hazelwood Cir, Cave Creek, AZ 85331
Flexible 2,998 SF building with a two-story open layout and a fully gated rear yard.
Property Size2,998 SF
Price / SF$325.22
Days on Market70
Property Features for 38246 N Hazelwood Cir
General Information
Standard status
Active
Size
2,998 SF
Property subtype
OFFICE
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Building Details
Stories
2
Listing Agency:
LevRose Commercial Real Estate
(480) 947-0600
Listed By:
Billy Cowan
(480) 294-6001
Source:
Moodyscre
Added: Jul 1
Changed: Sep 3
Last Checked: Sep 7 at 10:34AM
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 LevRose Commercial Real Estate
Investment Insights
Based on property information with market context.
This flexible 2,998 SF building offers a two-story, open floor plan that can be subdivided. The property includes a fully gated rear yard designed to add outdoor functionality, along with an adaptable interior originally used as a daycare/school space.
The property is located in the heart of Cave Creek, AZ.
With its subdividable layout and adaptable interior configuration, the space can be considered for office use or potential retail use, depending on the tenant’s or buyer’s plans.
The property is located in the heart of Cave Creek, AZ.
With its subdividable layout and adaptable interior configuration, the space can be considered for office use or potential retail use, depending on the tenant’s or buyer’s plans.
Key Highlights
- 2,998 SF flexible building with the ability to subdivide
- Two‑story, open floor plan with versatile layout
- Former daycare/school adaptable for office or potential retail use
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
$52,016
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
5.33%
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%
$1,040,320
$1.0M
Cap Rate 7%
$743,086
$743.1K
Cap Rate 9%
$577,956
$578.0K
Market Conditions
NOI Build-Up for 2,998 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
$91.7K $30.60/SF
− Vacancy
−$22.4K −$7.47/SF
EGI
$69.4K $23.13/SF
− OpEx
−$17.3K −$5.78/SF
NOI
$52.0K $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%
$1,040,320
Cap Rate 7%
$743,086
Cap Rate 9%
$577,956
Alternative Uses
Best Use
Office B
$743.1K
$650.2K – $866.9K
NOI $52,016 @ 7.0% cap · market cap 5.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$927.4K
$811.4K – $1.08M
NOI $64,915 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
561
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Office building - Flexible 2,998 SF building with a two-story open layout and a fully gated rear yard.
Where is this office building located?
The property is located at 38246 N Hazelwood Cir Cave Creek, AZ.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 2,998 SF flexible building with the ability to subdivide; Two‑story, open floor plan with versatile layout; Former daycare/school adaptable for office or potential retail use
