Building Details

Stories 2

Listing Agency: LevRose Commercial Real Estate Show Phone

Listed By: Billy Cowan Show Phone

Source: Moodyscre

Added: Jul 1 Changed: Oct 5 Last Checked: Oct 24 at 3:04PM

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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

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Review the available facts, identify missing information and prepare questions for the agent.

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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.

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 / Yr

$52,016

Cap Rate

5.33%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,040,320 $1.0M

Cap Rate 7%

$743,086 $743.1K

Cap Rate 9%

$577,956 $578.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,998 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $64,915 @ 7.0% cap · market cap 6.66%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Crystal Falls Pool ... General Contractor CBD Unlimited Big Box & Wholesale Store Maggie's Balm Physician Blesswell Department Store

Suggested Use

Top Pick Dental Office Parking Lot & Garage Auto Parts Store Pharmacy Garden Center Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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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