Downtown Phoenix Remodeled Office
For Sale
Contact for pricing
394 N 3rd Ave, Phoenix, AZ 85003
3,433 SF remodeled office building in prime downtown location.
Property Size3,433 SF
Lot Size0.20 Acres
Price / SF$480.63
Days on Market208
Property Features for 394 N 3rd Ave
General Information
Standard status
Active
Size
3,433 SF
Class
B
Total Parking Spaces
12
Lot size
0.20 Acres
Property subtype
Office
Zoning
DTC-VANB
Listing Agency:
SVN | Desert Commercial Advisors
Listed By:
Richard Lewis · License #AZ #SA674245000
(480) 425-5536
Source:
Crexi
Added: Mar 13
Changed: Oct 1
Last Checked: Oct 5 at 6:58PM
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 SVN | Desert Commercial Advisors
Investment Insights
Based on property information with market context.
This 3,433 SF office building is available for sale or lease, situated on an 8,856 SF lot in downtown Phoenix. The property has been recently remodeled and features a functional office layout that includes mostly private offices, a large conference room, a kitchen, and two restrooms. Twelve parking spaces are available, a valuable feature in this submarket. The seller also owns the adjacent 9,952 SF lot, presenting opportunities for additional parking or future redevelopment. The property is located in downtown Phoenix, surrounded by dining, entertainment, and cultural venues. The area is experiencing ongoing development, including Class A office spaces and urban housing, which attracts professionals, residents, and visitors. Several educational campuses, including Arizona State University's downtown campus, are nearby, contributing to daytime foot traffic and a steady workforce. The property offers convenient access to the I-10 Freeway and benefits from Phoenix’s expanding economic landscape.
Key Highlights
- Prime Downtown Phoenix location on an 8,856 SF lot.
- Twelve dedicated parking spaces in a submarket where parking is a premium.
- Recently remodeled 3,433 SF office building with a functional layout.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,769
Cap Rate
3.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,175,380
$1.2M
Cap Rate 7%
$839,557
$839.6K
Cap Rate 9%
$652,989
$653.0K
Market Conditions
NOI Build-Up for 3,433 SF
Gross rent
$105.5K $30.72/SF
− Vacancy
−$27.1K −$7.90/SF
EGI
$78.4K $22.82/SF
− OpEx
−$19.6K −$5.71/SF
NOI
$58.8K $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 Rate 5%
$1,175,380
Cap Rate 7%
$839,557
Cap Rate 9%
$652,989
Alternative Uses
Best Use
Office B
$839.6K
$734.6K – $979.5K
NOI $58,769 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$909.9K – $1.21M
NOI $72,792 @ 7.0% cap · market cap 4.41%
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
5,095
Businesses Nearby
Explore this area
Business Placement
Demographics for 85003, AZ
11,042
Population
6,117
Households
1.8
Avg Household Size
37
Median Age
45%
College-Educated
87%
High-School Grad
1.9 sq mi
ZIP Area
5,812
Density / Sq Mi
$56,672
Median Household Income
$55,122
Median Earnings
$1,258
Median Rent
$577,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Phoenix, AZ
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Frequently Asked Questions
What type of property is this?
Office building - 3,433 SF remodeled office building in prime downtown location.
Where is this office building located?
The property is located at 394 N 3rd Ave Phoenix, AZ.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Prime Downtown Phoenix location on an 8,856 SF lot.; Twelve dedicated parking spaces in a submarket where parking is a premium.; Recently remodeled 3,433 SF office building with a functional layout.
