Remodeled Flex Space For
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4112 E Indian School Rd, Phoenix, AZ
4,949 SF flex space remodeled in 2023 on 0.58 acres.
Property Size4,949 SF
Lot Size0.56 Acres
Price / SF$402.10
Days on Market327
Property Features for 4112 E Indian School Rd
General Information
Standard status
Active
Size
4,949 SF
Lot size
0.56 Acres
Property subtype
OFFICE
Listing Agency:
Cushman & Wakefield | Phoenix
(602) 229-5914
Listed By:
Adam Madison · License #BR003315000
Source:
Moodyscre
Added: Oct 3, 2025
Changed: Aug 22
Last Checked: Aug 24 at 1:55PM
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 Cushman & Wakefield | Phoenix
Investment Insights
Based on property information with market context.
This 4,949 square foot flex space building includes 1,500 square feet of office area. Constructed in 1975 and remodeled in 2023, the property is situated on a 0.58-acre site. It features a concrete patio in the rear and an outdoor dog run. The zoning is C-O.
Key Highlights
- Remodeled in 2023
- Building Size: 4,949 SF
- Office Area: 1,500 SF Flex Space
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
$84,721
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
4.26%
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%
$1,694,420
$1.7M
Cap Rate 7%
$1,210,300
$1.2M
Cap Rate 9%
$941,344
$941.3K
Market Conditions
NOI Build-Up for 4,949 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
$152.0K $30.72/SF
− Vacancy
−$39.1K −$7.90/SF
EGI
$113.0K $22.82/SF
− OpEx
−$28.2K −$5.71/SF
NOI
$84.7K $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%
$1,694,420
Cap Rate 7%
$1,210,300
Cap Rate 9%
$941,344
Alternative Uses
Best Use
Office B
$1.21M
$1.06M – $1.41M
NOI $84,721 @ 7.0% cap · market cap 4.26%
Second Best
Flex RnD
$776.5K
$679.4K – $905.9K
NOI $54,352 @ 7.0% cap · market cap 2.73%
Theoretical Best
Office A
$1.50M
$1.31M – $1.75M
NOI $104,937 @ 7.0% cap · market cap 5.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,014
Businesses Nearby
Explore this area
Business Placement
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 units - 4,949 SF flex space remodeled in 2023 on 0.58 acres.
Where is this office units located?
The property is located at 4112 E Indian School Rd Phoenix, AZ.
What is the asking price?
The asking price for this property is $1,990,000.
What are key features of this property?
This property features: Remodeled in 2023; Building Size: 4,949 SF; Office Area: 1,500 SF Flex Space
