Freestanding Office and Light
For Sale
$950,000
420 N 15th Avenue, Phoenix, AZ 85007
Flexible office and storage layout with exposed ceilings, plus light warehouse space and secure parking.
Property Size2,880 SF
Price / SF$329.86
Days on Market148
Property Features for 420 N 15th Avenue
General Information
Standard status
Active
Size
2,880 SF
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$1,016
Building Details
Year Built
1960
Listing Agency:
OMNI Homes International
(520) 406-0000
Listed By:
Danny A Roth · License #SA110911000
(520) 490-4000
Source:
Exitrealty
Added: Apr 11
Changed: Sep 1
Last Checked: Sep 5 at 6:53AM
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 OMNI Homes International
Investment Insights
Based on property information with market context.
This freestanding creative office includes light warehouse space designed as a flexible office/storage layout. The property offers nearly 3,000 square feet suited for an owner-user configuration, combining work space with storage needs while also including secure parking.
Public remarks note exposed interior ceiling, which can support creative office environments and professional uses that benefit from visible building finishes. The space is also described as appropriate for contractors, architects, or wholesalers needing storage without large garage bays.
Overall, the building is positioned for users looking to operate from the same facility while maintaining practical, secure parking and a versatile mix of office and storage space.
Public remarks note exposed interior ceiling, which can support creative office environments and professional uses that benefit from visible building finishes. The space is also described as appropriate for contractors, architects, or wholesalers needing storage without large garage bays.
Overall, the building is positioned for users looking to operate from the same facility while maintaining practical, secure parking and a versatile mix of office and storage space.
Key Highlights
- Free‑standing creative office with light warehouse space for owner‑user use
- Nearly 3,000 sq ft of flexible office/storage space
- Exposed interior ceilings suited for creative spaces
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
$49,302
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
5.19%
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%
$986,040
$986.0K
Cap Rate 7%
$704,314
$704.3K
Cap Rate 9%
$547,800
$547.8K
Market Conditions
NOI Build-Up for 2,880 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
$88.5K $30.72/SF
− Vacancy
−$22.7K −$7.90/SF
EGI
$65.7K $22.82/SF
− OpEx
−$16.4K −$5.71/SF
NOI
$49.3K $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%
$986,040
Cap Rate 7%
$704,314
Cap Rate 9%
$547,800
Alternative Uses
Best Use
Office B
$704.3K
$616.3K – $821.7K
NOI $49,302 @ 7.0% cap · market cap 5.19%
Second Best
Flex RnD
$451.8K
$395.4K – $527.2K
NOI $31,629 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$872.4K
$763.3K – $1.02M
NOI $61,066 @ 7.0% cap · market cap 6.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,595
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85007, AZ
14,442
Population
5,981
Households
2.4
Avg Household Size
36
Median Age
27%
College-Educated
81%
High-School Grad
4.6 sq mi
ZIP Area
3,140
Density / Sq Mi
$55,833
Median Household Income
$43,375
Median Earnings
$1,079
Median Rent
$447,000
Median Home Value
Market
Vacancy Rate% for Office in Phoenix, AZ
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible office and storage layout with exposed ceilings, plus light warehouse space and secure parking.
Where is this flex space located?
The property is located at 420 N 15th Avenue Phoenix, AZ.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Free‑standing creative office with light warehouse space for owner‑user use; Nearly 3,000 sq ft of flexible office/storage space; Exposed interior ceilings suited for creative spaces
