Office/Flex Warehouse with
For Sale
Contact for pricing
420 S Smith Rd., Tempe, AZ 85288
Freestanding office and warehouse flex building with a roll-up door, outdoor patio, and secured covered parking on 1.13 acres.
Property Size16,843 SF
Lot Size1.13 Acres
Price / SF$265.45
Days on Market118
Property Features for 420 S Smith Rd.
General Information
Standard status
Active
Size
16,843 SF
Total Parking Spaces
67
Lot size
1.13 Acres
Property subtype
Office, Industrial
Zoning
GID - Tempe
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$315,230
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Amenities
outdoor patio/seating area
covered parking
Building Details
Year Built
1999
Stories
2
Tenancy
Single
Listing Agency:
The Menlo Group Commercial Real Estate LLC
Listed By:
Tom Ellixson · License #AZ SA672216000
(480) 469-6008
Source:
Crexi
Added: Jul 6
Changed: Oct 25
Last Checked: Oct 30 at 10:50AM
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 The Menlo Group Commercial Real Estate LLC
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This freestanding office/flex property includes office space and warehouse space with a roll-up garage door. The building also offers an outdoor patio/seating area and sits on a secured 1.13-acre lot with covered parking.
The property is positioned for convenient access to Arizona State University, Downtown Tempe, Phoenix Sky Harbor, and major thoroughfares including Loop 101, Loop 202, SR-143, US-60, and I-10.
The property is 100% leased to Pavion under an NNN lease, with term remaining through August 28, 2029, and 3% annual rent increases.
The property is positioned for convenient access to Arizona State University, Downtown Tempe, Phoenix Sky Harbor, and major thoroughfares including Loop 101, Loop 202, SR-143, US-60, and I-10.
The property is 100% leased to Pavion under an NNN lease, with term remaining through August 28, 2029, and 3% annual rent increases.
Key Highlights
- Freestanding office/flex building (1999) with office space and a warehouse with roll‑up garage door
- 100% leased to Pavion under an NNN lease with term remaining through August 28, 2029
- 3% annual rent increases under the existing lease
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$301,059
Cap Rate
6.73%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,021,180
$6.0M
Cap Rate 7%
$4,300,843
$4.3M
Cap Rate 9%
$3,345,100
$3.3M
Market Conditions
NOI Build-Up for 16,843 SF
Gross rent
$511.4K $30.36/SF
− Vacancy
−$109.9K −$6.53/SF
EGI
$401.4K $23.83/SF
− OpEx
−$100.4K −$5.96/SF
NOI
$301.1K $17.87/SF
Area
Tempe, AZ
Vacancy
21.50%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,021,180
Cap Rate 7%
$4,300,843
Cap Rate 9%
$3,345,100
Alternative Uses
Best Use
Office B
$4.30M
$3.76M – $5.02M
NOI $301,059 @ 7.0% cap · market cap 6.73%
Second Best
Warehouse
$2.66M
$2.33M – $3.10M
NOI $186,109 @ 7.0% cap · market cap 4.16%
Theoretical Best
Office A
$5.30M
$4.63M – $6.18M
NOI $370,755 @ 7.0% cap · market cap 8.29%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,605
Businesses Nearby
Well-served
Demand for This Use
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Business Placement
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Freestanding office and warehouse flex building with a roll-up door, outdoor patio, and secured covered parking on 1.13 acres.
Where is this flex space located?
The property is located at 420 S Smith Rd. Tempe, AZ.
What is the asking price?
The asking price for this property is $4,471,000.
What are key features of this property?
This property features: Freestanding office/flex building (1999) with office space and a warehouse with roll‑up garage door; 100% leased to Pavion under an NNN lease with term remaining through August 28, 2029; 3% annual rent increases under the existing lease
