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    Freestanding Office and Retail Building Title is generated by Realmo AI

    4445 N 24th Pl, Phoenix, AZ 85016

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    New
    For Sale
    $2,405,000

    Renovating freestanding building with flexible open creative space, patio, and a new second floor under construction.

    Type:Office
    Property size:
    3,700 SF
    Price / SF:
    $650/SF
    Added:
    Jun 3, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 6 at 5:12 am

    Property Features for 4445 N 24th Pl

    General Information

    Standard status
    Active
    Size
    3,700 SF
    Property subtype
    Office

    We can help!

    Listing Contact
    Matt Fitz-Gerald
    Matt Fitz-Gerald

    Listing agent Matt Fitz-Gerald

    Listing office Phoenix

    Listing date Jun 3, 2026

    Source Colliers

    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 Phoenix

    HighLights

    • Freestanding retail/office building at 4445 N 24th Street, Phoenix, AZ, undergoing a complete renovation and remodeling.
    • Anticipated renovation completion: mid‑August 2026.
    • Building size about 3,700 SF, including a new two‑story space currently under construction.
    • Current layout offers a completely open creative space with two restrooms and two wet bars.
    • West‑facing patio area for outdoor employee use.
    • Internal staircase planned to access the new second floor; potential layout includes owner‑occupy 2,200 SF and lease 1,500 SF (each side with a restroom and kitchen).

    Overview

    This freestanding building is currently undergoing a complete renovation and remodeling, with an anticipated completion date in mid-August 2026. The project includes interior updates and a new two-story addition currently under construction, bringing the building to approximately 3,700 square feet. The existing space is configured as a completely open creative layout with two restrooms and two wet bars. Additional amenities include a west-facing patio.

    Access to the second floor will be provided by an internal staircase. The patio is planned to face west and is described as an outdoor space for employees. The interior renovation also contemplates restrooms and kitchens for both portions of the building in a potential owner-occupy and lease scenario.

    For an owner or tenant seeking flexibility, the layout can support a split arrangement where an owner occupies approximately 2,200 square feet while leasing about 1,500 square feet to a tenant. In that scenario, both sides would include a restroom and a kitchen, supported by the building’s planned improvements. Ownership is bringing the property to market early to allow for reasonable, mutually agreed tenant improvement changes, with tenant improvements included in the sales price.
    Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Restaurant Real Estate Agency Dental Office Spa & Massage Center Hair Salon Nail Salon Law Firm Building Supply Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.0289238
    Latitude
    33.5008147

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    FAQs

    What type of property is this?
    Office building - Renovating freestanding building with flexible open creative space, patio, and a new second floor under construction.
    Where is this office building located?
    The property is located at 4445 N 24th Pl Phoenix, AZ.
    What is the asking price?
    The asking price for this property is $2,405,000.
    What are key features of this property?
    This property features: Freestanding retail/office building at 4445 N 24th Street, Phoenix, AZ, undergoing a complete renovation and remodeling.; Anticipated renovation completion: mid‑August 2026.; Building size about 3,700 SF, including a new two‑story space currently under construction.
    (602) 222-5178
    We can help!
    Listing Contact
    Matt Fitz-Gerald
    Matt Fitz-Gerald
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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