Two-Story Flex Industrial
For Sale
$2,450,000
4615 S 33rd Pl, Phoenix, AZ 85040
Two-story flex/industrial building with office space and an air-conditioned warehouse with 20’ clear height.
Property Size9,867 SF
Lot Size0.44 Acres
Price / SF$248.30
Days on Market75
Property Features for 4615 S 33rd Pl
General Information
Standard status
Active
Size
9,867 SF
Lot size
0.44 Acres
Property subtype
Industrial - Manufacturing
Zoning
IND PK
Lease Type
NNN
Warehouse & Industrial
Clear Height
20 ft
Drive-In Doors
2
Additional Details
Highway Access
Yes
Building Details
Building Size
9,867 SF
Year Built
1983
Stories
2
Listing Agency:
Levrose Commercial Real Estate
Listed By:
Billy Cowan
(480) 294-6001
Source:
Commercialcafe
Added: Jun 23
Changed: Sep 3
Last Checked: Sep 4 at 2:28AM
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 Levrose Commercial Real Estate
Investment Insights
Based on property information with market context.
Two-story flex/industrial building built in 1983 and zoned IND PK, offering approximately 80% office space across two floors and the balance as warehouse space. The office area includes a reception area, multiple private offices, and a conference room. The warehouse portion is fully air-conditioned and includes 20’ clear height plus two grade-level roll-up doors.
The property is located in the South Phoenix Airport submarket with immediate access to I-10, Loop 202, and AZ-143, and is minutes from Phoenix Sky Harbor International Airport.
The building sits on approximately 10.44 acres, providing a dedicated site for a combined office and warehouse operation under one roof.
The property is located in the South Phoenix Airport submarket with immediate access to I-10, Loop 202, and AZ-143, and is minutes from Phoenix Sky Harbor International Airport.
The building sits on approximately 10.44 acres, providing a dedicated site for a combined office and warehouse operation under one roof.
Key Highlights
- ±8,867 SF two‑story flex/industrial building built in 1983 on ±0.44 acres
- Zoned IND PK and split about 80% office across two floors plus 20% air‑conditioned warehouse
- Office features reception area, multiple private offices, and a conference room
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
$168,910
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
6.89%
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%
$3,378,200
$3.4M
Cap Rate 7%
$2,413,000
$2.4M
Cap Rate 9%
$1,876,778
$1.9M
Market Conditions
NOI Build-Up for 9,867 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
$303.1K $30.72/SF
− Vacancy
−$77.9K −$7.90/SF
EGI
$225.2K $22.82/SF
− OpEx
−$56.3K −$5.71/SF
NOI
$168.9K $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%
$3,378,200
Cap Rate 7%
$2,413,000
Cap Rate 9%
$1,876,778
Alternative Uses
Best Use
Office B
$2.41M
$2.11M – $2.82M
NOI $168,910 @ 7.0% cap · market cap 6.89%
Second Best
Flex RnD
$1.55M
$1.35M – $1.81M
NOI $108,363 @ 7.0% cap · market cap 4.42%
Theoretical Best
Office A
$2.99M
$2.62M – $3.49M
NOI $209,216 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
2
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,222
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85040, AZ
33,993
Population
11,962
Households
2.8
Avg Household Size
30
Median Age
15%
College-Educated
69%
High-School Grad
10.1 sq mi
ZIP Area
3,366
Density / Sq Mi
$57,890
Median Household Income
$36,355
Median Earnings
$1,193
Median Rent
$294,800
Median Home Value
Market
Vacancy Rate% for Office in Phoenix, AZ
Questions? Ask Rey
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Similar Off Market Nearby
- Jennifers Catering — 3603 E Indian School Rd ste a, Phoenix, AZ 85018
- Firehouse Subs Arcadia Plaza — 2836 E Indian School Rd Ste A5-6, Phoenix, AZ 85016
- Arcadia Catering Company — 3160 E Camelback Rd, Phoenix, AZ 85016
Frequently Asked Questions
What type of property is this?
Flex space - Two-story flex/industrial building with office space and an air-conditioned warehouse with 20’ clear height.
Where is this flex space located?
The property is located at 4615 S 33rd Pl Phoenix, AZ.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: ±8,867 SF two‑story flex/industrial building built in 1983 on ±0.44 acres; Zoned IND PK and split about 80% office across two floors plus 20% air‑conditioned warehouse; Office features reception area, multiple private offices, and a conference room
