Renovated Office Commercial
For Sale
$11,962,500
4616 N 51st Ave, Phoenix, AZ 85031
Renovated in 2005 and positioned for flexible commercial use with strong visibility and convenient access to a major business area.
Property Size41,100 SF
Price / SF$291.06
Days on Market54
Property Features for 4616 N 51st Ave
General Information
Standard status
Active
Size
41,100 SF
Class
B
Property subtype
Office
Building Details
Building Size
41,100 SF
Year Built
1980
Year Renovated
2005
Listing Agency:
(480) 273-1590
Listed By:
Tom Bean, CCIM
(480) 273-1590
Source:
Naiglobal
Added: Jun 29
Changed: Aug 19
Last Checked: Aug 21 at 4:11AM
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 Tom Bean, CCIM
Investment Insights
Based on property information with market context.
Built in 1980 and renovated in 2005, this 41,100 SF commercial office property is offered for sale as a turnkey building with an updated interior profile. The asset is designed as a standalone commercial structure suitable for a range of office-oriented uses, supported by its emphasis on visibility and accessibility.
The property is located about 8 miles from downtown Phoenix, providing straightforward access to the business district, along with nearby entertainment venues and dining options in the city center. It also sits near shopping destinations such as Desert Sky Mall and the Westgate Entertainment District, where retail, restaurants, and entertainment are available.
With its renovated condition and high-visibility positioning, the building may fit buyers or operators seeking an office-focused asset in the Phoenix area that is well connected to major commercial destinations. The overall configuration and location support practical consideration for a variety of commercial uses within a short drive of key employment and retail activity.
The property is located about 8 miles from downtown Phoenix, providing straightforward access to the business district, along with nearby entertainment venues and dining options in the city center. It also sits near shopping destinations such as Desert Sky Mall and the Westgate Entertainment District, where retail, restaurants, and entertainment are available.
With its renovated condition and high-visibility positioning, the building may fit buyers or operators seeking an office-focused asset in the Phoenix area that is well connected to major commercial destinations. The overall configuration and location support practical consideration for a variety of commercial uses within a short drive of key employment and retail activity.
Key Highlights
- 41,100 SF commercial property built in 1980
- Renovated in 2005
- About 8 miles from downtown Phoenix for convenient access to the business district
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
$703,579
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
5.88%
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%
$14,071,580
$14.1M
Cap Rate 7%
$10,051,129
$10.1M
Cap Rate 9%
$7,817,544
$7.8M
Market Conditions
NOI Build-Up for 41,100 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
$1.26M $30.72/SF
− Vacancy
−$324.5K −$7.90/SF
EGI
$938.1K $22.82/SF
− OpEx
−$234.5K −$5.71/SF
NOI
$703.6K $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%
$14,071,580
Cap Rate 7%
$10,051,129
Cap Rate 9%
$7,817,544
Alternative Uses
Best Use
Office B
$10.05M
$8.79M – $11.73M
NOI $703,579 @ 7.0% cap · market cap 5.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.45M
$10.89M – $14.52M
NOI $871,468 @ 7.0% cap · market cap 7.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
856
Businesses Nearby
Explore this area
Business Placement
Demographics for 85031, AZ
31,162
Population
8,816
Households
3.5
Avg Household Size
29
Median Age
8%
College-Educated
64%
High-School Grad
4.1 sq mi
ZIP Area
7,600
Density / Sq Mi
$59,641
Median Household Income
$36,097
Median Earnings
$1,503
Median Rent
$240,300
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?
Office building - Renovated in 2005 and positioned for flexible commercial use with strong visibility and convenient access to a major business area.
Where is this office building located?
The property is located at 4616 N 51st Ave Phoenix, AZ.
What is the asking price?
The asking price for this property is $11,962,500.
What are key features of this property?
This property features: 41,100 SF commercial property built in 1980; Renovated in 2005; About 8 miles from downtown Phoenix for convenient access to the business district
