Mixed-Use Property with Light Rail
For Sale
Contact for pricing
5009 E Washington St, Phoenix, AZ 85034
The property combines creative office suites with a restaurant component and varied tenant-suite configurations.
Property Size52,146 SF
Price / SF$210.47
Days on Market159
Property Features for 5009 E Washington St
General Information
Standard status
Active
Size
52,146 SF
Property subtype
Mixed Use, Office, Retail
Zoning
A2-HP, City of Phoenix
Occupancy
92%
Net Operating Income
$809,882
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Building Details
Year Built
1953
Year Renovated
2005
Buildings
2
Stories
2
Tenancy
Multi
Listing Agency:
Cushman & Wakefield - Phoenix, Arizona
(602) 954-9000
Listed By:
Eric Wichterman · License #AZ SA109618000
Source:
Crexi
Added: Mar 25
Changed: Aug 30
Last Checked: Aug 30 at 4:15AM
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 Cushman & Wakefield - Phoenix, Arizona
Investment Insights
Based on property information with market context.
Built in 1953, this 52,146-square-foot mixed-use property incorporates a restaurant component alongside a substantial creative office presence. More than 50% of the office area is configured as high-end creative suites, with a range of suite sizes and efficient floor plates supporting varied occupancy requirements.
The property has direct frontage at a light rail station and fronts Washington Street, a major east-west arterial in Phoenix. Three freeways are located within a two-mile radius, adding regional connectivity to the transit-oriented setting. The property is zoned A2-HP by the City of Phoenix.
The property has direct frontage at a light rail station and fronts Washington Street, a major east-west arterial in Phoenix. Three freeways are located within a two-mile radius, adding regional connectivity to the transit-oriented setting. The property is zoned A2-HP by the City of Phoenix.
Key Highlights
- 52,146‑square‑foot mixed‑use property built in 1953
- More than 50% of office space consists of high‑end creative suites
- Direct light rail frontage and station access
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
$892,673
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
8.13%
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%
$17,853,460
$17.9M
Cap Rate 7%
$12,752,471
$12.8M
Cap Rate 9%
$9,918,589
$9.9M
Market Conditions
NOI Build-Up for 52,146 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
$1.60M $30.72/SF
− Vacancy
−$411.7K −$7.90/SF
EGI
$1.19M $22.82/SF
− OpEx
−$297.6K −$5.71/SF
NOI
$892.7K $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%
$17,853,460
Cap Rate 7%
$12,752,471
Cap Rate 9%
$9,918,589
Alternative Uses
Best Use
Office B
$12.75M
$11.16M – $14.88M
NOI $892,673 @ 7.0% cap · market cap 8.13%
Second Best
Specialty Retail
$11.10M
$9.71M – $12.95M
NOI $777,184 @ 7.0% cap · market cap 7.08%
Theoretical Best
Office A
$15.80M
$13.82M – $18.43M
NOI $1,105,683 @ 7.0% cap · market cap 10.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
626
Businesses Nearby
Explore this area
Business Placement
Demographics for 85034, AZ
5,033
Population
2,901
Households
1.7
Avg Household Size
32
Median Age
32%
College-Educated
81%
High-School Grad
11.6 sq mi
ZIP Area
434
Density / Sq Mi
$53,545
Median Household Income
$43,236
Median Earnings
$1,205
Median Rent
$397,400
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?
Mixed-use property - The property combines creative office suites with a restaurant component and varied tenant-suite configurations.
Where is this mixed-use property located?
The property is located at 5009 E Washington St Phoenix, AZ.
What is the asking price?
The asking price for this property is $10,975,000.
What are key features of this property?
This property features: 52,146‑square‑foot mixed‑use property built in 1953; More than 50% of office space consists of high‑end creative suites; Direct light rail frontage and station access
