Creative Office with Roll-Up
New
For Sale
$5,650,000
521 S 3rd St, Phoenix, AZ 85004
An open-plan workspace pairs vaulted ceilings and exposed timber trusses with a wraparound patio.
Property Size18,883 SF
Days on Market3
Property Features for 521 S 3rd St
General Information
Standard status
Active
Size
18,883 SF
Class
A
Property subtype
Office
Additional Details
Highway Access
Yes
Amenities
Wrap Around Patio
Private Parking Lot
Gourmet Finishes
Building Details
Building Size
18,883 SF
Listing Agency:
LevRose Commercial Real Estate
Listed By:
Zak Kottler · License #SA584801000
(480) 272-1493
Source:
Tcnworldwide
Added: Oct 14
Changed: Oct 16
Last Checked: Oct 16 at 6:41AM
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
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Investment Insights
Based on property information with market context.
At 521 S 3rd St in Phoenix, this creative office occupies a converted warehouse. The interior features a broad open workspace, vaulted ceilings, exposed wood trusses, and five roll-up doors. A wraparound patio and a private parking lot designated for exclusive tenant use are also part of the property.
The surrounding area includes more than 40 restaurants, 30 retail stores, and two sports stadiums. Phoenix Sky Harbor Airport, I-17, and I-10 are minutes away.
The surrounding area includes more than 40 restaurants, 30 retail stores, and two sports stadiums. Phoenix Sky Harbor Airport, I-17, and I-10 are minutes away.
Key Highlights
- Warehouse conversion with a large open office and exposed wood trusses
- Five (5) roll‑up doors
- Wraparound patio and private parking lot for exclusive tenant use
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$323,253
Cap Rate
5.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,465,060
$6.5M
Cap Rate 7%
$4,617,900
$4.6M
Cap Rate 9%
$3,591,700
$3.6M
Market Conditions
NOI Build-Up for 18,883 SF
Gross rent
$580.1K $30.72/SF
− Vacancy
−$149.1K −$7.90/SF
EGI
$431.0K $22.82/SF
− OpEx
−$107.8K −$5.71/SF
NOI
$323.3K $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 Rate 5%
$6,465,060
Cap Rate 7%
$4,617,900
Cap Rate 9%
$3,591,700
Alternative Uses
Best Use
Office B
$4.62M
$4.04M – $5.39M
NOI $323,253 @ 7.0% cap · market cap 5.72%
Second Best
Flex RnD
$2.96M
$2.59M – $3.46M
NOI $207,381 @ 7.0% cap · market cap 3.67%
Theoretical Best
Office A
$5.72M
$5.00M – $6.67M
NOI $400,388 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,285
Businesses Nearby
Explore this area
Business Placement
Demographics for 85004, AZ
8,833
Population
6,455
Households
1.4
Avg Household Size
32
Median Age
59%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
4,206
Density / Sq Mi
$71,250
Median Household Income
$46,376
Median Earnings
$1,759
Median Rent
$365,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Phoenix, AZ
Frequently Asked Questions
What type of property is this?
Creative space - An open-plan workspace pairs vaulted ceilings and exposed timber trusses with a wraparound patio.
Where is this creative space located?
The property is located at 521 S 3rd St Phoenix, AZ.
What is the asking price?
The asking price for this property is $5,650,000.
What are key features of this property?
This property features: Warehouse conversion with a large open office and exposed wood trusses; Five (5) roll‑up doors; Wraparound patio and private parking lot for exclusive tenant use
