Turnkey Medical Office
For Sale
$999,000
5620 W Thunderbird Rd, Glendale, AZ 85306
Move-in ready medical suite with multiple exam and treatment rooms plus covered physician parking in a healthcare-focused campus setting.
Property Size2,465 SF
Price / SF$367.28
Days on Market93
Property Features for 5620 W Thunderbird Rd
General Information
Standard status
Active
Size
2,465 SF
Total Parking Spaces
3
Property subtype
Office
Zoning
C-2
Additional Details
Highway Access
Yes
Building Details
Building Size
2,465 SF
Year Built
1990
Listing Agency:
Citywide CRE
Listed By:
Matt Harper
Source:
Commercialcafe
Added: Jun 3
Changed: Sep 3
Last Checked: Sep 1 at 2:58PM
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 Citywide CRE
Investment Insights
Based on property information with market context.
Fountains Medical Center Suite E1 is a move-in ready medical office condo with an efficient, turnkey clinical layout designed for quick occupancy. The suite includes three exam rooms plus a procedure room, three treatment rooms, and a dedicated medical assistant/phlebotomy station. In addition to the clinical areas, there is a reception and waiting area, two private offices, lab/storage space, and a break room with laundry hookups. FF&E is available, which may help reduce setup time for an owner-user.
The suite is located at 5620 W Thunderbird Rd in Glendale, Arizona, within an established healthcare-oriented campus. Banner Thunderbird Medical Center is just about one minute away, and the property offers convenient access to Loop 101, I-17, and Thunderbird Road. The suite also includes three covered physician parking spaces. Zoning is listed as C-2.
For medical and wellness operators seeking a functional layout with defined patient-facing and staff support areas already in place, this condo offers a practical starting point. The combination of exam, procedure, and treatment rooms supports a range of healthcare workflows, while the included reception, offices, lab/storage, and staff areas can help streamline day-to-day operations.
The suite is located at 5620 W Thunderbird Rd in Glendale, Arizona, within an established healthcare-oriented campus. Banner Thunderbird Medical Center is just about one minute away, and the property offers convenient access to Loop 101, I-17, and Thunderbird Road. The suite also includes three covered physician parking spaces. Zoning is listed as C-2.
For medical and wellness operators seeking a functional layout with defined patient-facing and staff support areas already in place, this condo offers a practical starting point. The combination of exam, procedure, and treatment rooms supports a range of healthcare workflows, while the included reception, offices, lab/storage, and staff areas can help streamline day-to-day operations.
Key Highlights
- 2,720 RSF medical office condo at 5620 W Thunderbird Rd, Suite E1 (Glendale, AZ 85306), built in 1990
- Clinical layout includes 3 exam rooms and a procedure room, plus 3 treatment rooms
- Reception and waiting area, lab/storage space, and a break room with laundry hookups
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
$41,738
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
4.18%
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%
$834,760
$834.8K
Cap Rate 7%
$596,257
$596.3K
Cap Rate 9%
$463,756
$463.8K
Market Conditions
NOI Build-Up for 2,720 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
$71.8K $26.40/SF
− Vacancy
−$16.2K −$5.94/SF
EGI
$55.7K $20.46/SF
− OpEx
−$13.9K −$5.12/SF
NOI
$41.7K $15.35/SF
Area
Glendale, AZ
Vacancy
22.50%
Lease Rate
$26.40 /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%
$834,760
Cap Rate 7%
$596,257
Cap Rate 9%
$463,756
Alternative Uses
Best Use
Office B
$596.3K
$521.7K – $695.6K
NOI $41,738 @ 7.0% cap · market cap 4.18%
Second Best
Healthcare Medical
$572.7K
$501.1K – $668.1K
NOI $40,088 @ 7.0% cap · market cap 4.01%
Theoretical Best
Office A
$854.4K
$747.6K – $996.8K
NOI $59,807 @ 7.0% cap · market cap 5.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,817
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85306, AZ
25,663
Population
9,587
Households
2.7
Avg Household Size
38
Median Age
24%
College-Educated
91%
High-School Grad
5.9 sq mi
ZIP Area
4,350
Density / Sq Mi
$82,060
Median Household Income
$41,596
Median Earnings
$1,666
Median Rent
$342,000
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Move-in ready medical suite with multiple exam and treatment rooms plus covered physician parking in a healthcare-focused campus setting.
Where is this medical office space located?
The property is located at 5620 W Thunderbird Rd Glendale, AZ.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: 2,720 RSF medical office condo at 5620 W Thunderbird Rd, Suite E1 (Glendale, AZ 85306), built in 1990; Clinical layout includes 3 exam rooms and a procedure room, plus 3 treatment rooms; Reception and waiting area, lab/storage space, and a break room with laundry hookups
