Renovated Medical Office
New
For Sale
$999,000
5620 W Thunderbird Road H-3, Glendale, AZ 85306
Updated healthcare suite with patient-room plumbing, durable flooring, and convenient on-site parking.
Property Size2,465 SF
Days on Market5
Property Features for 5620 W Thunderbird Road H-3
General Information
Standard status
Active
Size
2,465 SF
Elevators
No
Property subtype
COMMERCIAL
Taxes and HOA fees
Annual Taxes
$1,026
Building Details
Building Size
2,465 SF
Year Built
1990
Stories
1
Listing Agency:
1912 Realty
Listed By:
Lloyd C Fox
(602) 418-1153
Source:
Jcluxuryresidential
Added: Sep 4
Changed: Sep 6
Last Checked: Sep 7 at 7:31AM
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 1912 Realty
Investment Insights
Based on property information with market context.
This medical office suite in a 1990-built complex has been substantially updated with new bathrooms, vinyl wood-look flooring, cabinets, paint, and additional interior improvements. Patient rooms include sinks and floor outlets, while dual washer/dryer hookups add practical utility for medical, dental, and healthcare operations.
The H building occupies the far north end of the complex, with abundant parking nearby. The H-3 suite is positioned within the complex rather than along the vehicle-facing edge, supporting a quieter interior setting. The single-level property has no elevators or shared lobbies, and it is located near Banner Thunderbird.
The H building occupies the far north end of the complex, with abundant parking nearby. The H-3 suite is positioned within the complex rather than along the vehicle-facing edge, supporting a quieter interior setting. The single-level property has no elevators or shared lobbies, and it is located near Banner Thunderbird.
Key Highlights
- Updated bathrooms, cabinets, paint, and vinyl wood‑look flooring
- Patient rooms feature sinks and floor outlets
- Dual washer/dryer hookups included
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
$37,825
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
3.79%
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%
$756,500
$756.5K
Cap Rate 7%
$540,357
$540.4K
Cap Rate 9%
$420,278
$420.3K
Market Conditions
NOI Build-Up for 2,465 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
$65.1K $26.40/SF
− Vacancy
−$14.6K −$5.94/SF
EGI
$50.4K $20.46/SF
− OpEx
−$12.6K −$5.12/SF
NOI
$37.8K $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%
$756,500
Cap Rate 7%
$540,357
Cap Rate 9%
$420,278
Alternative Uses
Best Use
Office B
$540.4K
$472.8K – $630.4K
NOI $37,825 @ 7.0% cap · market cap 3.79%
Second Best
Healthcare Medical
$519.0K
$454.1K – $605.5K
NOI $36,330 @ 7.0% cap · market cap 3.64%
Theoretical Best
Office A
$774.3K
$677.5K – $903.3K
NOI $54,200 @ 7.0% cap · market cap 5.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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 - Updated healthcare suite with patient-room plumbing, durable flooring, and convenient on-site parking.
Where is this medical office space located?
The property is located at 5620 W Thunderbird Road H-3 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: Updated bathrooms, cabinets, paint, and vinyl wood‑look flooring; Patient rooms feature sinks and floor outlets; Dual washer/dryer hookups included
