Two-Story Flex
For Sale
Contact for pricing
602 E Butler Avenue, Flagstaff, AZ 86001
Light Industrial-zoned facility combining office and warehouse areas with dual access.
Property Size18,370 SF
Lot Size0.95 Acres
Price / SF$209.58
Days on Market161
Property Features for 602 E Butler Avenue
General Information
Standard status
Active
Size
18,370 SF
Lot size
0.95 Acres
Property subtype
Office, Industrial
Zoning
Light Industrial (LI)
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Renovated
2025
Buildings
1
Stories
2
Building Size
18,370 SF
Listing Agency:
Kelly and Call Commercial Real Estate
Listed By:
Trevor Call · License #SA720933000
Source:
Crexi
Added: Mar 24
Changed: Aug 29
Last Checked: Aug 29 at 11:59PM
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 Kelly and Call Commercial Real Estate
Investment Insights
Based on property information with market context.
This 18,370-square-foot flex property combines office and warehouse space within a two-story building on 0.95 acres. The office component includes a lobby and multiple private offices, while the overall configuration supports a range of commercial operations. The property is zoned Light Industrial (LI).
Located at 602 E. Butler Avenue, the facility has two access points from Butler Avenue and sits along an east-west transportation corridor. Interstate 40 access is nearby, providing a connection to the regional transportation network.
Located at 602 E. Butler Avenue, the facility has two access points from Butler Avenue and sits along an east-west transportation corridor. Interstate 40 access is nearby, providing a connection to the regional transportation network.
Key Highlights
- 18,370 square feet of combined office and warehouse space
- Two‑story office component with lobby and multiple private offices
- 0.95‑acre property zoned Light Industrial (LI)
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
$253,385
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
6.58%
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%
$5,067,700
$5.1M
Cap Rate 7%
$3,619,786
$3.6M
Cap Rate 9%
$2,815,389
$2.8M
Market Conditions
NOI Build-Up for 18,370 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
$427.7K $23.28/SF
− Vacancy
−$89.8K −$4.89/SF
EGI
$337.8K $18.39/SF
− OpEx
−$84.5K −$4.60/SF
NOI
$253.4K $13.79/SF
Area
Coconino County, AZ
Vacancy
21.00%
Lease Rate
$23.28 /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%
$5,067,700
Cap Rate 7%
$3,619,786
Cap Rate 9%
$2,815,389
Alternative Uses
Best Use
Office B
$3.62M
$3.17M – $4.22M
NOI $253,385 @ 7.0% cap · market cap 6.58%
Second Best
Flex RnD
$2.92M
$2.55M – $3.40M
NOI $204,183 @ 7.0% cap · market cap 5.30%
Theoretical Best
Office A
$5.08M
$4.44M – $5.93M
NOI $355,501 @ 7.0% cap · market cap 9.23%
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
2,243
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 86001, AZ
37,093
Population
15,364
Households
2.4
Avg Household Size
27
Median Age
55%
College-Educated
96%
High-School Grad
290.4 sq mi
ZIP Area
128
Density / Sq Mi
$62,587
Median Household Income
$24,346
Median Earnings
$1,505
Median Rent
$570,900
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Light Industrial-zoned facility combining office and warehouse areas with dual access.
Where is this flex space located?
The property is located at 602 E Butler Avenue Flagstaff, AZ.
What is the asking price?
The asking price for this property is $3,850,000.
What are key features of this property?
This property features: 18,370 square feet of combined office and warehouse space; Two‑story office component with lobby and multiple private offices; 0.95‑acre property zoned Light Industrial (LI)
