Medical Office Space with Three
For Sale
Contact for pricing
604 W Warner Rd, Chandler, AZ 85225
NNN medical office building with three suites, including two fully leased and one vacant suite.
Property Size7,816 SF
Price / SF$335.40
Days on Market503
Property Features for 604 W Warner Rd
General Information
Standard status
Active
Size
7,816 SF
Property subtype
OFFICE
Financials
Asking Price
$2,621,464
Cap Rate
6.25%
Additional Details
Office Units
3
Building Details
Year Built
1987
Buildings
1
Building Size
7,816 SF
Tenancy
Multi
Listing Agency:
Commercial Properties Inc
(480) 966-2301
Listed By:
Tyson Breinholt · License #BR517298000
(602) 315-7131
Source:
Moodyscre
Added: May 1, 2025
Changed: Sep 8
Last Checked: Sep 14 at 6:57AM
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 Commercial Properties Inc
Investment Insights
Based on property information with market context.
604 W Warner Rd, Building D, is an NNN medical office property offering three office suites designed for healthcare users. Suites 1 and 2 are fully leased, comprising 3,972 SF, while Suite 3 is vacant at 3,843 SF and can support tenant customization or an owner-user. The property’s existing in-place lease structure includes 3% annual increases through 3/31/2029.
The building is a 7,816 SF modern office structure constructed in 1987 and positioned in East Chandler. It provides a versatile footprint for a range of office configurations, with convenient access to major transportation routes.
With its mix of leased space and a vacant suite, the building supports both current occupancy and future flexibility for a medical office operator or investor seeking a multi-suite healthcare tenancy setup.
The building is a 7,816 SF modern office structure constructed in 1987 and positioned in East Chandler. It provides a versatile footprint for a range of office configurations, with convenient access to major transportation routes.
With its mix of leased space and a vacant suite, the building supports both current occupancy and future flexibility for a medical office operator or investor seeking a multi-suite healthcare tenancy setup.
Key Highlights
- NNN medical office building with three suites: Suites 1‑2 leased and Suite 3 vacant
- Suites 1 and 2 total 3,972 SF and are fully leased
- Suite 3 is vacant at 3,843 SF
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
$123,033
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
4.69%
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%
$2,460,660
$2.5M
Cap Rate 7%
$1,757,614
$1.8M
Cap Rate 9%
$1,367,033
$1.4M
Market Conditions
NOI Build-Up for 7,816 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
$203.5K $26.04/SF
− Vacancy
−$39.5K −$5.05/SF
EGI
$164.0K $20.99/SF
− OpEx
−$41.0K −$5.25/SF
NOI
$123.0K $15.74/SF
Area
Chandler, AZ
Vacancy
19.40%
Lease Rate
$26.04 /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%
$2,460,660
Cap Rate 7%
$1,757,614
Cap Rate 9%
$1,367,033
Alternative Uses
Best Use
Office B
$1.76M
$1.54M – $2.05M
NOI $123,033 @ 7.0% cap · market cap 4.69%
Second Best
Healthcare Medical
$1.43M
$1.25M – $1.67M
NOI $100,170 @ 7.0% cap · market cap 3.82%
Theoretical Best
Office A
$2.24M
$1.96M – $2.61M
NOI $156,820 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,018
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 85225, AZ
73,551
Population
28,930
Households
2.5
Avg Household Size
35
Median Age
33%
College-Educated
88%
High-School Grad
12.7 sq mi
ZIP Area
5,791
Density / Sq Mi
$86,036
Median Household Income
$45,692
Median Earnings
$1,662
Median Rent
$386,800
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 West region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - NNN medical office building with three suites, including two fully leased and one vacant suite.
Where is this medical office space located?
The property is located at 604 W Warner Rd Chandler, AZ.
What is the asking price?
The asking price for this property is $2,621,464.
What are key features of this property?
This property features: NNN medical office building with three suites: Suites 1‑2 leased and Suite 3 vacant; Suites 1 and 2 total 3,972 SF and are fully leased; Suite 3 is vacant at 3,843 SF
