Prestigious Scottsdale Office
For Sale
Contact for pricing
6623 North Scottsdale Road, Scottsdale, AZ 85250
Well-located office building for sale in North Scottsdale’s most competitive office corridor.
Property Size12,860 SF
Price / SF$427.68
Days on Market60
Property Features for 6623 North Scottsdale Road
General Information
Standard status
Active
Size
12,860 SF
Property subtype
Office
Zoning
C-O (C) - Scottsdale
Building Details
Year Built
2006
Units
13
Listing Agency:
CBRE - Phoenix
(602) 735-1900
Listed By:
Emily Minnier · License #SA713259000
Source:
Crexi
Added: Jun 11
Changed: Aug 8
Last Checked: Aug 8 at 12:38PM
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 CBRE - Phoenix
Investment Insights
Based on property information with market context.
6623 N Scottsdale Road is an office building for sale totaling 12,860 square feet. The property is positioned to serve professional tenants seeking a foothold in a high-demand Scottsdale office market.
The building is located on a corridor described as the center of Scottsdale’s most prestigious office destination, with Old Town Scottsdale and Scottsdale Fashion Square to the south and the Scottsdale Quarter and Kierland Commons to the north. The remarks also identify nearby context including Paradise Valley to the west.
Market performance referenced in the offering includes a Northeast Valley/Scottsdale office submarket that closed Q4 2025 with a 15.1% vacancy rate, the lowest of any submarket in Metro Phoenix, and 456,316 square feet of positive net absorption year-to-date. Average asking rents within the Central Scottsdale submarket are cited at $38.76 per square foot FSG by Q1 2026. For buyers and operators, the asset’s fit centers on placing an office investment within a tightened occupancy environment, anchored by a broader trade area noted for high household income and significant owner-occupied home values in the 3-mile radius around the property.
The building is located on a corridor described as the center of Scottsdale’s most prestigious office destination, with Old Town Scottsdale and Scottsdale Fashion Square to the south and the Scottsdale Quarter and Kierland Commons to the north. The remarks also identify nearby context including Paradise Valley to the west.
Market performance referenced in the offering includes a Northeast Valley/Scottsdale office submarket that closed Q4 2025 with a 15.1% vacancy rate, the lowest of any submarket in Metro Phoenix, and 456,316 square feet of positive net absorption year-to-date. Average asking rents within the Central Scottsdale submarket are cited at $38.76 per square foot FSG by Q1 2026. For buyers and operators, the asset’s fit centers on placing an office investment within a tightened occupancy environment, anchored by a broader trade area noted for high household income and significant owner-occupied home values in the 3-mile radius around the property.
Key Highlights
- Office building built in 2006: 6623 N Scottsdale Road
- Central Scottsdale asking rents reached $38.76/SF FSG by Q1 2026
- Northeast Valley/Scottsdale office submarket vacancy rate was 15.1% in Q4 2025
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
$203,596
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
3.70%
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%
$4,071,920
$4.1M
Cap Rate 7%
$2,908,514
$2.9M
Cap Rate 9%
$2,262,178
$2.3M
Market Conditions
NOI Build-Up for 12,860 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
$330.2K $25.68/SF
− Vacancy
−$58.8K −$4.57/SF
EGI
$271.5K $21.11/SF
− OpEx
−$67.9K −$5.28/SF
NOI
$203.6K $15.83/SF
Area
Scottsdale, AZ
Vacancy
17.80%
Lease Rate
$25.68 /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%
$4,071,920
Cap Rate 7%
$2,908,514
Cap Rate 9%
$2,262,178
Alternative Uses
Best Use
Office B
$2.91M
$2.54M – $3.39M
NOI $203,596 @ 7.0% cap · market cap 3.70%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$4.22M
$3.69M – $4.93M
NOI $295,510 @ 7.0% cap · market cap 5.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,212
Businesses Nearby
Explore this area
Business Placement
Demographics for 85250, AZ
16,501
Population
10,066
Households
1.6
Avg Household Size
48
Median Age
58%
College-Educated
98%
High-School Grad
8.4 sq mi
ZIP Area
1,964
Density / Sq Mi
$89,133
Median Household Income
$65,984
Median Earnings
$1,762
Median Rent
$507,500
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?
Office building - Well-located office building for sale in North Scottsdale’s most competitive office corridor.
Where is this office building located?
The property is located at 6623 North Scottsdale Road Scottsdale, AZ.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: Office building built in 2006: 6623 N Scottsdale Road; Central Scottsdale asking rents reached $38.76/SF FSG by Q1 2026; Northeast Valley/Scottsdale office submarket vacancy rate was 15.1% in Q4 2025
