Veterinary Hospital with Two OR
For Sale
Contact for pricing
6677 W Thunderbird Rd Building L, Glendale, AZ 85306
Fully built healthcare facility with two operating rooms and conversion potential for medical office use.
Property Size6,600 SF
Price / SF$363.64
Days on Market63
Property Features for 6677 W Thunderbird Rd Building L
General Information
Standard status
Active
Size
6,600 SF
Class
B
Total Parking Spaces
7
Property subtype
Office, Special Purpose
Occupancy
100%
Lease Type
Net
Building Details
Year Renovated
2018
Tenancy
Single
Listing Agency:
Wakeman Integrity, LLC
(623) 210-5027
Listed By:
Melynn Wakeman · License #AZ BR587636000
Source:
Crexi
Added: Jun 30
Changed: Aug 31
Last Checked: Aug 31 at 5:39AM
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 Wakeman Integrity, LLC
Investment Insights
Based on property information with market context.
Building L at 6677 W Thunderbird Road is a 6,600-square-foot hospital property configured as a fully built-out veterinary facility. The improvements include two operating room suites, providing an established clinical layout for continued veterinary use or adaptation.
The property is identified as a hospital asset and is located in Glendale, Arizona. Its existing build-out and medical configuration may support conversion to medical office space, subject to applicable requirements and approvals.
The property is identified as a hospital asset and is located in Glendale, Arizona. Its existing build-out and medical configuration may support conversion to medical office space, subject to applicable requirements and approvals.
Key Highlights
- 6,600‑square‑foot fully built‑out veterinary hospital
- Two operating room suites
- Potential conversion to medical office use
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
$101,277
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
4.22%
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%
$2,025,540
$2.0M
Cap Rate 7%
$1,446,814
$1.4M
Cap Rate 9%
$1,125,300
$1.1M
Market Conditions
NOI Build-Up for 6,600 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
$174.2K $26.40/SF
− Vacancy
−$39.2K −$5.94/SF
EGI
$135.0K $20.46/SF
− OpEx
−$33.8K −$5.12/SF
NOI
$101.3K $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%
$2,025,540
Cap Rate 7%
$1,446,814
Cap Rate 9%
$1,125,300
Alternative Uses
Best Use
Office B
$1.45M
$1.27M – $1.69M
NOI $101,277 @ 7.0% cap · market cap 4.22%
Second Best
Healthcare Medical
$1.39M
$1.22M – $1.62M
NOI $97,273 @ 7.0% cap · market cap 4.05%
Theoretical Best
Office A
$2.07M
$1.81M – $2.42M
NOI $145,120 @ 7.0% cap · market cap 6.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
503
Businesses Nearby
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?
Hospital - Fully built healthcare facility with two operating rooms and conversion potential for medical office use.
Where is this hospital located?
The property is located at 6677 W Thunderbird Rd Building L Glendale, AZ.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 6,600‑square‑foot fully built‑out veterinary hospital; Two operating room suites; Potential conversion to medical office use
