Two-Story Office Condo
For Sale
Contact for pricing
6920 E Shea Blvd, Scottsdale, AZ 85254
Office condo in a two-story building, built in 2004, with prominent frontage and visibility on Shea Blvd.
Property Size2,331 SF
Price / SF$424
Days on Market136
Property Features for 6920 E Shea Blvd
General Information
Standard status
Active
Size
2,331 SF
Property subtype
OFFICE
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
2004
Stories
2
Listing Agency:
Avison Young | Phoenix
(480) 994-8155
Listed By:
Kelly Carlon · License #SA669487000
(480) 463-4199
Source:
Moodyscre
Added: Apr 24
Changed: Aug 23
Last Checked: Jul 22 at 6:54AM
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 Avison Young | Phoenix
Investment Insights
Based on property information with market context.
The subject property is an office condo located in a two-story office building constructed in 2004. The available space is designated as Suite 103.
The property is situated on E Shea Blvd in Central Scottsdale, about 3 miles southwest of Scottsdale Airport and less than 3 minutes west of Loop 101 (Pima Freeway). The surrounding area includes multiple medical providers, with Honor Health Scottsdale Shea Medical Center within 3 miles to the east, and Promenade retail, restaurants, and shopping within walking distance.
The building offers excellent frontage and visibility along heavily trafficked Shea Blvd.
The property is situated on E Shea Blvd in Central Scottsdale, about 3 miles southwest of Scottsdale Airport and less than 3 minutes west of Loop 101 (Pima Freeway). The surrounding area includes multiple medical providers, with Honor Health Scottsdale Shea Medical Center within 3 miles to the east, and Promenade retail, restaurants, and shopping within walking distance.
The building offers excellent frontage and visibility along heavily trafficked Shea Blvd.
Key Highlights
- Office condo in a two‑story office building built in 2004
- Located at 6920 E Shea Blvd, Suite 103, Scottsdale, AZ 85254
- Prominent frontage and visibility on heavily trafficked Shea Blvd
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
$36,904
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
3.73%
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%
$738,080
$738.1K
Cap Rate 7%
$527,200
$527.2K
Cap Rate 9%
$410,044
$410.0K
Market Conditions
NOI Build-Up for 2,331 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
$59.9K $25.68/SF
− Vacancy
−$10.7K −$4.57/SF
EGI
$49.2K $21.11/SF
− OpEx
−$12.3K −$5.28/SF
NOI
$36.9K $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%
$738,080
Cap Rate 7%
$527,200
Cap Rate 9%
$410,044
Alternative Uses
Best Use
Office B
$527.2K
$461.3K – $615.1K
NOI $36,904 @ 7.0% cap · market cap 3.73%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$765.2K
$669.6K – $892.7K
NOI $53,564 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,325
Businesses Nearby
Explore this area
Business Placement
Demographics for 85254, AZ
46,352
Population
21,469
Households
2.2
Avg Household Size
45
Median Age
60%
College-Educated
97%
High-School Grad
13.7 sq mi
ZIP Area
3,383
Density / Sq Mi
$120,885
Median Household Income
$61,953
Median Earnings
$1,954
Median Rent
$701,900
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 units - Office condo in a two-story building, built in 2004, with prominent frontage and visibility on Shea Blvd.
Where is this office units located?
The property is located at 6920 E Shea Blvd Scottsdale, AZ.
What is the asking price?
The asking price for this property is $988,344.
What are key features of this property?
This property features: Office condo in a two‑story office building built in 2004; Located at 6920 E Shea Blvd, Suite 103, Scottsdale, AZ 85254; Prominent frontage and visibility on heavily trafficked Shea Blvd
