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    Midtown Phoenix Office Building Title is generated by Realmo AI

    702 E Osborn Rd, Phoenix, AZ 85018

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    Two-story office building in Midtown Phoenix with income potential.

    Type:Office
    Property size:
    35,346 SF
    Price / SF:
    $197/SF
    Added:
    Feb 19, 2026
    Days on Market:
    84
    Last Refresh:
    Mar 17 at 1:16 pm

    Property Features for 702 E Osborn Rd

    General Information

    Standard status
    Active
    Size
    35,346 SF
    Property subtype
    Office

    Building Details

    Year Built
    1984

    We can help!

    Listing Contact
    Jason Reddington

    Listing agent Jason Reddington License #AZ SA668977000

    Listing office LevRose Commercial Real Estate

    Listing date Feb 19, 2026

    Source Crexi

    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 LevRose Commercial Real Estate

    HighLights

    • Prime Midtown Phoenix location directly across from Phoenix Country Club with exceptional visibility and monument signage.
    • Significant in‑place income of $490,438 annual Net Operating Income with 83% occupancy.
    • Anchored by CEA, Inc. occupying 20,206 SF through July 2032, providing long‑term income stability.
    • Opportunity for owner‑user to occupy ±5,864 SF immediately, with near‑term potential for +/-9,000 SF occupancy, while maintaining rental income.
    • Potential for future rent growth and appreciation in a desirable office corridor.
    • Structured parking available.

    Overview

    This two-story office building, located in Midtown Phoenix, offers approximately 35,346 square feet of space. The property is situated across from Phoenix Country Club and has visibility along 7th Street, enhanced by monument signage and traffic flow. Currently 83% occupied, the building generates an annual Net Operating Income of $490,438. The property is anchored by CEA, Inc., which occupies 20,206 square feet on the entire 2nd floor through July 2032. There is approximately 5,864 square feet of vacant space, with a near-term opportunity to occupy approximately 9,000 square feet. Future lease expirations may allow for occupancy expansion as business needs grow. The property includes structured parking. This property is suited for private investors seeking cash flow in a core infill location, 1031 exchange buyers targeting returns, or office owner-users seeking future occupancy flexibility.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Kenny Alison L Law Firm Meyers Howard Law Firm Malinski Daniel R Law Firm CEA CAPA Education ... Training Center Lupe Iniguez Law Firm

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Law Firm Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.0645925
    Latitude
    33.4876276

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    FAQs

    What type of property is this?
    Office building - Two-story office building in Midtown Phoenix with income potential.
    Where is this office building located?
    The property is located at 702 E Osborn Rd Phoenix, AZ.
    What is the asking price?
    The asking price for this property is $6,998,000.
    What are key features of this property?
    This property features: Prime Midtown Phoenix location directly across from Phoenix Country Club with exceptional visibility and monument signage.; Significant in‑place income of $490,438 annual Net Operating Income with 83% occupancy.; Anchored by CEA, Inc. occupying 20,206 SF through July 2032, providing long‑term income stability.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Jason Reddington
    Real Estate License ID: AZ SA668977000
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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