Fully Sprinklered Flex Space
For Sale
Contact for pricing
713-735 Grand Ave, Phoenix, AZ 85007
Fully sprinklered flex space offered in gray shell condition with multi-tenant capability and added basement area.
Property Size12,500 SF
Price / SF$190
Days on Market530
Property Features for 713-735 Grand Ave
General Information
Standard status
Active
Size
12,500 SF
Property subtype
OFFICE
Additional Details
Road Access
Yes
Sprinkler System
Yes
Building Details
Year Built
1917
Listing Agency:
LevRose Commercial Real Estate
(480) 947-0600
Listed By:
Mark Cassell · License #SA659518000
(818) 390-0838
Source:
Moodyscre
Added: Apr 3, 2025
Changed: Sep 11
Last Checked: Sep 13 at 4:36AM
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
Investment Insights
Based on property information with market context.
This flex space building offers 12,500 SF available for an owner-user or investment strategy, with a bonus 6,250 SF basement. The property is currently in gray shell condition and is described as multi-tenant capable, supporting a range of layouts for flex-oriented users.
The building features frontage along Grand Avenue and is fully sprinklered. The property is also positioned for a variety of user types, including showroom, flex, warehouse, and office concepts.
Constructed in 1917, the building’s established history is part of its appeal for tenants seeking character while customizing improvements. The combination of main-level flex space and the additional basement area provides practical options for storage, back-of-house use, or supplemental work areas.
The building features frontage along Grand Avenue and is fully sprinklered. The property is also positioned for a variety of user types, including showroom, flex, warehouse, and office concepts.
Constructed in 1917, the building’s established history is part of its appeal for tenants seeking character while customizing improvements. The combination of main-level flex space and the additional basement area provides practical options for storage, back-of-house use, or supplemental work areas.
Key Highlights
- 12,500 SF flex space available for owner user or investment
- Bonus 6,250 SF basement
- Fully sprinklered building
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
$137,280
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
5.78%
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%
$2,745,600
$2.7M
Cap Rate 7%
$1,961,143
$2.0M
Cap Rate 9%
$1,525,333
$1.5M
Market Conditions
NOI Build-Up for 12,500 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
$240.0K $19.20/SF
− Vacancy
−$28.8K −$2.30/SF
EGI
$211.2K $16.90/SF
− OpEx
−$73.9K −$5.91/SF
NOI
$137.3K $10.98/SF
Area
Phoenix, AZ
Vacancy
12.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
35.00%
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%
$2,745,600
Cap Rate 7%
$1,961,143
Cap Rate 9%
$1,525,333
Alternative Uses
Best Use
Flex RnD
$1.96M
$1.72M – $2.29M
NOI $137,280 @ 7.0% cap · market cap 5.78%
Second Best
Warehouse
$1.36M
$1.19M – $1.59M
NOI $95,478 @ 7.0% cap · market cap 4.02%
Theoretical Best
Office A
$3.79M
$3.31M – $4.42M
NOI $265,045 @ 7.0% cap · market cap 11.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,752
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85007, AZ
14,442
Population
5,981
Households
2.4
Avg Household Size
36
Median Age
27%
College-Educated
81%
High-School Grad
4.6 sq mi
ZIP Area
3,140
Density / Sq Mi
$55,833
Median Household Income
$43,375
Median Earnings
$1,079
Median Rent
$447,000
Median Home Value
Market
Vacancy Rate% for Industrial in Phoenix, AZ
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Fully sprinklered flex space offered in gray shell condition with multi-tenant capability and added basement area.
Where is this flex space located?
The property is located at 713-735 Grand Ave Phoenix, AZ.
What is the asking price?
The asking price for this property is $2,375,000.
What are key features of this property?
This property features: 12,500 SF flex space available for owner user or investment; Bonus 6,250 SF basement; Fully sprinklered building
