Remodeled Office
For Sale
$685,000
7220 N 16th St Unit G, Phoenix, AZ 85020
Seven private offices, client-facing reception, meeting space, and a dedicated break area create a practical professional workplace.
Property Size2,238 SF
Price / SF$306.08
Days on Market96
Property Features for 7220 N 16th St Unit G
General Information
Standard status
Active
Size
2,238 SF
Total Parking Spaces
2
Property subtype
Commercial
Additional Details
Highway Access
Yes
Office Units
1
Building Details
Year Built
1982
Listing Agency:
Platinum Realty Network
(480) 326-6521
Listed By:
Pete Baldwin · License #BR537748000
Source:
Arizonahomeselling
Added: May 26
Changed: Aug 28
Last Checked: Aug 29 at 10:39AM
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 Platinum Realty Network
Investment Insights
Based on property information with market context.
This 2,238 SF office condominium was built in 1982 and has been comprehensively remodeled with contemporary lighting, flooring, fixtures, and interior finishes. The layout includes seven private offices, a reception area with waiting space, a conference room, and a break room with kitchenette. The configuration combines enclosed work areas with shared spaces for meetings and day-to-day operations.
The property is located at 7220 N 16th St Unit G in Phoenix, with access to the 51 and a stated 10-minute connection to the airport and downtown. Nearby amenities include Sprouts, UPS, and restaurants, while the building’s position beside the canal provides direct access to a walking and jogging path.
Parking includes two first-level garage spaces, covered parking on the top deck of a two-story parking structure, and additional parking lot availability.
The property is located at 7220 N 16th St Unit G in Phoenix, with access to the 51 and a stated 10-minute connection to the airport and downtown. Nearby amenities include Sprouts, UPS, and restaurants, while the building’s position beside the canal provides direct access to a walking and jogging path.
Parking includes two first-level garage spaces, covered parking on the top deck of a two-story parking structure, and additional parking lot availability.
Key Highlights
- 2,238 SF remodeled office condominium at 7220 N 16th St Unit G
- Seven private offices with reception and waiting area
- Conference room plus break room and kitchenette
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
$38,312
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
5.59%
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%
$766,240
$766.2K
Cap Rate 7%
$547,314
$547.3K
Cap Rate 9%
$425,689
$425.7K
Market Conditions
NOI Build-Up for 2,238 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
$68.8K $30.72/SF
− Vacancy
−$17.7K −$7.90/SF
EGI
$51.1K $22.82/SF
− OpEx
−$12.8K −$5.71/SF
NOI
$38.3K $17.12/SF
Area
Phoenix, AZ
Vacancy
25.70%
Lease Rate
$30.72 /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%
$766,240
Cap Rate 7%
$547,314
Cap Rate 9%
$425,689
Alternative Uses
Best Use
Office B
$547.3K
$478.9K – $638.5K
NOI $38,312 @ 7.0% cap · market cap 5.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$677.9K
$593.2K – $790.9K
NOI $47,454 @ 7.0% cap · market cap 6.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,470
Businesses Nearby
Explore this area
Business Placement
Demographics for 85020, AZ
34,534
Population
18,231
Households
1.9
Avg Household Size
43
Median Age
43%
College-Educated
90%
High-School Grad
8.8 sq mi
ZIP Area
3,924
Density / Sq Mi
$78,412
Median Household Income
$48,230
Median Earnings
$1,389
Median Rent
$400,800
Median Home Value
Market
Vacancy Rate% for Office in Phoenix, AZ
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Seven private offices, client-facing reception, meeting space, and a dedicated break area create a practical professional workplace.
Where is this office units located?
The property is located at 7220 N 16th St Unit G Phoenix, AZ.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: 2,238 SF remodeled office condominium at 7220 N 16th St Unit G; Seven private offices with reception and waiting area; Conference room plus break room and kitchenette
