Remodeled Office
For Sale
$685,000
7220 N 16th Street #G, Phoenix, AZ 85020
Modern office condominium with private work areas, reception, conference space, and updated finishes throughout.
Property Size2,238 SF
Price / SF$306.08
Days on Market39
Property Features for 7220 N 16th Street #G
General Information
Standard status
Active
Size
2,238 SF
Property subtype
Commercial
Zoning
C-O
Taxes and HOA fees
Annual Taxes
$5,715
Building Details
Building Size
2,238 SF
Year Built
1982
Buildings
1
Stories
2
Listing Agency:
Platinum Realty Network
(480) 326-6521
Listed By:
Pete Baldwin · License #BR537748000
(480) 326-6521
Source:
Aznewhorizonrealty
Added: Jul 14
Changed: Aug 18
Last Checked: Aug 20 at 1:24PM
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-square-foot office condominium was built in 1982 and features a recently renovated interior with seven private offices, a reception area with waiting space, and a conference room. A break room with kitchenette, contemporary lighting, updated flooring, and refreshed fixtures support a professional operating environment. The layout combines enclosed work areas with shared meeting and collaboration space.
The property is at 7220 N 16th Street #G in Phoenix, with access to the 51 and proximity to the airport and downtown, each described as 10 minutes away. The building is adjacent to a canal and 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 structure, and additional lot parking. The property is zoned C-O.
The property is at 7220 N 16th Street #G in Phoenix, with access to the 51 and proximity to the airport and downtown, each described as 10 minutes away. The building is adjacent to a canal and 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 structure, and additional lot parking. The property is zoned C-O.
Key Highlights
- 2,238 SF office condominium with a recently renovated interior
- 7 private offices plus reception, waiting, and conference areas
- Break room with kitchenette and updated lighting, flooring, and fixtures
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
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 - Modern office condominium with private work areas, reception, conference space, and updated finishes throughout.
Where is this office units located?
The property is located at 7220 N 16th Street #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 office condominium with a recently renovated interior; 7 private offices plus reception, waiting, and conference areas; Break room with kitchenette and updated lighting, flooring, and fixtures
