Two-Story Office
For Sale
Contact for pricing
7220 North 16th Street Suite F, Phoenix, AZ 85020
Two-story condo office suite with private offices, conference space, and covered parking within an established complex.
Property Size2,618 SF
Price / SF$248.28
Days on Market59
Property Features for 7220 North 16th Street Suite F
General Information
Standard status
Active
Size
2,618 SF
Class
B
Total Parking Spaces
60
Property subtype
Office
Zoning
Commercial Office & Restricted Commercial (C-O Prior To 1986)
Investment Type
Owner/User
Building Details
Year Built
1982
Year Renovated
1983
Buildings
1
Stories
2
Units
1
Listing Agency:
R.O.I. Properties
(602) 319-1326
Listed By:
Beth Jo Zeitzer · License #AZ BR044331000
Source:
Crexi
Added: Jun 19
Changed: Aug 8
Last Checked: Aug 13 at 3:28PM
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 R.O.I. Properties
Investment Insights
Based on property information with market context.
This two-story office condominium totals 2,618 square feet and offers a functional, professional layout. Inside, the space includes eight private offices, a spacious conference room, a reception area, a break room, and storage. There are two restrooms, including one with a shower, providing flexibility for day-to-day operations.
The property is located within an established office complex near 16th Street and Glendale Avenue. It provides convenient access to SR-51, the Camelback Corridor, and Downtown Phoenix. Covered parking is available, along with ample additional parking, and the location is near the Arizona Canal Trail.
For tenant-operators and buyers seeking to own space, the configuration supports a range of professional uses. The private office mix and dedicated reception and conference area make it well-suited for law firms, accounting and consulting practices, medical users, and other professional service businesses that value an office environment they can control long term.
The property is located within an established office complex near 16th Street and Glendale Avenue. It provides convenient access to SR-51, the Camelback Corridor, and Downtown Phoenix. Covered parking is available, along with ample additional parking, and the location is near the Arizona Canal Trail.
For tenant-operators and buyers seeking to own space, the configuration supports a range of professional uses. The private office mix and dedicated reception and conference area make it well-suited for law firms, accounting and consulting practices, medical users, and other professional service businesses that value an office environment they can control long term.
Key Highlights
- 2,618 SF two‑story office condominium built in 1982
- Includes eight private offices plus a spacious conference room and reception area
- Break room, storage space, and two restrooms including one with a shower
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
$44,817
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
6.89%
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%
$896,340
$896.3K
Cap Rate 7%
$640,243
$640.2K
Cap Rate 9%
$497,967
$498.0K
Market Conditions
NOI Build-Up for 2,618 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
$80.4K $30.72/SF
− Vacancy
−$20.7K −$7.90/SF
EGI
$59.8K $22.82/SF
− OpEx
−$14.9K −$5.71/SF
NOI
$44.8K $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%
$896,340
Cap Rate 7%
$640,243
Cap Rate 9%
$497,967
Alternative Uses
Best Use
Office B
$640.2K
$560.2K – $747.0K
NOI $44,817 @ 7.0% cap · market cap 6.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$793.0K
$693.9K – $925.2K
NOI $55,511 @ 7.0% cap · market cap 8.54%
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 - Two-story condo office suite with private offices, conference space, and covered parking within an established complex.
Where is this office units located?
The property is located at 7220 North 16th Street Suite F Phoenix, AZ.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 2,618 SF two‑story office condominium built in 1982; Includes eight private offices plus a spacious conference room and reception area; Break room, storage space, and two restrooms including one with a shower
