Turnkey Two-Suite Office
For Sale
$2,211,600
8111 E Thomas Rd, Scottsdale, AZ 85251
Two-suite, fully built-out office with Thomas Road frontage and flexible owner-user or income potential.
Property Size5,529 SF
Price / SF$400
Days on Market75
Property Features for 8111 E Thomas Rd
General Information
Standard status
Active
Size
5,529 SF
Additional Details
Business Included
Yes
Office Units
2
Taxes and HOA fees
Annual Taxes
$9,360
Listing Agency:
Kidder Mathews
(602) 300-4112
Listed By:
Bret Isbell · License #BR549336000
(602) 300-4112
Source:
Exprealty
Added: Jun 10
Changed: Aug 20
Last Checked: Aug 23 at 6:06AM
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 Kidder Mathews
Investment Insights
Based on property information with market context.
This modern, fully built-out office property is configured as two separate suites within a single building totaling 5,529 square feet. The asset is presented as turnkey for an owner-user or as an income-producing office ownership, with the current leasing structure supporting ongoing occupancy.
The building is positioned with high-visibility frontage along E Thomas Rd in Scottsdale, AZ. A month-to-month tenant currently occupies approximately 25% of the available space, providing partial in-place occupancy immediately following closing.
For an owner-user, the remaining portion of the property is available through a seller leaseback arrangement for approximately 75% of the space until Q4 2027, at which time the seller will vacate. This layout and schedule may support businesses seeking nearby office space with the ability to take control later, while still maintaining some income during the interim term.
The building is positioned with high-visibility frontage along E Thomas Rd in Scottsdale, AZ. A month-to-month tenant currently occupies approximately 25% of the available space, providing partial in-place occupancy immediately following closing.
For an owner-user, the remaining portion of the property is available through a seller leaseback arrangement for approximately 75% of the space until Q4 2027, at which time the seller will vacate. This layout and schedule may support businesses seeking nearby office space with the ability to take control later, while still maintaining some income during the interim term.
Key Highlights
- 5,529 SF, fully built‑out, two‑suite modern office building
- High‑visibility frontage along busy Thomas Road
- Month‑to‑month tenant occupies approx. 25% of the space; remaining approx. 75% available for owner‑user use or lease back
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
$87,534
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
3.96%
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%
$1,750,680
$1.8M
Cap Rate 7%
$1,250,486
$1.3M
Cap Rate 9%
$972,600
$972.6K
Market Conditions
NOI Build-Up for 5,529 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
$142.0K $25.68/SF
− Vacancy
−$25.3K −$4.57/SF
EGI
$116.7K $21.11/SF
− OpEx
−$29.2K −$5.28/SF
NOI
$87.5K $15.83/SF
Area
Scottsdale, AZ
Vacancy
17.80%
Lease Rate
$25.68 /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%
$1,750,680
Cap Rate 7%
$1,250,486
Cap Rate 9%
$972,600
Alternative Uses
Best Use
Office B
$1.25M
$1.09M – $1.46M
NOI $87,534 @ 7.0% cap · market cap 3.96%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$1.82M
$1.59M – $2.12M
NOI $127,051 @ 7.0% cap · market cap 5.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,263
Businesses Nearby
Explore this area
Business Placement
Demographics for 85251, AZ
40,073
Population
26,456
Households
1.5
Avg Household Size
39
Median Age
60%
College-Educated
96%
High-School Grad
7.2 sq mi
ZIP Area
5,566
Density / Sq Mi
$89,151
Median Household Income
$60,282
Median Earnings
$1,771
Median Rent
$500,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-suite, fully built-out office with Thomas Road frontage and flexible owner-user or income potential.
Where is this office building located?
The property is located at 8111 E Thomas Rd Scottsdale, AZ.
What is the asking price?
The asking price for this property is $2,211,600.
What are key features of this property?
This property features: 5,529 SF, fully built‑out, two‑suite modern office building; High‑visibility frontage along busy Thomas Road; Month‑to‑month tenant occupies approx. 25% of the space; remaining approx. 75% available for owner‑user use or lease back
