Gated Flex Space With
For Sale
$464,900
8450 W Washington Street, Peoria, AZ 85345
Multi-building commercial property with enclosed storage, covered work areas, and office accommodations.
Property Size2,593 SF
Lot Size0.38 Acres
Price / SF$179.29
Days on Market191
Property Features for 8450 W Washington Street
General Information
Standard status
Active
Size
2,593 SF
Lot size
0.38 Acres
Property subtype
Commercial
Zoning
D/CM 21-622
Additional Details
Fenced Yard
Yes
Taxes and HOA fees
Annual Taxes
$1,790
Amenities
gated/fenced storage facilities/workshops
covered workspace
Building Details
Building Size
2,593 SF
Year Built
1955
Buildings
3
Stories
1
Listing Agency:
T.L.C. Realty
(928) 821-0506
Listed By:
Carlena Grimmett
(928) 821-0506
Source:
Sunhaven-realestate
Added: Jan 30
Changed: Aug 9
Last Checked: Aug 9 at 2:16AM
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 T.L.C. Realty
Investment Insights
Based on property information with market context.
This flex space property includes 3 buildings totaling 2,593 square feet across 3 parcels on a .3785-acre lot. The improvements combine office, storage, workshop, and covered workspace components, with gated and fenced areas supporting a range of commercial functions. The office building contains 5 rooms and 2 baths, while the site also includes a 40 cubic yard ocean going container and apx 15+ parking spaces.
Built in 1955, the property is designated D/CM 21-622. The sale is offered as is, with no warranties, and the seller will not complete cleanup or repairs.
Built in 1955, the property is designated D/CM 21-622. The sale is offered as is, with no warranties, and the seller will not complete cleanup or repairs.
Key Highlights
- 3 parcels with 3 buildings totaling 2,593 square feet
- .3785‑acre lot with gated and fenced storage facilities and workshops
- Office building includes 5 rooms and 2 baths
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
$38,909
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
8.37%
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%
$778,180
$778.2K
Cap Rate 7%
$555,843
$555.8K
Cap Rate 9%
$432,322
$432.3K
Market Conditions
NOI Build-Up for 2,593 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
$60.7K $23.40/SF
− Vacancy
−$8.8K −$3.39/SF
EGI
$51.9K $20.01/SF
− OpEx
−$13.0K −$5.00/SF
NOI
$38.9K $15.01/SF
Area
Peoria, AZ
Vacancy
14.50%
Lease Rate
$23.40 /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%
$778,180
Cap Rate 7%
$555,843
Cap Rate 9%
$432,322
Alternative Uses
Best Use
Office B
$555.8K
$486.4K – $648.5K
NOI $38,909 @ 7.0% cap · market cap 8.37%
Second Best
Warehouse
$354.0K
$309.8K – $413.1K
NOI $24,783 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$638.4K
$558.6K – $744.8K
NOI $44,689 @ 7.0% cap · market cap 9.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
681
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85345, AZ
61,024
Population
24,273
Households
2.5
Avg Household Size
37
Median Age
18%
College-Educated
87%
High-School Grad
12.7 sq mi
ZIP Area
4,805
Density / Sq Mi
$64,563
Median Household Income
$40,280
Median Earnings
$1,563
Median Rent
$278,300
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?
Flex space - Multi-building commercial property with enclosed storage, covered work areas, and office accommodations.
Where is this flex space located?
The property is located at 8450 W Washington Street Peoria, AZ.
What is the asking price?
The asking price for this property is $464,900.
What are key features of this property?
This property features: 3 parcels with 3 buildings totaling 2,593 square feet; .3785‑acre lot with gated and fenced storage facilities and workshops; Office building includes 5 rooms and 2 baths
