Medical Office With Wet
For Sale
Contact for pricing
8581 N 61st Ave, Glendale, AZ 85302
Includes reception, conference, and private office areas within a dedicated medical workspace.
Property Size7,327 SF
Price / SF$290
Days on Market60
Property Features for 8581 N 61st Ave
General Information
Standard status
Active
Size
7,327 SF
Property subtype
OFFICE
Amenities
15 private offices
3 wet medical rooms
4 bathrooms
4 conference rooms
3 entrances/exits
Reception/waiting area
Mail room
Listing Agency:
LevRose Commercial Real Estate
(480) 294-6584
Listed By:
Mark Cassell · License #SA659518000
(818) 390-0838
Source:
Moodyscre
Added: Jul 3
Changed: Aug 29
Last Checked: Aug 30 at 9:04PM
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 LevRose Commercial Real Estate
Investment Insights
Based on property information with market context.
This 7,327-square-foot medical office property offers a structured interior layout with 15 private offices, 3 wet medical rooms, 4 bathrooms, and 4 conference rooms. The space also includes a reception and waiting area, along with a dedicated mail room.
Three entrances/exits provide access to the building at 8581 N 61st Ave in Glendale, Arizona. The combination of private offices, clinical rooms, meeting space, and visitor reception creates a clearly defined medical office configuration.
Three entrances/exits provide access to the building at 8581 N 61st Ave in Glendale, Arizona. The combination of private offices, clinical rooms, meeting space, and visitor reception creates a clearly defined medical office configuration.
Key Highlights
- 7,327 square feet of medical office space
- 15 private offices and 3 wet medical rooms
- 4 bathrooms and 4 conference rooms
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
$112,433
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
5.29%
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%
$2,248,660
$2.2M
Cap Rate 7%
$1,606,186
$1.6M
Cap Rate 9%
$1,249,256
$1.2M
Market Conditions
NOI Build-Up for 7,327 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
$193.4K $26.40/SF
− Vacancy
−$43.5K −$5.94/SF
EGI
$149.9K $20.46/SF
− OpEx
−$37.5K −$5.12/SF
NOI
$112.4K $15.35/SF
Area
Glendale, AZ
Vacancy
22.50%
Lease Rate
$26.40 /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%
$2,248,660
Cap Rate 7%
$1,606,186
Cap Rate 9%
$1,249,256
Alternative Uses
Best Use
Office B
$1.61M
$1.41M – $1.87M
NOI $112,433 @ 7.0% cap · market cap 5.29%
Second Best
Healthcare Medical
$1.54M
$1.35M – $1.80M
NOI $107,988 @ 7.0% cap · market cap 5.08%
Theoretical Best
Office A
$2.30M
$2.01M – $2.69M
NOI $161,105 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
460
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85302, AZ
41,369
Population
15,767
Households
2.6
Avg Household Size
36
Median Age
20%
College-Educated
85%
High-School Grad
6.0 sq mi
ZIP Area
6,895
Density / Sq Mi
$62,516
Median Household Income
$38,629
Median Earnings
$1,241
Median Rent
$326,600
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Includes reception, conference, and private office areas within a dedicated medical workspace.
Where is this medical office space located?
The property is located at 8581 N 61st Ave Glendale, AZ.
What is the asking price?
The asking price for this property is $2,124,830.
What are key features of this property?
This property features: 7,327 square feet of medical office space; 15 private offices and 3 wet medical rooms; 4 bathrooms and 4 conference rooms
