Phoenix Office/Medical Spaces For
For Sale
Contact for pricing
8618 N 35th Ave, Phoenix, AZ 85051
Office and medical spaces for sale with covered parking.
Property Size10,470 SF
Price / SF$179.08
Days on Market646
Property Features for 8618 N 35th Ave
General Information
Standard status
Active
Size
10,470 SF
Class
B
Property subtype
Office
Zoning
C-O, City of Phoenix
Lease Type
NNN
Investment Type
Owner/User
Building Details
Year Built
1986
Listing Agency:
Commercial Properties Inc.
(480) 522-2799
Listed By:
Craig Trbovich · License #AZ SA571098000
Source:
Crexi
Added: Nov 2, 2024
Changed: Aug 8
Last Checked: Aug 8 at 11:27AM
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 Commercial Properties Inc.
Investment Insights
Based on property information with market context.
Office and medical spaces are available for sale in Phoenix, Arizona. The property offers covered parking. It is located in close proximity to John C Lincoln North Mountain Hospital, Thunderbird Samaritan Hospital, Phoenix Baptist Hospital, and John C Lincoln Deer Valley Hospital. The property provides convenient access to I-17 and US60 freeway. The location is at 35th Avenue and Dunlap Avenue in Phoenix, Arizona. The property size is 10470 square feet.
Key Highlights
- Prime location at 35th Ave & Dunlap Ave in Phoenix, AZ.
- Office/medical spaces available.
- Easy access to I‑17 & US60 freeway.
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
$149,260
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
7.96%
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%
$2,985,200
$3.0M
Cap Rate 7%
$2,132,286
$2.1M
Cap Rate 9%
$1,658,444
$1.7M
Market Conditions
NOI Build-Up for 10,470 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
$276.4K $26.40/SF
− Vacancy
−$27.6K −$2.64/SF
EGI
$248.8K $23.76/SF
− OpEx
−$99.5K −$9.50/SF
NOI
$149.3K $14.26/SF
Area
Phoenix, AZ
Vacancy
10.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
40.00%
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%
$2,985,200
Cap Rate 7%
$2,132,286
Cap Rate 9%
$1,658,444
Alternative Uses
Best Use
Office B
$2.56M
$2.24M – $2.99M
NOI $179,233 @ 7.0% cap · market cap 9.56%
Second Best
Healthcare Medical
$2.13M
$1.87M – $2.49M
NOI $149,260 @ 7.0% cap · market cap 7.96%
Theoretical Best
Office A
$3.17M
$2.78M – $3.70M
NOI $222,002 @ 7.0% cap · market cap 11.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
342
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85051, AZ
46,123
Population
16,818
Households
2.7
Avg Household Size
34
Median Age
20%
College-Educated
81%
High-School Grad
6.4 sq mi
ZIP Area
7,207
Density / Sq Mi
$63,665
Median Household Income
$38,980
Median Earnings
$1,256
Median Rent
$288,300
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?
Medical Office Space - Office and medical spaces for sale with covered parking.
Where is this medical office space located?
The property is located at 8618 N 35th Ave Phoenix, AZ.
What is the asking price?
The asking price for this property is $1,875,000.
What are key features of this property?
This property features: Prime location at 35th Ave & Dunlap Ave in Phoenix, AZ.; Office/medical spaces available.; Easy access to I‑17 & US60 freeway.
