Freestanding Office
For Sale
$819,000
877 N ALMA SCHOOL Road, Chandler, AZ 85224
The property has PAD zoning, central air, and a private paved parking lot.
Property Size2,007 SF
Price / SF$408.07
Days on Market21
Property Features for 877 N ALMA SCHOOL Road
General Information
Standard status
Active
Size
2,007 SF
Total Parking Spaces
13
Zoning
PAD
Taxes and HOA fees
Annual Taxes
$8,019
Amenities
Showers - Office, Security Gate
Central Air, Heat Pump
Electric, Natural Gas
Block
Parking Lot, Paved, Private
Building Details
Year Built
1972
Buildings
1
Stories
1
Listing Agency:
(602) 510-3000
Listed By:
Ming Chen
(602) 510-3000
Source:
Evrealestate
Added: Aug 1
Changed: Aug 21
Last Checked: Aug 21 at 6:23AM
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 Ming Chen
Investment Insights
Based on property information with market context.
This freestanding office building at 877 N Alma School Road W in Chandler includes central air, a heat pump, and electric and natural gas service. The block construction was completed in 1972, and the property includes a private paved parking lot.
The building is positioned along N Alma School Road, south of Ray Road, with the property located on the left after traveling two street blocks. PAD zoning is in place for the property.
The building is positioned along N Alma School Road, south of Ray Road, with the property located on the left after traveling two street blocks. PAD zoning is in place for the property.
Key Highlights
- Freestanding commercial office building
- PAD zoning
- Central air and heat pump
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
$31,593
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
3.86%
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%
$631,860
$631.9K
Cap Rate 7%
$451,329
$451.3K
Cap Rate 9%
$351,033
$351.0K
Market Conditions
NOI Build-Up for 2,007 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
$52.3K $26.04/SF
− Vacancy
−$10.1K −$5.05/SF
EGI
$42.1K $20.99/SF
− OpEx
−$10.5K −$5.25/SF
NOI
$31.6K $15.74/SF
Area
Chandler, AZ
Vacancy
19.40%
Lease Rate
$26.04 /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%
$631,860
Cap Rate 7%
$451,329
Cap Rate 9%
$351,033
Alternative Uses
Best Use
Office B
$451.3K
$394.9K – $526.6K
NOI $31,593 @ 7.0% cap · market cap 3.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$575.3K
$503.4K – $671.1K
NOI $40,268 @ 7.0% cap · market cap 4.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
773
Businesses Nearby
Explore this area
Business Placement
Demographics for 85224, AZ
46,919
Population
21,559
Households
2.2
Avg Household Size
38
Median Age
40%
College-Educated
94%
High-School Grad
9.4 sq mi
ZIP Area
4,991
Density / Sq Mi
$90,886
Median Household Income
$53,408
Median Earnings
$1,785
Median Rent
$391,000
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - The property has PAD zoning, central air, and a private paved parking lot.
Where is this office building located?
The property is located at 877 N ALMA SCHOOL Road Chandler, AZ.
What is the asking price?
The asking price for this property is $819,000.
What are key features of this property?
This property features: Freestanding commercial office building; PAD zoning; Central air and heat pump
