Warehouse and Spec Office
For Sale
Contact for pricing
8804 N 23rd Ave, Phoenix, AZ 85021
Industrial facility offering warehouse/manufacturing space alongside a spec office for flexible business operations.
Property Size43,586 SF
Price / SF$244.34
Days on Market95
Property Features for 8804 N 23rd Ave
General Information
Standard status
Active
Size
43,586 SF
Property subtype
INDUSTRIAL
Listing Agency:
CBRE | Phoenix
(602) 735-5555
Listed By:
Charles Miscio
(602) 735-1735
Source:
Moodyscre
Added: Jun 10
Changed: Jul 10
Last Checked: Sep 12 at 9:57AM
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 CBRE | Phoenix
Investment Insights
Based on property information with market context.
This property is available for sale with approximately 43,586 total square feet, including a 5,654-square-foot spec office and 37,932 square feet of warehouse/manufacturing space. In addition to the building area, there is also a vacant storage yard available (2423 W Townley Ave), totaling approximately 11.34 square feet.
The offering combines office and industrial space in one package, supported by the availability of an additional storage yard. The presence of both functional components can help streamline site operations by keeping administrative space on-site while reserving building and yard areas for day-to-day needs.
For tenants or buyers seeking a mixed-use industrial setup, the spec office provides room for administrative functions, while the warehouse/manufacturing portion supports operations requiring substantial interior area. The separately available storage yard may also be useful for additional material staging or storage, depending on the buyer’s or operator’s workflow.
The offering combines office and industrial space in one package, supported by the availability of an additional storage yard. The presence of both functional components can help streamline site operations by keeping administrative space on-site while reserving building and yard areas for day-to-day needs.
For tenants or buyers seeking a mixed-use industrial setup, the spec office provides room for administrative functions, while the warehouse/manufacturing portion supports operations requiring substantial interior area. The separately available storage yard may also be useful for additional material staging or storage, depending on the buyer’s or operator’s workflow.
Key Highlights
- ±43,586 SF available industrial facility with warehouse/manufacturing and office space
- Includes ±5,654 SF spec office
- Includes ±37,932 SF warehouse/manufacturing space
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
$478,679
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
4.49%
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%
$9,573,580
$9.6M
Cap Rate 7%
$6,838,271
$6.8M
Cap Rate 9%
$5,318,656
$5.3M
Market Conditions
NOI Build-Up for 43,586 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
$836.9K $19.20/SF
− Vacancy
−$100.4K −$2.30/SF
EGI
$736.4K $16.90/SF
− OpEx
−$257.8K −$5.91/SF
NOI
$478.7K $10.98/SF
Area
Phoenix, AZ
Vacancy
12.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
35.00%
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%
$9,573,580
Cap Rate 7%
$6,838,271
Cap Rate 9%
$5,318,656
Alternative Uses
Best Use
Flex RnD
$6.84M
$5.98M – $7.98M
NOI $478,679 @ 7.0% cap · market cap 4.49%
Second Best
Warehouse
$4.76M
$4.16M – $5.55M
NOI $332,922 @ 7.0% cap · market cap 3.13%
Theoretical Best
Office A
$13.20M
$11.55M – $15.40M
NOI $924,180 @ 7.0% cap · market cap 8.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,261
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85021, AZ
40,943
Population
18,136
Households
2.3
Avg Household Size
35
Median Age
33%
College-Educated
87%
High-School Grad
6.9 sq mi
ZIP Area
5,934
Density / Sq Mi
$58,481
Median Household Income
$38,147
Median Earnings
$1,221
Median Rent
$433,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Phoenix, AZ
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial facility offering warehouse/manufacturing space alongside a spec office for flexible business operations.
Where is this flex space located?
The property is located at 8804 N 23rd Ave Phoenix, AZ.
What is the asking price?
The asking price for this property is $10,650,000.
What are key features of this property?
This property features: ±43,586 SF available industrial facility with warehouse/manufacturing and office space; Includes ±5,654 SF spec office; Includes ±37,932 SF warehouse/manufacturing space
