Medical Office Condo For
For Sale
$750,000
9179 W Thunderbird Rd #B-107, Peoria, AZ 85381
Fully built-out medical condo suitable for a variety of uses.
Property Size1,685 SF
Price / SF$445.10
Days on Market162
Property Features for 9179 W Thunderbird Rd #B-107
General Information
Standard status
Active
Size
1,685 SF
Class
B
Property subtype
Office
Building Details
Building Size
1,685 SF
Listed By:
Ryan Edwards
(480) 760-5044
Source:
Menlocre
Added: Mar 27
Changed: Sep 3
Last Checked: Sep 3 at 12:57AM
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 Ryan Edwards
Investment Insights
Based on property information with market context.
A fully built-out dental office is available for sale. Tenant improvements were completed within the last 3 years. The property offers a layout that can accommodate a variety of medical uses. The property has a size of 1685 square feet.
Key Highlights
- Fully built out dental office
- Available for sale
- Brand new tenant improvements (TI's) completed within the last 3 years
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
$25,284
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
3.37%
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%
$505,680
$505.7K
Cap Rate 7%
$361,200
$361.2K
Cap Rate 9%
$280,933
$280.9K
Market Conditions
NOI Build-Up for 1,685 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
$39.4K $23.40/SF
− Vacancy
−$5.7K −$3.39/SF
EGI
$33.7K $20.01/SF
− OpEx
−$8.4K −$5.00/SF
NOI
$25.3K $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%
$505,680
Cap Rate 7%
$361,200
Cap Rate 9%
$280,933
Alternative Uses
Best Use
Office B
$361.2K
$316.1K – $421.4K
NOI $25,284 @ 7.0% cap · market cap 3.37%
Second Best
Healthcare Medical
$329.4K
$288.2K – $384.3K
NOI $23,057 @ 7.0% cap · market cap 3.07%
Theoretical Best
Office A
$414.9K
$363.0K – $484.0K
NOI $29,040 @ 7.0% cap · market cap 3.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,381
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85381, AZ
27,008
Population
11,393
Households
2.4
Avg Household Size
40
Median Age
34%
College-Educated
95%
High-School Grad
6.7 sq mi
ZIP Area
4,031
Density / Sq Mi
$94,442
Median Household Income
$49,458
Median Earnings
$1,726
Median Rent
$407,900
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?
Medical Office Space - Fully built-out medical condo suitable for a variety of uses.
Where is this medical office space located?
The property is located at 9179 W Thunderbird Rd #B-107 Peoria, AZ.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Fully built out dental office; Available for sale; Brand new tenant improvements (TI's) completed within the last 3 years
