Flex Space with Office
New
For Sale
$2,000,000
Pending
9511 N Technology Drive, Fountain Hills, AZ 85268
Industrial condominium featuring office areas, a kitchen, and a bathroom alongside warehouse space.
Property Size7,941 SF
Days on Market3
Property Features for 9511 N Technology Drive
General Information
Standard status
Pending
Size
7,941 SF
Property subtype
COMMERCIAL
Taxes and HOA fees
Annual Taxes
$5,300
Building Details
Building Size
7,941 SF
Year Built
2007
Listing Agency:
MCO Realty
Listed By:
Cheryl Miller-Kelley · License #SA574514000
(480) 326-8392
Source:
Jcluxuryresidential
Added: Sep 1
Changed: Sep 3
Last Checked: Sep 2 at 9:14PM
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 MCO Realty
Investment Insights
Based on property information with market context.
This flex-space condominium was built in 2007 and combines front office space with warehouse functionality. The interior includes two separate offices, a kitchen, and a bathroom, providing a defined office component within the industrial layout.
The property is currently used for auto storage in the warehouse area. Its condominium format and blended office-warehouse configuration support a range of commercial space needs without overstating the existing improvements.
The property is currently used for auto storage in the warehouse area. Its condominium format and blended office-warehouse configuration support a range of commercial space needs without overstating the existing improvements.
Key Highlights
- Industrial condominium built in 2007
- Front office area with two separate offices
- Kitchen and bathroom included
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
$81,649
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
4.08%
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%
$1,632,980
$1.6M
Cap Rate 7%
$1,166,414
$1.2M
Cap Rate 9%
$907,211
$907.2K
Market Conditions
NOI Build-Up for 7,941 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
$110.5K $13.92/SF
− Vacancy
−$14.5K −$1.82/SF
EGI
$96.1K $12.10/SF
− OpEx
−$14.4K −$1.81/SF
NOI
$81.6K $10.28/SF
Area
Maricopa County, AZ
Vacancy
13.10%
Lease Rate
$13.92 /SF/Yr
Expense Ratio
15.00%
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%
$1,632,980
Cap Rate 7%
$1,166,414
Cap Rate 9%
$907,211
Alternative Uses
Best Use
Warehouse
$1.17M
$1.02M – $1.36M
NOI $81,649 @ 7.0% cap · market cap 4.08%
Second Best
Industrial
$904.6K
$791.6K – $1.06M
NOI $63,324 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$2.46M
$2.15M – $2.87M
NOI $171,946 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
288
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85268, AZ
24,031
Population
13,429
Households
1.8
Avg Household Size
61
Median Age
50%
College-Educated
97%
High-School Grad
20.5 sq mi
ZIP Area
1,172
Density / Sq Mi
$105,288
Median Household Income
$55,054
Median Earnings
$1,781
Median Rent
$576,700
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Flex space - Industrial condominium featuring office areas, a kitchen, and a bathroom alongside warehouse space.
Where is this flex space located?
The property is located at 9511 N Technology Drive Fountain Hills, AZ.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Industrial condominium built in 2007; Front office area with two separate offices; Kitchen and bathroom included
