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    3330 2Nd St Phoenix, AZ 85004

    Sponsored
    For Lease
    $30 SF/Yr

    Midtown Phoenix medical office suites available.

    Lot size:
    50,778 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    408
    Invest in this prime Midtown Phoenix medical office building, the Osborn Medical Plaza. This Class B property, built in 1985, offers 50,778 square feet of space with multiple tenancy options. Suites range from a minimum of 604 square feet to a maximum contiguous space of 13,307 square feet, with 4,123 square feet currently vacant. The property sits on 1.79 acres of land (APN: 118-34-110) and is zoned P-2. Conveniently located at 3330 N 2nd St, Phoenix, AZ 85004, this building boasts an excellent central location with nearby retail and restaurants. Enjoy easy access to the Central Ave & Osborn light rail station. The building features a three-level, on-site parking garage with direct building access and a covered patient drop-off and pick-up area. Current common area renovations include new flooring and paint in lobbies and restrooms, along with garage improvements. Attractive tenant improvement packages are available. Professional on-site building management ensures a smooth operation. No elevators are present in this building.

    Property Features for 3330 2Nd St

    General Information

    Property type
    Medical offices
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    50,778 SF
    Class
    B
    Total Rate
    126945

    Building Details

    Year Built
    1985

    Unit(s) available at that property

    Space
    Ambulatory Surgery Center
    Size
    15,276 SF
    Rate per SF
    $30
    Space
    206
    Size
    1,625 SF
    Rate per SF
    $32
    Space
    Suite 101
    Size
    620 SF
    Rate per SF
    $32
    Space
    503
    Size
    620 SF
    Rate per SF
    $32
    Space
    207
    Size
    1,301 SF
    Rate per SF
    $32
    Space
    300
    Size
    11,002 SF
    Rate per SF
    $32

    We can help!

    Listing Contact
    Rachael Thompson
    Rachael Thompson

    Learn more

    Property Insight Report

    HighLights

    • Osborn Medical Plaza, a 50,778 SF Class B medical office building in Midtown Phoenix.
    • Features suites ranging from 604 SF to 13,307 SF contiguous, with 4,123 SF currently vacant.
    • Located at 3330 N 2nd St, Phoenix, AZ 85004, on 1.79 acres (APN: 118‑34‑110), zoned P‑2.
    • Offers a three‑level parking garage with covered drop‑off/pick‑up, and is undergoing common area renovations.
    • Includes a surgery center anchor tenant, on‑site sundry shop and pharmacy.
    Property Profile Location Intelligence

    Current Use by Public Records

    Denova Collaborative Health, ... Medical Clinic Banner Health Health Consultant Narayanan Vinodh MD Neurologist Affiliated Eye Surgeons Optometrist DM Clinical Research- ... Medical Clinic

    Suggested Use

    Restaurant Realty agency Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Law Firm Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.07215914138
    Latitude
    33.487550665785

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    FAQs

    What type of property is this?
    Medical office - Midtown Phoenix medical office suites available.
    Where is this medical office located?
    The property is located at 3330 2Nd St Phoenix, AZ.
    What is the lease rate?
    The lease rate is $30-$32 SF/Yr.
    What are key features of this property?
    This property features: Osborn Medical Plaza, a 50,778 SF Class B medical office building in Midtown Phoenix.; Features suites ranging from 604 SF to 13,307 SF contiguous, with 4,123 SF currently vacant.; Located at 3330 N 2nd St, Phoenix, AZ 85004, on 1.79 acres (APN: 118-34-110), zoned P-2.
    Request Owner's contact information
    3330 2Nd St Phoenix, AZ 85004
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    Phoenix, AZ 85004
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3330 2Nd St Phoenix, AZ 85004
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    We can help!
    Listing Contact
    Rachael Thompson
    Rachael Thompson
    Real Estate License ID: AZ SA545102000
    Learn more
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