Remodeled Office Condominium
For Sale
$685,000
G-7220 N 16th St, Phoenix, AZ 85034
Completely remodeled office suite with seven private offices, reception area, conference room, and break room.
Property Size2,238 SF
Price / SF$306.08
Days on Market95
Property Features for G-7220 N 16th St
General Information
Standard status
Active
Size
2,238 SF
Total Parking Spaces
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,715
Listing Agency:
Platinum Realty Network
(480) 326-6521
Listed By:
Pete Baldwin · License #BR537748000
(480) 326-6521
Source:
Exprealty
Added: May 30
Changed: Aug 20
Last Checked: Aug 31 at 6:40PM
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 Platinum Realty Network
Investment Insights
Based on property information with market context.
This completely remodeled office condominium is move-in ready and designed with a functional, professional layout. The suite includes seven private offices, a welcoming reception area with waiting space, a spacious conference room, and a fully equipped break room/kitchenette. Updated finishes throughout feature modern lighting, flooring, and fixtures.
The building offers two first-level parking garage spaces and a two-story parking structure with covered parking on the top deck, along with plenty of additional lot parking. The property is adjacent to a canal with immediate access to the walking/jogging path.
The suite is suited for owner-users and also offers an office configuration that can support a range of professional needs.
The building offers two first-level parking garage spaces and a two-story parking structure with covered parking on the top deck, along with plenty of additional lot parking. The property is adjacent to a canal with immediate access to the walking/jogging path.
The suite is suited for owner-users and also offers an office configuration that can support a range of professional needs.
Key Highlights
- Completely remodeled office condominium/suite with 7 private offices, reception area with waiting space, and a spacious conference room
- Fully equipped break room/kitchenette plus updated finishes throughout, including modern lighting, flooring, and fixtures
- Efficient, professional floor plan designed for both private workspaces and collaborative areas
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
$38,312
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
5.59%
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%
$766,240
$766.2K
Cap Rate 7%
$547,314
$547.3K
Cap Rate 9%
$425,689
$425.7K
Market Conditions
NOI Build-Up for 2,238 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
$68.8K $30.72/SF
− Vacancy
−$17.7K −$7.90/SF
EGI
$51.1K $22.82/SF
− OpEx
−$12.8K −$5.71/SF
NOI
$38.3K $17.12/SF
Area
Phoenix, AZ
Vacancy
25.70%
Lease Rate
$30.72 /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%
$766,240
Cap Rate 7%
$547,314
Cap Rate 9%
$425,689
Alternative Uses
Best Use
Office B
$547.3K
$478.9K – $638.5K
NOI $38,312 @ 7.0% cap · market cap 5.59%
Second Best
Healthcare Medical
$455.8K
$398.8K – $531.8K
NOI $31,905 @ 7.0% cap · market cap 4.66%
Theoretical Best
Office A
$677.9K
$593.2K – $790.9K
NOI $47,454 @ 7.0% cap · market cap 6.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,037
Businesses Nearby
Explore this area
Business Placement
Demographics for 85034, AZ
5,033
Population
2,901
Households
1.7
Avg Household Size
32
Median Age
32%
College-Educated
81%
High-School Grad
11.6 sq mi
ZIP Area
434
Density / Sq Mi
$53,545
Median Household Income
$43,236
Median Earnings
$1,205
Median Rent
$397,400
Median Home Value
Market
Vacancy Rate% for Office in Phoenix, AZ
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Completely remodeled office suite with seven private offices, reception area, conference room, and break room.
Where is this office units located?
The property is located at G-7220 N 16th St Phoenix, AZ.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: Completely remodeled office condominium/suite with 7 private offices, reception area with waiting space, and a spacious conference room; Fully equipped break room/kitchenette plus updated finishes throughout, including modern lighting, flooring, and fixtures; Efficient, professional floor plan designed for both private workspaces and collaborative areas
