Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    3102-3104 Indian School Rd Phoenix, AZ 85016
    Back to Search
    Property profile & analytics

    3102-3104 Indian School Rd Phoenix, AZ 85016

    View on Map
    • Office properties & Spaces
    • 4,095 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Supreme Garage Door's I᠎nsta᠎llatio᠎n / Hardware & Home Improvement / Production Facility

    Property Details for 3102-3104 Indian School Rd

    Property size
    4,095 SF
    Property type
    Office properties & Spaces
    Property subtype
    Medical Office Space

    Description

    This exceptional medical office building, Heritage Park Medical Plaza, located at 3102-3104 E Indian School Rd, Phoenix, AZ 85016 (cross streets: 32nd Street & Indian School Road), offers a prime opportunity for medical professionals. The entire 4,095 square foot building is currently vacant and available for lease. The property is zoned C-2 by the City of Phoenix and situated in the desirable Arcadia submarket of Maricopa County. Flexible space options are available, ranging from a minimum of 1,390 square feet to a maximum contiguous space of 2,705 square feet. The building features two suites in total. A spec suite is available, offering a fully built-out space including a reception/lobby area, four exam/office rooms, a breakroom, and a bathroom. Existing millwork and plumbing are in place. Ample parking is provided, with a ratio of 4.2 spaces per 1,000 square feet. This is an ideal location for medical practices seeking a move-in ready space in a thriving area. Contact us today to learn more about this exceptional opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.016
    Latitude
    33.4952

    Comparable in this City

    • Value Estimation by Request
      30,798 SF

      1910 Thomas Rd

      Medical Office Space • 30,798 SF
      1910 Thomas Rd, Phoenix, AZ 85016
      View Details
    • Value Estimation
      $6,385,000
      33,771 SF

      2929 Thomas Rd

      MEDICAL BUILDING • 33,771 SF
      2929 Thomas Rd, Phoenix, AZ 85016-8034
      View Details
    • Value Estimation
      $1,980,000
      12,930 SF

      1701 Thomas Rd Ste, Unit 105

      MEDICAL BUILDING • 12,930 SF
      1701 Thomas Rd Ste, Phoenix, AZ 85016-7672
      View Details
    • Value Estimation
      $11,055,000
      28,280 SF

      4800 22nd St

      MEDICAL BUILDING • 28,280 SF
      4800 22nd St, Phoenix, AZ 85016-4701
      View Details
    • Value Estimation
      $500,000
      1,775 SF

      4021 24th St

      MEDICAL BUILDING • 1,775 SF
      4021 24th St, Phoenix, AZ 85016-6232
      View Details
    • Value Estimation by Request

      1910 E Thomas Rd

      Medical/Dental space available
      1910 E THOMAS RD, PHOENIX, AZ 85016, MARICOPA COUNTY, PHOENIX, AZ 85016
      View Details

    Similar Nearby for Sale

    • $4,256,775
      18,919 SF

      Biltmore Office Plaza: Phoenix Investment

      18,919 SF Office Building, Excellent Leaseback Opportunity
      2942 24Th St, Phoenix, AZ 85016
      View Details
    • Contact for pricing
      5,000 SF

      Renovated Phoenix Office Building

      5,000 SF renovated office building in prime Phoenix location.
      3825 N 24Th St, Phoenix, AZ 85016
      View Details
    • Contact for pricing
      2,412 SF

      Unique Camelback Corridor Office Building

      Distinctive office building with secured parking in Camelback Corridor.
      4445 N 24Th St, Phoenix, AZ 85016
      View Details
    • $6,150,000

      Prime Camelback Corridor Location

      Located near AZ-51, CBD & Sky Harbor.
      1934 E Camelback Rd, Phoenix, AZ 85016
      View Details
    • Contact for pricing
      15,510 SF

      Phoenix Office Building For Rent

      15,510 SF office building with parking and signage.
      1802 E Thomas Rd, Phoenix, AZ 85016
      View Details
    • $995,000

      Creative Space with Patio

      Open creative space with a patio available for sale.
      3123 E Thomas Rd, Phoenix, AZ 85016
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Arcadia/Biltmore Medical Office Space

      Medical office space with tenant improvements and signage available.
      3102-3104 E Indian School Rd, Phoenix, AZ 85016
      View Details
    • Contact for pricing

      Medical Office in Biltmore Area

      Medical office space in a prime Phoenix location for rent.
      4602 N 16Th St, Phoenix, AZ 85016
      View Details
    • Contact for pricing

      Redevelopment Opportunity on Indian School

      Redevelopment opportunity for various commercial uses.
      1710 E Indian School Rd, Phoenix, AZ 85016
      View Details
    • Contact for pricing

      4105 N 20th St, Phoenix, AZ 85016

      Medical Office Space
      4105 N 20Th St, Phoenix, AZ 85016
      View Details
    • Contact for pricing

      Office Space For Lease

      Office space available for lease in Phoenix, Arizona.
      3133 E Camelback Rd, Phoenix, AZ 85016
      View Details
    • $20 SF/Yr

      Plaza Executive Suites @ Biltmore Office Plaza

      Biltmore Office Plaza
      2942 N 24Th St, Phoenix, AZ 85016
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3102-3104 Indian School Rd
    Phoenix, AZ 85016
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    3102-3104 Indian School Rd, Phoenix, AZ, 85016
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!