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    15800 Litchfield Rd Surprise, AZ 85374-5514
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    Property profile & analytics

    15800 Litchfield Rd Surprise, AZ 85374-5514

    View on Map
    • Medical Office Space
    • 14,815 SF
    Off-Market
    Property ID
    US07-2362126
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $7,420,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Medical Office Space

    Property Details for 15800 Litchfield Rd

    Year built
    2017
    Property size
    14,815 SF
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    501-18-678
    APU
    50118678

    Description

    Exceptional investment opportunity: Marketplace at the City, a premier single-story medical office building, presents a compelling investment prospect. Located at 15800 N Litchfield Rd in Surprise, Arizona (zip code 85379, Maricopa County), this 26,200 square foot building sits on a 3.26-acre lot. Constructed in 2017, the property features a single, one-story building with three units and is currently 100% occupied, with an occupancy date extending to November 19, 2024. The property boasts a strong Net Operating Income (NOI) of $735,096, and an asking price of $11,852,000. The building is zoned PAD and features a weighted average lease term (WALT) of 7.1 years. A key tenant is Banner Health, a major Arizona health system, providing stability and strong rental income. This stabilized investment offers a significant return on investment with its prime location, high occupancy rate, and reputable tenant base. The property's APN is 501-18-545. This is a rare opportunity to acquire a high-performing medical office building in a thriving Arizona market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $7,421,000
      Market price range: $2.66M - $7.42M
      AI Estimate
      $7,421,000
      Market price range: $2.66M - $7.42M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $5,745,000
      Current use
      COMMERCIAL (GENERAL)
      $11,890,000
      Change: +107% Conversion: Easy
      RESTAURANT
      $8,445,000
      Change: +47% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $6,580,000
      Change: +14% Conversion: Difficult
      RETAIL STORES
      $4,985,000
      Change: -13% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $4,680,000
      Change: -19% Conversion: Difficult

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Surprise
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.358
    Latitude
    33.6408
    CBSA code
    38060
    CBSA name
    PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $62,762
    $0.00
    $0.00
    $1,113,250
    -
    $1,741,000
    $5,005,968
    $6,746,968

    Comparable in this City

    • Value Estimation
      $2,870,000
      5,733 SF

      14843 Bell Rd Ste, Unit 100

      MEDICAL BUILDING • 5,733 SF
      14843 Bell Rd Ste, Surprise, AZ 85374-7616
      View Details
    • Value Estimation
      $3,455,000
      10,862 SF

      13991 Grand Ave Ste, Unit 100

      MEDICAL BUILDING • 10,862 SF
      13991 Grand Ave Ste, Surprise, AZ 85374-3065
      View Details
    • Value Estimation
      $2,865,000
      5,721 SF

      14873 Bell Rd Ste, Unit 102

      MEDICAL BUILDING • 5,721 SF
      14873 Bell Rd Ste, Surprise, AZ 85374-7609
      View Details
    • Value Estimation
      $4,020,000
      10,862 SF

      13967 Grand Ave Ste, Unit 102

      MEDICAL BUILDING • 10,862 SF
      13967 Grand Ave Ste, Surprise, AZ 85374-3732
      View Details
    • Value Estimation
      $2,865,000
      5,721 SF

      14873 Bell Rd Ste, Unit 103

      MEDICAL BUILDING • 5,721 SF
      14873 Bell Rd Ste, Surprise, AZ 85374-7606
      View Details
    • Value Estimation
      $3,790,000
      7,569 SF

      15264 Brookside Ln Ste, Unit 155

      MEDICAL BUILDING • 7,569 SF
      15264 Brookside Ln Ste, Surprise, AZ 85374-3997
      View Details

    Similar Nearby for Sale

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      2,769 SF

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      Well-equipped medical office space with covered parking and prime location.
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    • $780,000

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      Commercial land with utilities and parking in Surprise, Arizona.
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    • $475,000
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      Land in Surprise, Arizona

      Vacant land with existing well and electric in Surprise.
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      Land for Sale

      Land available for purchase.
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    Similar Nearby for Lease

    • $28 SF/Yr
      10,783 SF

      Medical Office in Surprise, Arizona

      Modern medical office space in Surprise entertainment district for rent.
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      View Details
    • Contact for pricing
      3,231 SF

      Healthcare Property Available For Rent

      Healthcare property with 3,231 square feet available for rent.
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      View Details
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      6,783 SF

      Surprise Office Space Available

      Office spaces for rent in Surprise, Arizona.
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    • Contact for pricing

      Class A Medical Office Space

      Medical/professional office park in Surprise, Arizona's entertainment district.
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      View Details
    • $27 SF/Yr
      5,057 SF

      Two-Story Office Complex For Rent

      32,500 SF office complex near Banner Del E. Webb Medical Center.
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    • Contact for pricing
      4,722 SF

      Executive Office Suite, Surprise, AZ

      Modern Office Space, Ample Parking, 4722 sqft
      13926 Bell Rd, Surprise, AZ 85374
      View Details
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    15800 Litchfield Rd
    Surprise, AZ 85374-5514
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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
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