Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    8487 Washington St Peoria, AZ 85345

    • Office space
    • 1,832 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-0828365
    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.

    Current Use by Public Records

    • Office space

    Property Details for 8487 Washington St

    Year built
    2017
    Property size
    1,832 SF
    Property type
    Office space
    APN
    142-41-056

    Description

    This exceptional 1,832 square foot creative office space, built in 2017, presents a unique owner-user opportunity in the heart of downtown Peoria, Arizona. Located on a 7,000 square foot lot at 8487 W Washington St, 85345, this fee-simple property boasts a modern design and versatile layout, perfect for a blend of residential and commercial use. The single-story building features five parking spaces and is zoned CC. The interior includes a spacious open floor plan, granite countertops, stainless steel appliances, ceramic tile flooring, and dual-pane windows. The master suite offers a walk-in closet and tiled shower. Four large bedrooms, two with built-in desks, cater to both work and living needs. Outdoor amenities include an entertainer's backyard with a gazebo and pavers. Interior features include a two-car garage with epoxy flooring, an in-ground safe, and a surveillance system. The asking price is $700,000, translating to $382.10 per square foot. This property offers significant mixed-use potential in a high-demand downtown location, making it an attractive investment for a discerning buyer. The property is currently vacant. The APN is 142-41-056.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Peoria
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.241704
    Latitude
    33.5801895

    Comparable in this City

    • $799,000
      3,105 SF

      Flex Industrial Condo For Sale

      Flex industrial condo with freeway frontage, restrooms with showers.
      9299 W Olive Ave, Peoria, AZ 85345
      View Details
    • $1,650,000
      5,740 SF

      Industrial Property with Outside Storage

      Warehouse with outside storage and high visibility in Peoria.
      9117-9123 W Grand Ave, Peoria, AZ 85345
      View Details
    • $940,000
      3,200 SF

      Medical Office with Kennel Area

      3200 SF medical office featuring treatment and kennel areas.
      9875 W Peoria Ave, Peoria, AZ 85345
      View Details
    • $1,300,000

      Commercial Land For Sale

      0.54 acres of commercial land with C-3 zoning.
      722 Grand Ave, Peoria, AZ 85345
      View Details
    • Contact for pricing
      6 SF

      Land Available Near Freeway

      Approximately 5.5 acres of net developable land for sale.
      95th Ave & Olive Ave, Peoria, AZ 85345
      View Details
    • Contact for pricing

      Peoria Land Parcel Near Loop

      Land parcel available near Loop 101 in Peoria, Arizona.
      10649 N 91St Ave, Peoria, AZ 85345
      View Details

    Similar Nearby for Sale

    • $799,000
      3,105 SF

      Flex Industrial Condo For Sale

      Flex industrial condo with freeway frontage, restrooms with showers.
      9299 W Olive Ave, Peoria, AZ 85345
      View Details
    • $1,650,000
      5,740 SF

      Industrial Property with Outside Storage

      Warehouse with outside storage and high visibility in Peoria.
      9117-9123 W Grand Ave, Peoria, AZ 85345
      View Details
    • $940,000
      3,200 SF

      Medical Office with Kennel Area

      3200 SF medical office featuring treatment and kennel areas.
      9875 W Peoria Ave, Peoria, AZ 85345
      View Details
    • $1,300,000

      Commercial Land For Sale

      0.54 acres of commercial land with C-3 zoning.
      722 Grand Ave, Peoria, AZ 85345
      View Details
    • Contact for pricing
      6 SF

      Land Available Near Freeway

      Approximately 5.5 acres of net developable land for sale.
      95th Ave & Olive Ave, Peoria, AZ 85345
      View Details
    • Contact for pricing

      Peoria Land Parcel Near Loop

      Land parcel available near Loop 101 in Peoria, Arizona.
      10649 N 91St Ave, Peoria, AZ 85345
      View Details

    Similar Nearby for Lease

    • $32 SF/Yr
      1,750 SF

      Peoria Office Space For Rent

      Office space in Peoria's central district with modern layouts.
      14100 83Rd Ave, Peoria, AZ 85345
      View Details
    • $16 SF/Yr
      3,105 SF

      Peoria Industrial Office For Lease

      Industrial office space available for lease near Loop 101.
      9299 W Olive Ave Bldg 2, Peoria, AZ 85345
      View Details
    • Contact for pricing
      1,800 SF

      Retail Space in Peoria, Arizona

      Retail spaces available in a high-traffic community center.
      6811-6821 W Peoria Ave, Peoria, AZ 85345
      View Details
    • Contact for pricing
      15,497 SF

      Peoria Retail Center Investment Opportunity

      Prime Peoria Retail Space Available
      7549 Cactus Rd, Peoria, AZ 85345
      View Details
    • Contact for pricing
      63,223 SF

      Santana Village Retail Center

      Peoria, AZ Retail Space Available
      7539 Peoria Ave, Peoria, AZ 85345
      View Details
    • $24 SF/Yr
      1,648 SF

      Retail Space in High-Density Area

      Retail space available in established, high-traffic Peoria neighborhood.
      7315 W Pamela Ln, Peoria, AZ 85345
      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.
    8487 Washington St
    Peoria, AZ 85345
    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

    Google sign-in failed. Please try again or use another login method.