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Property profile & analytics
FOR LEASE
Medical Office Space
926 East Mcdowell Rd Phoenix, AZ 85006
Individually Owned
4-yr Hold
~
Est. High Equity
Property ID
US07-0903319
For Lease
1 / 4
$29.50 SF/Yr
926 East Mcdowell Rd, Phoenix, AZ 85006
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Property summary
AI-generated overview
This exceptional Class A medical office building, located at 926 E McDowell Rd in Phoenix, Arizona, offers a prime opportunity for healthcare providers seeking flexible and modern space. The 51,465 square foot building, situated on a 2.4-acre lot, boasts a range of suite sizes, accommodating businesses needing anywhere from 1,210 to a maximum contiguous 3,840 square feet. Currently, 9,493 square feet of space is available for lease. Built in 1965 and extensively renovated in 2014, the property provides a comfortable and updated environment for patients and staff. Ample parking is available with 109 spaces. The building enjoys excellent tenant synergy, with existing occupants including a dialysis center, ENT, otology, OB/GYN, family practice, internal medicine, podiatry, neurology, dental practices, and Sonora Quest Labs. This location in Maricopa County offers easy access for patients and employees, making it an ideal location for a variety of medical practices. The property's multiple tenancy structure allows for a diverse range of medical professionals to thrive in a collaborative setting. This is a rare opportunity to secure high-quality medical office space in a thriving Phoenix healthcare hub. Contact us today to learn more about leasing options and availability.
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1965
Construction
CONCRETE
Total area
57,136 SF
Lot
1.95 ac (84,795 SF)
Zoning code
C-2
APN
117-32-112A
UPID
US07-0903319
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
United Methodist Church Church
-
Bruce A Spigner DDS Dental Office
-
United Health Corporate Office
-
Sonora Quest Laboratories Medical Laboratory Blood Testing Service
-
Dr Carlos Orrego Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$12.53M
Comparable Approach
Comparable
$13.69M
Blend (final)
Blend
$15.76M
Owner & transaction history
Nwi Grunow Memorial Medical Center · 4 yrs held
Nwi Grunow Memorial Medical Center
since 2022
Last sale
$17.9M
7 recorded transactions
Zoning & alternative use
C-2 · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The purpose C-2 zone is to provide commercial uses of medium intensity designed to be compatible with each other and to provide for a wide range of types of commercial activity within the district
Zone name
Intermediate Commercial
General category
COMMERCIAL
Zone area
13,095.06 ac
Source
Realmo
Top alternative use upside
Auto repair, garage
$24.1M
+59.2%
Office building
$17.1M
+13.1%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Phoenix submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Phoenix submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$19,290,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$13,575,000
6.5%
$12,530,000
7%
$11,635,000
Alternative Use
Use
Estimation
MEDICAL BUILDING
$15,165,000
Current use
AUTO REPAIR, GARAGE
$24,145,000
Change: +59% · Conversion: Difficult
OFFICE BUILDING
$17,145,000
Change: +13% · Conversion: Easy
WAREHOUSE, STORAGE
$14,830,000
Change: -2% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$14,545,000
Change: -4% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$12,570,000
Change: -17% · Conversion: Difficult
Blend value · Realmo final
$15.76M
Range $14.18M – $17.34M · ±10% · vs last sale $17.89M (Apr 14 2022)
Last sale anchor
$17.89M
Apr 14 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$276 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$35,323
Tax year 2023
Assessed value
$1,733,262
Assessed 2024
Previous assessed
$1,429,051
+21.3% YoY
Effective rate
2.04%
On assessed value
Land market value
$2,711,600
Improvement market value
$8,691,100
Total market value
$11,402,700
Applied tax rate
11,300.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Status
For Lease
Year built
1965
Construction
CONCRETE
Heating
PACKAGE
Cooling
YES
Buildings
2
Stories
2
Units
2
Total area
57,136 SF
Lot
1.95 ac (84,795 SF)
Zoning code
C-2
APN
117-32-112A
UPID
US07-0903319
Jurisdiction
MARICOPA
Zoning & alternative use
C-2 · Phoenix, AZZoning C-2 · permitted uses
C-2 · Phoenix, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The purpose C-2 zone is to provide commercial uses of medium intensity designed to be compatible with each other and to provide for a wide range of types of commercial activity within the district
Zone name
Intermediate Commercial
General category
COMMERCIAL
Zone area
13,095.06 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$15.2M
AUTO REPAIR, GARAGE
Est. value
$24.1M
OFFICE BUILDING
Est. value
$17.1M
WAREHOUSE, STORAGE
Est. value
$14.8M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$14.5M
INDUSTRIAL (GENERAL)
Est. value
$12.6M
MEDICAL BUILDING Current
AUTO REPAIR, GARAGE
OFFICE BUILDING
WAREHOUSE, STORAGE
NEIGHBORHOOD: SHOPPING CENTER
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1965
Construction
CONCRETE
Heating
PACKAGE
Cooling
Yes
Stories
2
Buildings
2
Units
2
Lot
1.95 ac
Current owner
From public records · entity-resolved
Nwi Grunow Memorial Medical Center
Individual
Mailing address
180 DUNDAS ST W STE 1100TH XX
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 14, 2022
$17,885,000
Nwi Grunow Memorial Medical Center
Hsre Mpcca Phoenix Mob LLC
Special Warranty Deed
$337,000 · Royal Bank Of Canada
Mar 29, 2019
$12,350,000
Hsre-mpcca Phoenix Mob LLC
Mpvaz Phoenix LLC
Trustees Deed
$10,145,000 · Capital One NA
Sep 8, 2017
$4,900,000
Mpvaz Phoenix LLC
Pv Grunow LLC
Grant Deed
$4,100,000 · Bank Of The West
Jan 31, 2014
$2,100,000
Pv Grunow LLC
Msci Series 2005-top17
Grant Deed
—
Jan 22, 2013
$3,740,909
Us Bank NA Series 2005-top17 Tr
Williams Craig K
Trustees Deed
related
—
Nov 1, 2004
—
Alsace LLC
Carlsberg Properties Ltd
Grant Deed
$3,700,000 · Morgan Stanley Mtg Capital INC
Sep 28, 1992
$530,000
Carlsberg Properties Ltd
Puget Sound Savi
Grant Deed
—
—
—
Pv Grunow LLC
—
Deed Of Trust
related
$3,510,000 · Western Alliance Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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