501 Gateway — Sale in Phoenix, AZ

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Office
  • Location: Phoenix, AZ 85008
  • Size: 102,305 SF

Description

Four-story institutional-quality office project totaling ??102,305 square feet (SF) and adjacent four-story parking garage.??76% leased to a diverse mix of high-quality tenants.Outstanding near-term leasing success. Despite being in shell condition, 12,365 SF (12% of the building) was leased to two tenants in the 2nd quarter.Over $5.1 million invested in renovations, building systems upgrades and tenant improvements from 2016 to present.Flexible L-shaped floor plates, which are perfectly suited to efficiently accommodate both large and small tenants.Buildings with floor plates accommodative to smaller tenants (up to 30,000 SF, divisible to 3,500-5,000 SF) within a 3-mile radius of 501 Gateway boast a healthy ??13.7% vacancy rate.Significant tax savings potential from pending appeal (not modeled herein, call Cushman & Wakefield team for details).Exceptional value with pricing at approximately a fraction of replacement cost. Recreating a building of this size and quality would exceed ??$500/SF.Expansive window lines provide majestic views from upper floors of the Papago Buttes, Camelback Mountain, and Sky Harbor International Airport.True — transit — location within walking distance of the Metro Light Rail, four (4) different freeways within five (5) miles of the property, and near-immediate vehicular and rail access to the Sky Harbor International Airport.Strategically located at the northwest border of Downtown Tempe, benefiting from access to Tempe — s Mill Avenue Entertainment District, a 24/7 live-work-play urban hotspot, and its other amenities.

Market Context

This office in Phoenix, AZ is listed for sale across 102,305 SF. It has been on the market for 239 days. Compare it against other office listings for sale in Phoenix, AZ — view the full market.

As of Q1 2026, the Phoenix office market showed cap rates around 7.2%. Source: multiple brokerage reports, Q1 2026.

Office market FAQ

What is the typical cap rate for office in Phoenix?
About 7.2% as of Q1 2026, per multiple brokerage reports.

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