6739 W Cactus Rd 15,187 SF Retail Building Peoria, AZ 85381 $4,500,000 ($296.31/SF) 7.40% Cap Rate

Adaptive Reuse Medical / Office Opportunity
Former Walgreens Conversion
Property Overview
Property Type: Office / Medical?Total Building Size: 15,187 SF?Built-Out Space: 10,187 SF (Telemedicine / Office)?Available Shell Space: 5,000 SF?Zoning: General Commercial (GC)?Price: $4,500,000
This property is a former Walgreens building that has been partially converted into professional medical/office space, with the remaining shell space providing a value-add leasing opportunity.
Financial Overview
Metric Amount
Asking Price $4,500,000
Total Building Size 15,187 SF
Price Per SF $296/SF
Market Rent $22/SF
Potential Stabilized Income $334,114
Projected Stabilized Cap Rate 7.4%
Income Analysis
Built-Out Space Income Potential
10,187 SF × $22/SF
= $224,114 per year
Shell Space Income Potential
5,000 SF × $22/SF
= $110,000 per year
Total Stabilized Income
$224,114 + $110,000
= $334,114 annually
Stabilized Cap Rate
Cap Rate Formula
NOI ÷ Purchase Price
$334,114 ÷ $4,500,000
= 7.42% Cap Rate
Value-Add Component
Approximately 5,000 SF remains as shell space, allowing an investor to create additional value through leasing or build-out.
Space Income Potential
Existing built-out space $224,114
Lease-up of shell $110,000
Total stabilized income $334,114
Investment Highlights
• Former Walgreens adaptive reuse building?• 10,187 SF fully built-out telemedicine / office space?• 5,000 SF shell value-add opportunity?• Strong $22/SF office/medical rental market?• Large floorplate building difficult to replicate today?• Attractive $296/SF acquisition price
Ideal Users
The property is well suited for:
• Telemedicine providers?• Behavioral health clinics?• Urgent care / specialty medical?• Professional office users?• Education / training centers?• Government agencies