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    Corner Lot in Downtown Glendale Title is generated by Realmo AI

    5943 W GLENN Drive, Glendale, AZ 85301

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    Claim this Listing
    For Lease
    $5,000 /Mo

    Commercial land for rent in a high-visibility location.

    Type:Rental
    Lot size:
    0.37 Acres
    Added:
    Aug 21, 2024
    Days on Market:
    650
    Last Refresh:
    May 19 at 10:11 pm

    Property Features for 5943 W GLENN Drive

    General Information

    Standard status
    Active
    Lot size
    0.37 Acres
    Property subtype
    Rental

    Building Details

    Year Built
    1800

    We can help!

    Listing Contact
    Vivian Freitas
    Vivian Freitas

    Listing agent Vivian Freitas License #SA633580000

    Listing office eXp Realty

    Listing date Aug 21, 2024

    Source Exitrealty

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of eXp Realty

    HighLights

    • Prime commercial C3 Gold corner lot (16,600 sqft/.38 acres) in the heart of downtown Glendale with high visibility.
    • Located within the Centerline Overlay District, a City of Glendale rezoning initiative, offering significant redevelopment potential.
    • Flexible zoning with the city allows for a wide range of project types and no setbacks for commercial builds.
    • Situated in an Opportunity Zone, providing potential tax benefits for investors.
    • Three consecutive lots available, ideal for build‑to‑suit business needs.
    • Area poised for major redevelopment, presenting a timely investment opportunity.

    Overview

    This commercial property features a corner lot with high visibility from Glendale Avenue and Grand. The property consists of 16,600 square feet (0.38 acres) of commercial C3 Gold land located in the center of downtown Glendale. It falls under the designated Centerline Overlay District, a City of Glendale rezoning initiative. The parcel also falls under the Opportunity Zone Act program. The property offers an opportunity to make a statement in the heart of downtown Glendale. Just about any type of project can be built on the parcel, and there are no setbacks for commercial build. There are easements on both sides of the property. The city is flexible on zoning. This area is on its way to major redevelopment. Build to suit your business needs on these consecutive lots.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Glendale
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.1881578
    Latitude
    33.5395384

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    FAQs

    What type of property is this?
    Commercial land - Commercial land for rent in a high-visibility location.
    Where is this commercial land located?
    The property is located at 5943 W GLENN Drive Glendale, AZ.
    What is the lease rate?
    The lease rate is $5,000 /Mo.
    What are key features of this property?
    This property features: Prime commercial C3 Gold corner lot (16,600 sqft/.38 acres) in the heart of downtown Glendale with high visibility.; Located within the Centerline Overlay District, a City of Glendale rezoning initiative, offering significant redevelopment potential.; Flexible zoning with the city allows for a wide range of project types and no setbacks for commercial builds.
    (623) 738-7895
    We can help!
    Listing Contact
    Vivian Freitas
    Vivian Freitas
    Real Estate License ID: SA633580000
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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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    5943 W GLENN Drive, Glendale, AZ 85301
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