Value Add Strip Mall Property

3404 E Thomas Rd, Phoenix, AZ 85018

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For Sale

$3,500,000

Strip mall in high-traffic area with significant upside potential.

Type:Shopping Strip

Property size:

21,930 SF

Price / SF:

$159/SF

HighLights

High‑traffic location on Thomas Road with approximately 40,834 vehicles per day.
Significant upside potential through lease‑up of 2 vacant suites.
Below‑market rents averaging $8.00 per square foot compared to market rents of $18.00 per square foot.
Located directly across from 320 new multifamily units.
86% occupied.
Positioned near a dominant retail center anchored by Walmart and Home Depot.

We can help!

Listing Contact

Omar Rascon

Learn more

For Sale

$3,500,000

Strip mall in high-traffic area with significant upside potential.

Type:Shopping Strip

Property size:

21,930 SF

Price / SF:

$159/SF

Added:: Apr 3, 2026
Days on Market:: 69
Last Refresh:: Apr 3 at 4:53 am

Property Features for 3404 E Thomas Rd

General Information

Standard status: Active
Size: 21,930 SF
Property subtype: Shopping Strip

Building Details

Year Built: 1960

We can help!

Listing Contact

Omar Rascon

Listing agent Omar Rascon License #AZ: SA704894000

Listing office Phoenix Office

Listing date Apr 3, 2026

Source Marcusmillichap

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 Phoenix Office

HighLights

High‑traffic location on Thomas Road with approximately 40,834 vehicles per day.
Significant upside potential through lease‑up of 2 vacant suites.
Below‑market rents averaging $8.00 per square foot compared to market rents of $18.00 per square foot.
Located directly across from 320 new multifamily units.
86% occupied.
Positioned near a dominant retail center anchored by Walmart and Home Depot.

Overview

This strip mall property is located in a high-traffic retail corridor with frontage on Thomas Road, which sees approximately 40,834 vehicles per day. The property is situated directly across from 320 new multifamily units that are coming online. The center is 86% occupied and features below-market rents, averaging approximately $8.00 per square foot, while the market achieves closer to $18.00 per square foot. This creates near-term upside through lease-up and repricing. A neighborhood retail center anchored by a Walmart and a Home Depot is located down the road. The Walmart is in the 13th percentile and the Home Depot is in the 5th percentile for visitation, according to Placer.ai. The property's high-traffic setting and limited nearby retail supply support durable tenant demand and immediate upside. The property size is 21930 square feet.

Local Financial Insights For Retail

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$394.7k	$18.00
− Vacancy	−$40.7k	−$1.85
EGI	$354.1k	$16.15
− OpEx	−$106.2k	−$4.84
NOI	$247.9k	$11.30

21,930 SF · lease $18.00/SF/yr · vacancy 10.30% · expense 30.00%

Alternative Uses

Best Use

Retail

$3.54M

$3.10M – $4.13M (±1% cap)

NOI $247,857 @ 7.0% cap · market cap 7.08%

Second Best

—

no second resolved use

Theoretical Best

Office A

$6.64M

$5.81M – $7.75M (±1% cap)

NOI $464,995 @ 7.0% cap · market cap 13.29%

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

Location Intelligence

Current Use by Public Records

Strip malls

Suggested Use

Location Insight

Map
Local Demand

City: Phoenix
County: Maricopa
State: Arizona
Longitude: -112.0082415
Latitude: 33.4809819

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For sale
Strip malls
AZ
Phoenix
85018
3404 E Thomas Rd

What type of property is this?

Strip mall - Strip mall in high-traffic area with significant upside potential.

Where is this strip mall located?

The property is located at 3404 E Thomas Rd Phoenix, AZ.

What is the asking price?

The asking price for this property is $3,500,000.

What are key features of this property?

This property features: High‑traffic location on Thomas Road with approximately 40,834 vehicles per day.; Significant upside potential through lease‑up of 2 vacant suites.; Below‑market rents averaging $8.00 per square foot compared to market rents of $18.00 per square foot.

3404 E Thomas Rd, Phoenix, AZ 85018

Strip mall in high-traffic area with significant upside potential.

Property Features for 3404 E Thomas Rd

General Information

Building Details

We can help!

HighLights

Overview

Local Financial Insights For Retail

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Location Insight

Nearby Similar for Sale

Phoenix Behavioral Health Center

Licensed Assisted Living Residence

Phoenix Assisted Living Investment Property

Turnkey Phoenix Short-Term Rental

Multifamily Property with Three Buildings

Phoenix Duplex with Rental Potential

Cash Flowing Phoenix Fourplex

Phoenix Multifamily Investment Opportunity

Phoenix Multifamily Investment Opportunity

New Duplex Near Downtown Phoenix

Turnkey Phoenix Duplex Investment

Renovated Triplex with Side Yard

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