Mixed-Use Entertainment
For Sale
$3,300,000
130-132 E WASHINGTON Street, Phoenix, AZ 85004
Two existing nightclubs offer interim use, with redevelopment potential for a new restaurant, bar, or nightlife concept.
Property Size13,850 SF
Price / SF$238.27
Days on Market168
Property Features for 130-132 E WASHINGTON Street
General Information
Standard status
Active
Size
13,850 SF
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$5,110
Building Details
Year Built
1900
Listing Agency:
R.O.I. Properties
(602) 319-1326
Listed By:
Beth Jo Zeitzer · License #BR044331000
(602) 319-1326
Source:
Exitrealty
Added: Feb 24
Changed: Aug 8
Last Checked: Aug 11 at 5:47AM
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 R.O.I. Properties
Investment Insights
Based on property information with market context.
This property at 130-134 E Washington Street currently operates as two established nightclubs, creating an entertainment-focused setup that can support interim use. The offering also lends itself to redevelopment or reconfiguration for a new restaurant, bar, or nightclub concept, depending on the direction an operator chooses.
The location is described as being at Central and Washington, directly across from Block 23. The property is also noted as being steps from dining and entertainment, with proximity to major sporting venues and the convention center. Public remarks further indicate high foot traffic, along with light rail access and a vibrant surrounding atmosphere.
For buyers and operators, the combination of existing nightclub operations and a nearby, entertainment-heavy environment can support a range of plans, from continuing operations to transitioning the space toward a refreshed hospitality concept. The immediate area is also described as having multiple major development projects underway, which may be relevant to buyers evaluating how the surrounding mix could evolve over time.
The location is described as being at Central and Washington, directly across from Block 23. The property is also noted as being steps from dining and entertainment, with proximity to major sporting venues and the convention center. Public remarks further indicate high foot traffic, along with light rail access and a vibrant surrounding atmosphere.
For buyers and operators, the combination of existing nightclub operations and a nearby, entertainment-heavy environment can support a range of plans, from continuing operations to transitioning the space toward a refreshed hospitality concept. The immediate area is also described as having multiple major development projects underway, which may be relevant to buyers evaluating how the surrounding mix could evolve over time.
Key Highlights
- Built in 1900 property with two established nightclubs providing interim use.
- Two existing nightclubs offer interim income while supporting redevelopment for a new restaurant, bar, or nightclub concept.
- Located at Central and Washington, directly across from Block 23.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$206,420
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.26%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,128,400
$4.1M
Cap Rate 7%
$2,948,857
$2.9M
Cap Rate 9%
$2,293,556
$2.3M
Market Conditions
NOI Build-Up for 13,850 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$299.2K $21.60/SF
− Vacancy
−$23.9K −$1.73/SF
EGI
$275.2K $19.87/SF
− OpEx
−$68.8K −$4.97/SF
NOI
$206.4K $14.90/SF
Area
Phoenix, AZ
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,128,400
Cap Rate 7%
$2,948,857
Cap Rate 9%
$2,293,556
Alternative Uses
Best Use
Specialty Retail
$2.95M
$2.58M – $3.44M
NOI $206,420 @ 7.0% cap · market cap 6.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.20M
$3.67M – $4.89M
NOI $293,670 @ 7.0% cap · market cap 8.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,976
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85004, AZ
8,833
Population
6,455
Households
1.4
Avg Household Size
32
Median Age
59%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
4,206
Density / Sq Mi
$71,250
Median Household Income
$46,376
Median Earnings
$1,759
Median Rent
$365,500
Median Home Value
Market
Vacancy Rate% for Retail in Phoenix, AZ
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Night club - Two existing nightclubs offer interim use, with redevelopment potential for a new restaurant, bar, or nightlife concept.
Where is this night club located?
The property is located at 130-132 E WASHINGTON Street Phoenix, AZ.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: Built in 1900 property with two established nightclubs providing interim use.; Two existing nightclubs offer interim income while supporting redevelopment for a new restaurant, bar, or nightclub concept.; Located at Central and Washington, directly across from Block 23.
