Two-Tenant NNN Strip
New
For Sale
$2,909,092
4611 E Chandler Blvd, Phoenix, AZ 85048
Fully leased retail property with established occupants, contractual rent increases, and renewal options under NNN leases.
Property Size9,000 SF
Price / SF$323.23
Days on Market3
Property Features for 4611 E Chandler Blvd
General Information
Standard status
Active
Size
9,000 SF
Property subtype
Shopping Strip
Occupancy
100%
Site & Location
Anchor Co-Tenants
Thrive Autism Services
Highway Access
Yes
Additional Details
Cap Rate
6.5%
Amenities
100% Occupied Two-Tenant Retail Center with NNN Leases
New Six-Year Thrive Autism Services Lease with 3% Annual Rent Increases
Affluent Ahwatukee Location with Average Household Income of $137,837 Within Five Miles
Positioned as an Outparcel to Kohl's Near Established National Retailers
Building Details
Building Size
9,000 SF
Year Built
2007
Tenancy
Multi
Listing Agency:
(602) 687-6762
Listed By:
ORascon Rascon · License #License(s): AZ: SA704894000
(602) 687-6762
Source:
Marcusmillichap
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 12:11PM
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 ORascon Rascon
Investment Insights
Based on property information with market context.
This 9,000-square-foot strip center was built in 2007 and is fully leased to two retail-oriented occupants under NNN lease structures. One tenant recently signed a new six-year lease, while the other has approximately four years remaining on its current term. Each lease includes two five-year renewal options and contractual rental increases.
The property operates as an outparcel to a Kohl’s store at 4611 E Chandler Boulevard in Phoenix. It offers visibility along Chandler Boulevard, immediate Interstate 10 access, and proximity to national retailers and established residential neighborhoods. The reported cap rate is 6.50%.
The property operates as an outparcel to a Kohl’s store at 4611 E Chandler Boulevard in Phoenix. It offers visibility along Chandler Boulevard, immediate Interstate 10 access, and proximity to national retailers and established residential neighborhoods. The reported cap rate is 6.50%.
Key Highlights
- 9,000 SF two‑tenant strip center built in 2007
- Fully leased under NNN lease structures
- One tenant executed a new six‑year lease
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
$101,720
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
3.50%
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%
$2,034,400
$2.0M
Cap Rate 7%
$1,453,143
$1.5M
Cap Rate 9%
$1,130,222
$1.1M
Market Conditions
NOI Build-Up for 9,000 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
$162.0K $18.00/SF
− Vacancy
−$16.7K −$1.85/SF
EGI
$145.3K $16.15/SF
− OpEx
−$43.6K −$4.84/SF
NOI
$101.7K $11.30/SF
Area
Phoenix, AZ
Vacancy
10.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,034,400
Cap Rate 7%
$1,453,143
Cap Rate 9%
$1,130,222
Alternative Uses
Best Use
Retail
$1.45M
$1.27M – $1.70M
NOI $101,720 @ 7.0% cap · market cap 3.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.73M
$2.39M – $3.18M
NOI $190,832 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,221
Businesses Nearby
Explore this area
Business Placement
Demographics for 85048, AZ
34,524
Population
14,369
Households
2.4
Avg Household Size
42
Median Age
62%
College-Educated
98%
High-School Grad
10.1 sq mi
ZIP Area
3,418
Density / Sq Mi
$123,198
Median Household Income
$70,210
Median Earnings
$1,995
Median Rent
$538,500
Median Home Value
Market
Vacancy Rate% for Retail in Phoenix, AZ
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Fully leased retail property with established occupants, contractual rent increases, and renewal options under NNN leases.
Where is this strip mall located?
The property is located at 4611 E Chandler Blvd Phoenix, AZ.
What is the asking price?
The asking price for this property is $2,909,092.
What are key features of this property?
This property features: 9,000 SF two‑tenant strip center built in 2007; Fully leased under NNN lease structures; One tenant executed a new six‑year lease
