Four-Bay Block Auto
For Sale
$624,999
Pending
11 W ILLINI Street, Phoenix, AZ 85041
Fenced yard and flexible commercial zoning support a range of automotive and commercial operations.
Property Size2,101 SF
Days on Market480
Property Features for 11 W ILLINI Street
General Information
Standard status
Pending
Size
2,101 SF
Property subtype
Commercial/Industrial
Additional Details
Fenced Yard
Yes
Service Bays
4
Taxes and HOA fees
Annual Taxes
$2,222
Building Details
Year Built
1965
Construction
solid block
Listing Agency:
Realty ONE Group
(602) 446-0125
Listed By:
Ana Velazquez · License #SA675450000
(602) 446-0125
Source:
Exitrealty
Added: May 9, 2025
Changed: Aug 30
Last Checked: Aug 30 at 4:02PM
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 Realty ONE Group
Investment Insights
Based on property information with market context.
Located at 11 W Illini Street in Phoenix, this 2,101-square-foot auto shop was built in 1965 and features solid block construction with four bays. The property also includes a secure fenced yard and zoning that permits flexible commercial use.
The site is positioned near light rail and within minutes of Downtown Phoenix, providing access to surrounding neighborhoods and the downtown area. An adjacent property is also available from the same owner, creating the potential to combine the parcels for a live/work or other multi-use configuration, subject to applicable approvals.
The site is positioned near light rail and within minutes of Downtown Phoenix, providing access to surrounding neighborhoods and the downtown area. An adjacent property is also available from the same owner, creating the potential to combine the parcels for a live/work or other multi-use configuration, subject to applicable approvals.
Key Highlights
- Four‑bay auto shop with 2,101 square feet
- Solid block construction; built in 1965
- Secure fenced yard included
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
$19,788
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
3.17%
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%
$395,760
$395.8K
Cap Rate 7%
$282,686
$282.7K
Cap Rate 9%
$219,867
$219.9K
Market Conditions
NOI Build-Up for 2,101 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
$31.5K $15.00/SF
− Vacancy
−$3.2K −$1.55/SF
EGI
$28.3K $13.46/SF
− OpEx
−$8.5K −$4.04/SF
NOI
$19.8K $9.42/SF
Area
ZIP 85041
Vacancy
10.30%
Lease Rate
$15.00 /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%
$395,760
Cap Rate 7%
$282,686
Cap Rate 9%
$219,867
Alternative Uses
Best Use
Retail
$282.7K
$247.4K – $329.8K
NOI $19,788 @ 7.0% cap · market cap 3.17%
Second Best
Flex RnD
$278.1K
$243.4K – $324.5K
NOI $19,469 @ 7.0% cap · market cap 3.12%
Theoretical Best
Office A
$635.1K
$555.7K – $740.9K
NOI $44,456 @ 7.0% cap · market cap 7.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Service bays
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
541
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85041, AZ
64,639
Population
19,729
Households
3.3
Avg Household Size
31
Median Age
19%
College-Educated
76%
High-School Grad
16.0 sq mi
ZIP Area
4,040
Density / Sq Mi
$70,555
Median Household Income
$40,006
Median Earnings
$1,612
Median Rent
$310,100
Median Home Value
Market
Vacancy Rate% for Industrial in Phoenix, AZ
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Tony's Auto Repair Ste 1 — 4501 S 7th Ave, Phoenix, AZ 85041
- Automotive diy — 4501 S 7th Ave Suite 9, Phoenix, AZ 85041
- J & C Accessories — 4501 S 7th Ave #6, Phoenix, AZ 85041
- C & S Tires Tune-Ups And More — 4425 S 7th Ave, Phoenix, AZ 85041
- Arellano Tire Shop — 4406 S 7th Ave, Phoenix, AZ 85041
Frequently Asked Questions
What type of property is this?
Auto shop - Fenced yard and flexible commercial zoning support a range of automotive and commercial operations.
Where is this auto shop located?
The property is located at 11 W ILLINI Street Phoenix, AZ.
What is the asking price?
The asking price for this property is $624,999.
What are key features of this property?
This property features: Four‑bay auto shop with 2,101 square feet; Solid block construction; built in 1965; Secure fenced yard included
