Retail Building With
For Sale
Contact for pricing
1402 West Van Buren St, Phoenix, AZ 85007
Existing lease runs seven years from escrow closing, with no renewal options stated.
Property Size5,937 SF
Lot Size0.59 Acres
Price / SF$378.98
Days on Market12
Property Features for 1402 West Van Buren St
General Information
Standard status
Active
Size
5,937 SF
Lot size
0.59 Acres
Property subtype
Retail
Lease Type
Absolute NNN
Investment Type
Sale/Leaseback
Net Operating Income
$140,000
Additional Details
Highway Access
Yes
Building Details
Year Built
1941
Tenancy
Single
Listing Agency:
Rein & Grossoehme Commercial Real Estate
Listed By:
Nic Chavira · License #BR585772000
Source:
Crexi
Added: Jul 29
Changed: Aug 3
Last Checked: Aug 8 at 8:30AM
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 Rein & Grossoehme Commercial Real Estate
Investment Insights
Based on property information with market context.
Constructed in 1941, this retail property includes a 5,937-square-foot building on a 25,840-square-foot lot. The asset is offered with a lease to NutritionOne beginning when escrow closes and extending for seven years. The agreement does not include renewal options.
The property is in Phoenix, Arizona, near the I-10 and I-17 corridors and close to downtown. NutritionOne provides school meal catering across Phoenix, Tucson, Yuma, San Luis, and Lake Havasu, serving more than 72 schools according to the property information. The existing lease structure and defined term provide a clear framework for evaluating the property as an occupied retail asset.
The property is in Phoenix, Arizona, near the I-10 and I-17 corridors and close to downtown. NutritionOne provides school meal catering across Phoenix, Tucson, Yuma, San Luis, and Lake Havasu, serving more than 72 schools according to the property information. The existing lease structure and defined term provide a clear framework for evaluating the property as an occupied retail asset.
Key Highlights
- 5,937 SF building on a 25,840 SF lot
- Seven‑year lease begins upon close of escrow
- Lease has no renewal options
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
$67,101
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
2.98%
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%
$1,342,020
$1.3M
Cap Rate 7%
$958,586
$958.6K
Cap Rate 9%
$745,567
$745.6K
Market Conditions
NOI Build-Up for 5,937 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
$106.9K $18.00/SF
− Vacancy
−$11.0K −$1.85/SF
EGI
$95.9K $16.15/SF
− OpEx
−$28.8K −$4.84/SF
NOI
$67.1K $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%
$1,342,020
Cap Rate 7%
$958,586
Cap Rate 9%
$745,567
Alternative Uses
Best Use
Retail
$958.6K
$838.8K – $1.12M
NOI $67,101 @ 7.0% cap · market cap 2.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.80M
$1.57M – $2.10M
NOI $125,886 @ 7.0% cap · market cap 5.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,098
Businesses Nearby
Explore this area
Business Placement
Demographics for 85007, AZ
14,442
Population
5,981
Households
2.4
Avg Household Size
36
Median Age
27%
College-Educated
81%
High-School Grad
4.6 sq mi
ZIP Area
3,140
Density / Sq Mi
$55,833
Median Household Income
$43,375
Median Earnings
$1,079
Median Rent
$447,000
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?
Retail space - Existing lease runs seven years from escrow closing, with no renewal options stated.
Where is this retail space located?
The property is located at 1402 West Van Buren St Phoenix, AZ.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: 5,937 SF building on a 25,840 SF lot; Seven‑year lease begins upon close of escrow; Lease has no renewal options
