Configurable Multi-Tenant Retail
For Sale
$1,200,000
14045 W Grand Ave, Surprise, AZ 85374
6,132 SF retail building features an open-concept layout and can be reconfigured for single or multi-tenant occupancy.
Property Size109,065 SF
Price / SF$195.69
Days on Market50
Property Features for 14045 W Grand Ave
General Information
Standard status
Active
Size
109,065 SF
Property subtype
Commercial
Building Details
Building Size
109,065 SF
Listing Agency:
Matthews Real Estate Investment Services | Phoenix
Listed By:
Hudson DeJean · License #SA704485000 (AZ)
(602) 218-5242
Source:
Matthews
Added: Jul 25
Changed: Sep 8
Last Checked: Sep 12 at 3:25AM
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 Matthews Real Estate Investment Services | Phoenix
Investment Insights
Based on property information with market context.
This 6,132 SF retail building offers a flexible, multi-tenant layout that was previously divided into multiple suites. The space can be configured to accommodate a smaller footprint for an owner-operator or can be leased in its entirety, depending on the needs of the user.
The property’s open-concept design provides a versatile base for re-tenanting and adaptive reconfiguration. The layout is intended to support a range of potential retail and professional uses, including office and medical applications, while allowing multiple avenues for how the space may be reworked.
Ownership is being marketed with flexibility, with the opportunity to acquire the property either through sale or lease structures, making it suitable for a variety of project approaches.
The property’s open-concept design provides a versatile base for re-tenanting and adaptive reconfiguration. The layout is intended to support a range of potential retail and professional uses, including office and medical applications, while allowing multiple avenues for how the space may be reworked.
Ownership is being marketed with flexibility, with the opportunity to acquire the property either through sale or lease structures, making it suitable for a variety of project approaches.
Key Highlights
- 6,132 SF retail building with an open‑concept layout
- Can be configured for single‑tenant or multi‑tenant occupancy
- Previously divided into multiple suites and can be leased in its entirety
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
$88,389
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
7.37%
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%
$1,767,780
$1.8M
Cap Rate 7%
$1,262,700
$1.3M
Cap Rate 9%
$982,100
$982.1K
Market Conditions
NOI Build-Up for 6,132 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
$161.9K $26.40/SF
− Vacancy
−$44.0K −$7.18/SF
EGI
$117.9K $19.22/SF
− OpEx
−$29.5K −$4.80/SF
NOI
$88.4K $14.41/SF
Area
Surprise, AZ
Vacancy
27.20%
Lease Rate
$26.40 /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%
$1,767,780
Cap Rate 7%
$1,262,700
Cap Rate 9%
$982,100
Alternative Uses
Best Use
Office B
$1.26M
$1.10M – $1.47M
NOI $88,389 @ 7.0% cap · market cap 7.37%
Second Best
Healthcare Medical
$1.19M
$1.04M – $1.38M
NOI $82,981 @ 7.0% cap · market cap 6.92%
Theoretical Best
Office A
$1.89M
$1.65M – $2.21M
NOI $132,372 @ 7.0% cap · market cap 11.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,194
Businesses Nearby
Explore this area
Business Placement
Demographics for 85374, AZ
41,182
Population
21,982
Households
1.9
Avg Household Size
61
Median Age
30%
College-Educated
95%
High-School Grad
12.8 sq mi
ZIP Area
3,217
Density / Sq Mi
$78,690
Median Household Income
$45,427
Median Earnings
$1,897
Median Rent
$355,800
Median Home Value
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Retail space - 6,132 SF retail building features an open-concept layout and can be reconfigured for single or multi-tenant occupancy.
Where is this retail space located?
The property is located at 14045 W Grand Ave Surprise, AZ.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 6,132 SF retail building with an open‑concept layout; Can be configured for single‑tenant or multi‑tenant occupancy; Previously divided into multiple suites and can be leased in its entirety
