Free-Standing Retail Building with Two
For Sale
$595,000
15034 North Cave Creek Road, Phoenix, AZ 85032
Two storefront suites in a C-2 zoned retail building with ample customer parking and prominent roadside visibility.
Property Size2,400 SF
Price / SF$247.92
Days on Market58
Property Features for 15034 North Cave Creek Road
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Retail
Zoning
C-2
Building Details
Building Size
2,400 SF
Year Built
1978
Listing Agency:
LRA Real Estate Group, LLC
(602) 451-3684
Listed By:
Don Mortensen · License #BR529840000
Source:
Lrarealestate
Added: Jun 25
Changed: Aug 14
Last Checked: Aug 21 at 5:04AM
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 LRA Real Estate Group, LLC
Investment Insights
Based on property information with market context.
Free-standing retail building built in 1978 offering two separate suites, each with its own storefront. The property totals 2,400 SF and includes a monument sign for on-site identification and advertising. A small side yard provides additional space for storage of inventory or equipment, and the parking lot has been recently resurfaced.
Located at 15034 North Cave Creek Road in Phoenix, AZ, the building is positioned in a commercial area with prominent exposure to passing traffic and visibility. The property includes ample parking for customers and employees, supporting retail and service-oriented operations.
With two independently accessed suites, this configuration can support dual tenancy or a single business with flexible operational needs. Zoned C-2, the space is suited for a range of retail, office, or service uses, while the storefront setup and monument signage help draw attention from traffic. The combination of free-standing layout, parking, and split-suite design makes it a practical option for owner-occupants and investors evaluating retail real estate in a busy commercial setting.
Located at 15034 North Cave Creek Road in Phoenix, AZ, the building is positioned in a commercial area with prominent exposure to passing traffic and visibility. The property includes ample parking for customers and employees, supporting retail and service-oriented operations.
With two independently accessed suites, this configuration can support dual tenancy or a single business with flexible operational needs. Zoned C-2, the space is suited for a range of retail, office, or service uses, while the storefront setup and monument signage help draw attention from traffic. The combination of free-standing layout, parking, and split-suite design makes it a practical option for owner-occupants and investors evaluating retail real estate in a busy commercial setting.
Key Highlights
- 2,400 SF free‑standing retail building built in 1978 in a high‑traffic commercial area
- Divided into two separate suites, each with its own storefront for flexible dual‑tenancy or single‑tenant use
- C‑2 zoning for diverse retail, office, or service business uses
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
$25,679
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
4.32%
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%
$513,580
$513.6K
Cap Rate 7%
$366,843
$366.8K
Cap Rate 9%
$285,322
$285.3K
Market Conditions
NOI Build-Up for 2,400 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
$40.9K $17.04/SF
− Vacancy
−$4.2K −$1.76/SF
EGI
$36.7K $15.28/SF
− OpEx
−$11.0K −$4.59/SF
NOI
$25.7K $10.70/SF
Area
ZIP 85032
Vacancy
10.30%
Lease Rate
$17.04 /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%
$513,580
Cap Rate 7%
$366,843
Cap Rate 9%
$285,322
Alternative Uses
Best Use
Retail
$366.8K
$321.0K – $428.0K
NOI $25,679 @ 7.0% cap · market cap 4.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$725.5K
$634.8K – $846.4K
NOI $50,782 @ 7.0% cap · market cap 8.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
814
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85032, AZ
68,710
Population
30,386
Households
2.3
Avg Household Size
38
Median Age
34%
College-Educated
89%
High-School Grad
12.4 sq mi
ZIP Area
5,541
Density / Sq Mi
$74,331
Median Household Income
$44,790
Median Earnings
$1,492
Median Rent
$387,900
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?
Storefront property - Two storefront suites in a C-2 zoned retail building with ample customer parking and prominent roadside visibility.
Where is this storefront property located?
The property is located at 15034 North Cave Creek Road Phoenix, AZ.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 2,400 SF free‑standing retail building built in 1978 in a high‑traffic commercial area; Divided into two separate suites, each with its own storefront for flexible dual‑tenancy or single‑tenant use; C‑2 zoning for diverse retail, office, or service business uses
