Freestanding Restaurant
For Sale
$1,400,000
Pending
1516 E THOMAS Road, Phoenix, AZ 85014
The property includes C-2 zoning, on-site parking, and restaurant-related improvements completed in 2022.
Property Size2,782 SF
Lot Size0.75 Acres
Days on Market175
Property Features for 1516 E THOMAS Road
General Information
Standard status
Pending
Size
2,782 SF
Total Parking Spaces
34
Lot size
0.75 Acres
Property subtype
Commercial/Industrial
Zoning
C-2
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$13,209
Building Details
Year Built
1987
Year Renovated
2022
Buildings
1
Listing Agency:
Cambridge Properties
(602) 493-5100
Listed By:
Keith M Mishkin · License #BR039542000
(602) 788-1700
Source:
Exitrealty
Added: Apr 25
Changed: Oct 1
Last Checked: Oct 2 at 6:49PM
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 Cambridge Properties
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Investment Insights
Based on property information with market context.
This freestanding restaurant property occupies an approximately 0.75-acre C-2 zoned parcel along Thomas Road in Phoenix. The building includes restaurant improvements completed in 2022, including kitchen equipment, flooring, ceilings, plumbing, HVAC modifications, lighting, and updated dining areas. On-site parking totals 34 spaces, and the site configuration may accommodate drive-thru integration or changes to outdoor and parking areas.
The property is situated in Midtown Phoenix near dense residential areas and major arterials. A billboard lease is in place through 2028, providing an additional income-producing component. The site is positioned for restaurant, quick-service restaurant, or freestanding retail use, subject to applicable approvals.
The property is situated in Midtown Phoenix near dense residential areas and major arterials. A billboard lease is in place through 2028, providing an additional income-producing component. The site is positioned for restaurant, quick-service restaurant, or freestanding retail use, subject to applicable approvals.
Key Highlights
- Approximately 0.75‑acre C‑2 zoned parcel on Thomas Road
- Freestanding restaurant building with 34 parking spaces
- Restaurant improvements completed in 2022
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,463
Cap Rate
2.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$829,260
$829.3K
Cap Rate 7%
$592,329
$592.3K
Cap Rate 9%
$460,700
$460.7K
Market Conditions
NOI Build-Up for 2,782 SF
Gross rent
$60.1K $21.60/SF
− Vacancy
−$4.8K −$1.73/SF
EGI
$55.3K $19.87/SF
− OpEx
−$13.8K −$4.97/SF
NOI
$41.5K $14.90/SF
Area
Phoenix, AZ
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$829,260
Cap Rate 7%
$592,329
Cap Rate 9%
$460,700
Alternative Uses
Best Use
Specialty Retail
$592.3K
$518.3K – $691.1K
NOI $41,463 @ 7.0% cap · market cap 2.96%
Second Best
Retail
$449.2K
$393.0K – $524.1K
NOI $31,443 @ 7.0% cap · market cap 2.25%
Theoretical Best
Office A
$842.7K
$737.4K – $983.1K
NOI $58,988 @ 7.0% cap · market cap 4.21%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,959
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85014, AZ
26,381
Population
14,778
Households
1.8
Avg Household Size
37
Median Age
43%
College-Educated
90%
High-School Grad
4.0 sq mi
ZIP Area
6,595
Density / Sq Mi
$69,995
Median Household Income
$48,465
Median Earnings
$1,339
Median Rent
$447,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Phoenix, AZ
Frequently Asked Questions
What type of property is this?
Conventional restaurant - The property includes C-2 zoning, on-site parking, and restaurant-related improvements completed in 2022.
Where is this conventional restaurant located?
The property is located at 1516 E THOMAS Road Phoenix, AZ.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Approximately 0.75‑acre C‑2 zoned parcel on Thomas Road; Freestanding restaurant building with 34 parking spaces; Restaurant improvements completed in 2022
