Shadow-Anchored Retail
For Sale
Contact for pricing
16802 North Cave Creek Road, Phoenix, AZ 85032
Cave Creek Plaza is a multi-building retail center with established tenants in a heavily trafficked Phoenix corridor.
Property Size21,219 SF
Lot Size1.37 Acres
Price / SF$195.49
Days on Market63
Property Features for 16802 North Cave Creek Road
General Information
Standard status
Active
Size
21,219 SF
Lot size
1.37 Acres
Property subtype
Retail
Occupancy
84%
Lease Type
NNN
Net Operating Income
$290,356
Additional Details
Traffic Count
70,000 vehicles/day
Building Details
Year Built
1978
Tenancy
Multi
Listing Agency:
DMC Real Estate
Listed By:
Simon Asef · License #CA 01726727
Source:
Crexi
Added: Jun 10
Changed: Aug 8
Last Checked: Aug 10 at 8:22AM
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 DMC Real Estate
Investment Insights
Based on property information with market context.
Cave Creek Plaza is a multi-building shopping center comprised of three buildings and totaling 21,246 SF, situated on approximately 1.37 acres. The center includes a mix of retail space currently occupied by national tenants Boost Mobile and H&R Block. The property is described as being shadow anchored by Home Depot, AutoZone, and Carl’s Jr.
The center is located at the intersection of Bell Road and Cave Creek Road in Phoenix, Arizona. Public remarks note over 70,000 vehicles per day along Bell & Cave Creek Road, supporting visibility and convenient access for passing motorists.
For investors or owner-users seeking retail exposure aligned with established, ongoing tenancy, Cave Creek Plaza offers a stable operating profile highlighted by more than 35% of GLA operating for 10+ years. Its tenant mix and shadow-anchored positioning may be well-suited for buyers looking for a retail asset that already benefits from durable occupancies within an established shopping corridor.
The center is located at the intersection of Bell Road and Cave Creek Road in Phoenix, Arizona. Public remarks note over 70,000 vehicles per day along Bell & Cave Creek Road, supporting visibility and convenient access for passing motorists.
For investors or owner-users seeking retail exposure aligned with established, ongoing tenancy, Cave Creek Plaza offers a stable operating profile highlighted by more than 35% of GLA operating for 10+ years. Its tenant mix and shadow-anchored positioning may be well-suited for buyers looking for a retail asset that already benefits from durable occupancies within an established shopping corridor.
Key Highlights
- 3‑building retail shopping center totaling 21,246 SF on approx. 1.37 acres
- Located at the intersection of Bell Road and Cave Creek Road (Phoenix, AZ)
- Over 70,000 vehicles per day along Bell & Cave Creek Road for strong daily exposure
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
$227,031
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
5.47%
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%
$4,540,620
$4.5M
Cap Rate 7%
$3,243,300
$3.2M
Cap Rate 9%
$2,522,567
$2.5M
Market Conditions
NOI Build-Up for 21,219 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
$361.6K $17.04/SF
− Vacancy
−$37.2K −$1.76/SF
EGI
$324.3K $15.28/SF
− OpEx
−$97.3K −$4.59/SF
NOI
$227.0K $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%
$4,540,620
Cap Rate 7%
$3,243,300
Cap Rate 9%
$2,522,567
Alternative Uses
Best Use
Retail
$3.24M
$2.84M – $3.78M
NOI $227,031 @ 7.0% cap · market cap 5.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.41M
$5.61M – $7.48M
NOI $448,980 @ 7.0% cap · market cap 10.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
70,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
815
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
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Frequently Asked Questions
What type of property is this?
Shopping center - Cave Creek Plaza is a multi-building retail center with established tenants in a heavily trafficked Phoenix corridor.
Where is this shopping center located?
The property is located at 16802 North Cave Creek Road Phoenix, AZ.
What is the asking price?
The asking price for this property is $4,148,000.
What are key features of this property?
This property features: 3‑building retail shopping center totaling 21,246 SF on approx. 1.37 acres; Located at the intersection of Bell Road and Cave Creek Road (Phoenix, AZ); Over 70,000 vehicles per day along Bell & Cave Creek Road for strong daily exposure
