Retail Space with Flexible
For Sale
$850,000
17648 N 32nd St, Phoenix, AZ 85032
Retail property with signage, ample visibility, and flexible zoning, offered under a triple-net lease structure.
Property Size2,305 SF
Price / SF$368.76
Days on Market52
Property Features for 17648 N 32nd St
General Information
Standard status
Active
Size
2,305 SF
Lease Type
NNN
Amenities
signage
Building Details
Year Built
1981
Listing Agency:
COBE Real Estate, Inc.
Listed By:
Timothy Zaharis · License #BR577140000
(480) 610-2400
Source:
Gileshometeamaz
Added: Jul 24
Changed: Sep 8
Last Checked: Sep 12 at 1:57PM
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 COBE Real Estate, Inc.
Investment Insights
Based on property information with market context.
This retail space is offered for sale and is positioned for strong storefront identity with signage and ample visibility. The property is described as having flexible zoning suitable for a variety of user types.
The property is located at 17648 N 32nd St in Phoenix, AZ. It is presented with a triple-net lease structure at $4,500 per month (NNN).
At 2,304 square feet, the offering includes the existing retail configuration and lease structure as described in the remarks.
The property is located at 17648 N 32nd St in Phoenix, AZ. It is presented with a triple-net lease structure at $4,500 per month (NNN).
At 2,304 square feet, the offering includes the existing retail configuration and lease structure as described in the remarks.
Key Highlights
- Triple‑net lease structure at $4,500/month NNN
- Retail property with signage
- Ample visibility
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
$24,662
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
2.90%
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%
$493,240
$493.2K
Cap Rate 7%
$352,314
$352.3K
Cap Rate 9%
$274,022
$274.0K
Market Conditions
NOI Build-Up for 2,305 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
$39.3K $17.04/SF
− Vacancy
−$4.0K −$1.76/SF
EGI
$35.2K $15.28/SF
− OpEx
−$10.6K −$4.59/SF
NOI
$24.7K $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%
$493,240
Cap Rate 7%
$352,314
Cap Rate 9%
$274,022
Alternative Uses
Best Use
Retail
$352.3K
$308.3K – $411.0K
NOI $24,662 @ 7.0% cap · market cap 2.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$696.7K
$609.7K – $812.9K
NOI $48,772 @ 7.0% cap · market cap 5.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
673
Businesses Nearby
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Phoenix, AZ
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Frequently Asked Questions
What type of property is this?
Retail space - Retail property with signage, ample visibility, and flexible zoning, offered under a triple-net lease structure.
Where is this retail space located?
The property is located at 17648 N 32nd St Phoenix, AZ.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Triple‑net lease structure at $4,500/month NNN; Retail property with signage; Ample visibility
