Freestanding Retail Buildings with NNN
1940 W Glendale Avenue Phoenix, AZ 85021
For Sale
Contact for pricing
Two freestanding retail buildings built in 2008, one with in-place absolute-NNN income and one vacant on separate parcels.
Property Size13,969 SF
Lot Size1.95 Acres
Price / SF$209.96
Days on Market9
Property Features for 1940 W Glendale Avenue
General Information
Standard status
Active
Size
13,969 SF
Lot size
1.95 Acres
Property subtype
Retail
Building Details
Year Built
2008
Listing Agency:
Lee & Associates - Arizona
Listed By:
John Esslinger · License #AZ SA686454000
Source:
Crexi
Added: Jul 22
Changed: Jul 29
Last Checked: Jul 29 at 5:15AM
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 Lee & Associates - Arizona
Investment Insights
Based on property information with market context.
Lee & Associates presents two freestanding retail buildings totaling 120,664 SF, built in 2008 on 1.95 acres, offered individually or combined. The property consists of a 13,969 SF building at 1940 W Glendale Avenue and a 6,695 SF building at 7080 N 19th Avenue, with both buildings situated on separate parcels.
Both parcels are positioned on a signalized hard corner with frontage along Glendale and 19th Avenues. The offering is described as having flexible C-3 zoning in an established West Phoenix infill setting.
The larger building includes in-place absolute-NNN income from Urgent Care Extra, while the remaining portion is vacant, providing options to occupy, lease, or reconfigure based on the buyer’s or user’s needs.
Both parcels are positioned on a signalized hard corner with frontage along Glendale and 19th Avenues. The offering is described as having flexible C-3 zoning in an established West Phoenix infill setting.
The larger building includes in-place absolute-NNN income from Urgent Care Extra, while the remaining portion is vacant, providing options to occupy, lease, or reconfigure based on the buyer’s or user’s needs.
Key Highlights
- Two freestanding retail buildings totaling 20,664 SF, built in 2008
- 1.95 acres with 432 ft of frontage on Glendale and 19th Avenues
- C‑3 zoning with redevelopment and reconfiguration flexibility in West Phoenix
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $251.4k | $18.00 |
| − Vacancy | −$25.9k | −$1.85 |
| EGI | $225.5k | $16.15 |
| − OpEx | −$67.7k | −$4.84 |
| NOI | $157.9k | $11.30 |
13,969 SF · lease $18.00/SF/yr · vacancy 10.30% · expense 30.00%
Alternative Uses
Best Use
Retail
$2.26M
$1.97M – $2.63M
NOI $157,880 @ 7.0% cap · market cap 5.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.23M
$3.70M – $4.94M
NOI $296,193 @ 7.0% cap · market cap 10.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Retail space - Two freestanding retail buildings built in 2008, one with in-place absolute-NNN income and one vacant on separate parcels.
Where is this retail space located?
The property is located at 1940 W Glendale Avenue Phoenix, AZ.
What is the asking price?
The asking price for this property is $2,933,000.
What are key features of this property?
This property features: Two freestanding retail buildings totaling 20,664 SF, built in 2008; 1.95 acres with 432 ft of frontage on Glendale and 19th Avenues; C‑3 zoning with redevelopment and reconfiguration flexibility in West Phoenix
