Freestanding Retail Buildings with NNN
For Sale
Contact for pricing
1940 W Glendale Avenue, Phoenix, AZ 85021
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 Market54
Property Features for 1940 W Glendale Avenue
General Information
Standard status
Active
Size
13,969 SF
Class
B
Lot size
1.95 Acres
Property subtype
Retail
Zoning
C-3, City of Phoenix
Occupancy
36%
Lease Type
Absolute Net
Investment Type
Owner/User
Additional Details
Corner Location
Yes
Building Details
Year Built
2008
Buildings
1
Units
1
Tenancy
Multi
Listing Agency:
Lee & Associates - Arizona
Listed By:
John Esslinger · License #AZ SA686454000
Source:
Crexi
Added: Jul 22
Changed: Sep 2
Last Checked: Sep 13 at 7:01AM
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
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
$157,880
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
5.38%
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%
$3,157,600
$3.2M
Cap Rate 7%
$2,255,429
$2.3M
Cap Rate 9%
$1,754,222
$1.8M
Market Conditions
NOI Build-Up for 13,969 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
$251.4K $18.00/SF
− Vacancy
−$25.9K −$1.85/SF
EGI
$225.5K $16.15/SF
− OpEx
−$67.7K −$4.84/SF
NOI
$157.9K $11.30/SF
Area
Phoenix, AZ
Vacancy
10.30%
Lease Rate
$18.00 /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%
$3,157,600
Cap Rate 7%
$2,255,429
Cap Rate 9%
$1,754,222
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
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Current Use
Location Intelligence
Trade Area within ½ mile
1,066
Businesses Nearby
Explore this area
Business Placement
Demographics for 85021, AZ
40,943
Population
18,136
Households
2.3
Avg Household Size
35
Median Age
33%
College-Educated
87%
High-School Grad
6.9 sq mi
ZIP Area
5,934
Density / Sq Mi
$58,481
Median Household Income
$38,147
Median Earnings
$1,221
Median Rent
$433,000
Median Home Value
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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 - 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
