Neighborhood Retail
For Sale
Contact for pricing
Pending
2317 North 7th Street, Phoenix, AZ 85006
Well-occupied neighborhood retail center with multiple local tenants on a busy retail corridor.
Property Size10,546 SF
Days on Market96
Property Features for 2317 North 7th Street
General Information
Standard status
Pending
Size
10,546 SF
Class
B
Property subtype
Retail
Zoning
C-2
Occupancy
80%
Lease Type
NNN
Investment Type
Stabilized
Additional Details
Cap Rate
6.5%
Traffic Count
45,000 vehicles/day
Building Details
Tenancy
Multi
Listing Agency:
ORION Investment Real Estate
Listed By:
Andrew Harrison · License #AZ BR537656000
(480) 220-1906
Source:
Crexi
Added: Jun 3
Changed: Aug 28
Last Checked: Aug 22 at 7:30PM
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 ORION Investment Real Estate
Investment Insights
Based on property information with market context.
Sheridan Square is a neighborhood retail center totaling 10,546 square feet on an approximately 40,000-square-foot parcel. The property is offered for sale and is currently 80% occupied. Tenant mix includes Main Ingredient, Urban Cookies, Teta Mayo, and Velo, providing an established day-to-day roster of local businesses.
The center benefits from prominent visibility along 7th Street within Phoenix’s historic Coronado District, positioned just north of Downtown Phoenix. Public remarks cite traffic counts exceeding 45,000 vehicles per day along the corridor.
For buyers evaluating neighborhood retail as part of a broader portfolio, Sheridan Square offers existing operating income supported by a diversified local tenant set. The current vacancy also creates an opportunity to improve occupancy through additional leasing. The sale presentation includes a stated 6.5% cap rate, which may be a useful starting point for underwriting the property’s current income stream and remaining leasing needs.
The center benefits from prominent visibility along 7th Street within Phoenix’s historic Coronado District, positioned just north of Downtown Phoenix. Public remarks cite traffic counts exceeding 45,000 vehicles per day along the corridor.
For buyers evaluating neighborhood retail as part of a broader portfolio, Sheridan Square offers existing operating income supported by a diversified local tenant set. The current vacancy also creates an opportunity to improve occupancy through additional leasing. The sale presentation includes a stated 6.5% cap rate, which may be a useful starting point for underwriting the property’s current income stream and remaining leasing needs.
Key Highlights
- Neighborhood retail center in Phoenix’s 7th Street Corridor within the Historic Coronado District
- 10,546 SF retail space on an approximately 40,000 SF parcel
- Currently 80% occupied with tenants including Main Ingredient, Urban Cookies, Teta Mayo, and Velo
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
$119,193
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
3.41%
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%
$2,383,860
$2.4M
Cap Rate 7%
$1,702,757
$1.7M
Cap Rate 9%
$1,324,367
$1.3M
Market Conditions
NOI Build-Up for 10,546 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
$189.8K $18.00/SF
− Vacancy
−$19.6K −$1.85/SF
EGI
$170.3K $16.15/SF
− OpEx
−$51.1K −$4.84/SF
NOI
$119.2K $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%
$2,383,860
Cap Rate 7%
$1,702,757
Cap Rate 9%
$1,324,367
Alternative Uses
Best Use
Retail
$1.70M
$1.49M – $1.99M
NOI $119,193 @ 7.0% cap · market cap 3.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.19M
$2.80M – $3.73M
NOI $223,613 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
45,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
2,949
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 85006, AZ
23,797
Population
10,607
Households
2.2
Avg Household Size
34
Median Age
27%
College-Educated
78%
High-School Grad
4.0 sq mi
ZIP Area
5,949
Density / Sq Mi
$60,742
Median Household Income
$39,899
Median Earnings
$1,168
Median Rent
$376,600
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 - Well-occupied neighborhood retail center with multiple local tenants on a busy retail corridor.
Where is this shopping center located?
The property is located at 2317 North 7th Street Phoenix, AZ.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Neighborhood retail center in Phoenix’s 7th Street Corridor within the Historic Coronado District; 10,546 SF retail space on an approximately 40,000 SF parcel; Currently 80% occupied with tenants including Main Ingredient, Urban Cookies, Teta Mayo, and Velo
