Midtown Phoenix Retail
For Sale
$600,000
2323 N Central Ave # 101, Phoenix, AZ 85004
Street-level retail condo in landmark residential tower, Midtown Phoenix.
Property Size1,800 SF
Price / SF$333.33
Days on Market212
Property Features for 2323 N Central Ave # 101
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Street Retail
Site & Location
Neighborhood
Encanto
Building Details
Building Size
1,800 SF
Year Built
1964
Listing Agency:
SVN | Desert Commercial Advisors
Listed By:
Karson Hayes · License ##SA716336000
(480) 425-5531
Source:
Thebrokerlist
Added: Apr 1
Changed: Oct 25
Last Checked: Oct 28 at 4:46AM
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 SVN | Desert Commercial Advisors
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Investment Insights
Based on property information with market context.
This street-level retail condo offers a rare opportunity in Midtown Phoenix. Located at 2323 N Central Ave, the property comprises approximately 1,800 square feet within Regency on Central, a 22-story residential tower designed by architect George H. Schoneberger Jr. Built in 1965, the property has undergone major renovations since 2004. The unit benefits from direct frontage on Central Avenue and immediate access to Valley Metro Light Rail. The building houses 119 residential units, providing a built-in customer base. The location benefits from high traffic volume, with over 20,000 vehicles per day. Zoned C-2, the property allows for a wide range of retail and service uses. The property is situated in a prime Midtown Phoenix location, near dining, arts, and entertainment venues.
Key Highlights
- Prime Midtown Phoenix location near dining, arts, and entertainment
- Direct frontage on Central Avenue with high visibility
- ±1,800 SF street‑level retail condo
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,344
Cap Rate
3.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$406,880
$406.9K
Cap Rate 7%
$290,629
$290.6K
Cap Rate 9%
$226,044
$226.0K
Market Conditions
NOI Build-Up for 1,800 SF
Gross rent
$32.4K $18.00/SF
− Vacancy
−$3.3K −$1.85/SF
EGI
$29.1K $16.15/SF
− OpEx
−$8.7K −$4.84/SF
NOI
$20.3K $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 Rate 5%
$406,880
Cap Rate 7%
$290,629
Cap Rate 9%
$226,044
Alternative Uses
Best Use
Retail
$290.6K
$254.3K – $339.1K
NOI $20,344 @ 7.0% cap · market cap 3.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$545.2K
$477.1K – $636.1K
NOI $38,166 @ 7.0% cap · market cap 6.36%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,972
Businesses Nearby
Explore this area
Business Placement
Demographics for 85004, AZ
8,833
Population
6,455
Households
1.4
Avg Household Size
32
Median Age
59%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
4,206
Density / Sq Mi
$71,250
Median Household Income
$46,376
Median Earnings
$1,759
Median Rent
$365,500
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
Frequently Asked Questions
What type of property is this?
Retail space - Street-level retail condo in landmark residential tower, Midtown Phoenix.
Where is this retail space located?
The property is located at 2323 N Central Ave # 101 Phoenix, AZ.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Prime Midtown Phoenix location near dining, arts, and entertainment; Direct frontage on Central Avenue with high visibility; ±1,800 SF street‑level retail condo
