Street-Level Retail
For Sale
Contact for pricing
2323 N Central Ave, Phoenix, AZ 85004
Street-level retail condo with direct North Central Avenue frontage and C-2 zoning in a mixed-use tower.
Property Size1,800 SF
Price / SF$333.33
Days on Market174
Property Features for 2323 N Central Ave
General Information
Standard status
Active
Size
1,800 SF
Property subtype
RETAIL
Zoning
C-2
Additional Details
Floor
Ground
Traffic Count
20,000 vehicles/day
Amenities
Valley Metro Light Rail access
Building Details
Buildings
1
Stories
22
Listing Agency:
SVN | Desert Commercial Advisors
(602) 621-2225
Listed By:
Karson Hayes · License ##BR548198000
(602) 621-2225
Source:
Moodyscre
Added: Mar 10
Changed: Aug 19
Last Checked: Aug 29 at 5:07PM
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
Investment Insights
Based on property information with market context.
Street-level retail condo offering direct frontage on North Central Avenue. The unit is positioned within Regency on Central, a 22-story residential tower that includes 119 residential units, supporting an in-building customer base.
The property is described as receiving 20,000+ vehicles per day and provides immediate access to Valley Metro Light Rail. C-2 zoning allows for a wide range of retail and service uses.
With frontage on North Central Avenue and convenient transit access, the space is set up to serve both neighborhood foot traffic and retail-driven demand from the surrounding Midtown Phoenix area near dining, arts, and entertainment.
The property is described as receiving 20,000+ vehicles per day and provides immediate access to Valley Metro Light Rail. C-2 zoning allows for a wide range of retail and service uses.
With frontage on North Central Avenue and convenient transit access, the space is set up to serve both neighborhood foot traffic and retail-driven demand from the surrounding Midtown Phoenix area near dining, arts, and entertainment.
Key Highlights
- Direct frontage on North Central Avenue
- Located within Regency on Central, a 22‑story residential tower
- Building includes 119 residential units
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
$20,344
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
3.39%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
20,000 VPD
Traffic count
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
Market
Vacancy Rate% for Retail in Phoenix, AZ
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Street-level retail condo with direct North Central Avenue frontage and C-2 zoning in a mixed-use tower.
Where is this retail space located?
The property is located at 2323 N Central Ave 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: Direct frontage on North Central Avenue; Located within Regency on Central, a 22‑story residential tower; Building includes 119 residential units
