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 Market160
Property Features for 2323 N Central Ave # 101
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Street Retail
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: Sep 6
Last Checked: Sep 7 at 4:32AM
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.
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 = 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
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 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
