Corner Lot Restaurant & Event
2533 N 16TH Street Phoenix, AZ 85006
For Sale
$3,500,000
Commercial building with restaurant and event center use, high visibility, and ample on-site parking, plus an adjacent vacant lot included.
Property Size7,933 SF
Price / SF$441.20
Days on Market177
Property Features for 2533 N 16TH Street
General Information
- Standard status
- Active
- Size
- 7,933 SF
- Property subtype
- Commercial/Industrial
Building Details
- Year Built
- 1973
Listing Agency:
eXp Realty
(602) 448-1945
Listed By:
Emely Lopez · License #SA643253000
(602) 448-1945
Source:
Exitrealty
Added: Jan 30
Changed: Jul 23
Last Checked: Jul 25 at 3:14AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This corner-lot commercial building is currently used as a restaurant and event center. The interior is described as spacious and versatile, supporting a range of commercial uses, and the property offers high visibility for passing traffic.
The building is located at 2533 N 16TH Street in Phoenix and is offered with ample on-site parking to support customer and event activity. An adjacent vacant lot is being sold together, providing additional space for expansion or future development within the same purchase.
Overall, the property presents a flexible setup for an owner-operator or investor looking for a restaurant/event concept while retaining room to adapt as needs change.
The building is located at 2533 N 16TH Street in Phoenix and is offered with ample on-site parking to support customer and event activity. An adjacent vacant lot is being sold together, providing additional space for expansion or future development within the same purchase.
Overall, the property presents a flexible setup for an owner-operator or investor looking for a restaurant/event concept while retaining room to adapt as needs change.
Key Highlights
- Commercial building built in 1973
- Corner lot commercial property currently used as a restaurant & event center
- Versatile interior suitable for retail, entertainment, or storage (per current use/description)
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $171.4k | $21.60 |
| − Vacancy | −$13.7k | −$1.73 |
| EGI | $157.6k | $19.87 |
| − OpEx | −$39.4k | −$4.97 |
| NOI | $118.2k | $14.90 |
7,933 SF · lease $21.60/SF/yr · vacancy 8.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.69M
$1.48M – $1.97M
NOI $118,233 @ 7.0% cap · market cap 3.38%
Second Best
Retail
$1.28M
$1.12M – $1.49M
NOI $89,660 @ 7.0% cap · market cap 2.56%
Theoretical Best
Office A
$2.40M
$2.10M – $2.80M
NOI $168,208 @ 7.0% cap · market cap 4.81%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Realeza Michoacana
Grocery & Convenience Store
Neveria Realeza Michoacana
Grocery & Convenience Store
FAQs
What type of property is this?
Conventional restaurant - Commercial building with restaurant and event center use, high visibility, and ample on-site parking, plus an adjacent vacant lot included.
Where is this conventional restaurant located?
The property is located at 2533 N 16TH 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: Commercial building built in 1973; Corner lot commercial property currently used as a restaurant & event center; Versatile interior suitable for retail, entertainment, or storage (per current use/description)
