Flex Building with Retail
New
For Sale
$1,950,000
2833-2837 E Bell Rd & 16628 N 29th St, Phoenix, AZ 85032
The property combines flexible commercial space with a four-tenant configuration.
Property Size9,750 SF
Price / SF$200
Days on Market2
Property Features for 2833-2837 E Bell Rd & 16628 N 29th St
General Information
Standard status
Active
Size
9,750 SF
Property subtype
Industrial
Building Details
Building Size
9,750 SF
Year Built
1963
Buildings
1
Tenancy
Multi
Listing Agency:
Levrose Commercial Real Estate
(509) 494-4970
Listed By:
Cameron Miller · License #SA690813000
(509) 494-4970
Source:
Tcnworldwide
Added: Aug 9
Changed: Aug 10
Last Checked: Aug 10 at 8:17AM
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 Levrose Commercial Real Estate
Investment Insights
Based on property information with market context.
This Phoenix property is a 9,750-square-foot flex building with a retail component. Constructed in 1963, the premises is associated with four tenants and offers a commercial format that accommodates both flex and retail positioning.
The property is located at 2833-2837 E Bell Rd and 16628 N 29th St in Phoenix, Arizona 85032. Its dual retail/flex characterization and multi-tenant configuration provide the primary framework for evaluating the asset.
The property is located at 2833-2837 E Bell Rd and 16628 N 29th St in Phoenix, Arizona 85032. Its dual retail/flex characterization and multi-tenant configuration provide the primary framework for evaluating the asset.
Key Highlights
- 9,750 SF flex building with a retail component
- Built in 1963
- Four tenants associated with the premises
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
$104,319
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
5.35%
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%
$2,086,380
$2.1M
Cap Rate 7%
$1,490,271
$1.5M
Cap Rate 9%
$1,159,100
$1.2M
Market Conditions
NOI Build-Up for 9,750 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
$166.1K $17.04/SF
− Vacancy
−$17.1K −$1.76/SF
EGI
$149.0K $15.28/SF
− OpEx
−$44.7K −$4.59/SF
NOI
$104.3K $10.70/SF
Area
ZIP 85032
Vacancy
10.30%
Lease Rate
$17.04 /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%
$2,086,380
Cap Rate 7%
$1,490,271
Cap Rate 9%
$1,159,100
Alternative Uses
Best Use
Retail
$1.49M
$1.30M – $1.74M
NOI $104,319 @ 7.0% cap · market cap 5.35%
Second Best
Flex RnD
$1.04M
$909.8K – $1.21M
NOI $72,780 @ 7.0% cap · market cap 3.73%
Theoretical Best
Office A
$2.95M
$2.58M – $3.44M
NOI $206,304 @ 7.0% cap · market cap 10.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
953
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85032, AZ
68,710
Population
30,386
Households
2.3
Avg Household Size
38
Median Age
34%
College-Educated
89%
High-School Grad
12.4 sq mi
ZIP Area
5,541
Density / Sq Mi
$74,331
Median Household Income
$44,790
Median Earnings
$1,492
Median Rent
$387,900
Median Home Value
Market
Vacancy Rate% for Industrial in Phoenix, AZ
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - The property combines flexible commercial space with a four-tenant configuration.
Where is this flex space located?
The property is located at 2833-2837 E Bell Rd & 16628 N 29th St Phoenix, AZ.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 9,750 SF flex building with a retail component; Built in 1963; Four tenants associated with the premises
