Multi-Tenant Flex
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2833-2837 E Bell Rd, Phoenix, AZ 85032
C-2-zoned flex property with four month-to-month full-service tenants.
Property Size9,750 SF
Price / SF$200
Days on Market6
Property Features for 2833-2837 E Bell Rd
General Information
Standard status
Active
Size
9,750 SF
Property subtype
Retail, Industrial
Zoning
C-2
Lease Type
Gross
Additional Details
Asking Price
$1,950,000
Building Details
Year Built
1959
Buildings
1
Tenancy
Multi
Building Size
9,750 SF
Listing Agency:
LevRose Commercial Real Estate
(480) 294-6571
Listed By:
Landon McKernan · License #AZ SA690813000
Source:
Crexi
Added: Aug 8
Changed: Aug 13
Last Checked: Aug 13 at 11:07AM
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 9,750-square-foot flex property combines commercial building space with an existing four-tenant occupancy profile. Each tenant is currently on a month-to-month Full Service lease, providing a defined operating structure while retaining short-term lease durations.
The property is associated with 2833-2837 E Bell Rd and 16628 N 29th St in Phoenix, Arizona. C-2 zoning supports its commercial classification. The building’s current tenant configuration and flex-space format provide the primary physical and operational characteristics of the offering.
The property is associated with 2833-2837 E Bell Rd and 16628 N 29th St in Phoenix, Arizona. C-2 zoning supports its commercial classification. The building’s current tenant configuration and flex-space format provide the primary physical and operational characteristics of the offering.
Key Highlights
- 9,750 SF flex building
- Four current tenants on month‑to‑month leases
- Full Service lease structure
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
Location Intelligence
Trade Area within ½ mile
1,556
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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Similar Off Market Nearby
- Center City Catering Co. — 16456 N 32nd St Ste 3, Phoenix, AZ 85032
- Topnotch Island Flavor Kitchen 🇯🇲 — 16816 N Cave Creek Rd, Phoenix, AZ 85032
- Renory's Catering — 2525 E Bell Rd, Phoenix, AZ 85032
Frequently Asked Questions
What type of property is this?
Flex space - C-2-zoned flex property with four month-to-month full-service tenants.
Where is this flex space located?
The property is located at 2833-2837 E Bell Rd 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; Four current tenants on month‑to‑month leases; Full Service lease structure
