Listing Agency: Newmark - Phoenix

Listed By: Gary Cornish · License #SA684021000 Show Phone

Source: Crexi

Added: May 15 Changed: Oct 3 Last Checked: Oct 16 at 7:56AM

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Investment Insights

Based on property information with market context.

This vacant industrial land property is configured as a secured outdoor storage facility on approximately 0.95 acres. The site combines paved and gravel yard areas with approximately 4,200 SF of warehouse/shop space and approximately 1,000 SF of office space. The office area includes A/C and plumbing, providing functional support space alongside the industrial improvements. Zoning is A-1 (Industrial), and the property is located within a designated Opportunity Zone.

Ingress and egress are available from Grand Ave and Weldon Ave. The property also has US-60/Grand Ave frontage with access to I-17 and I-10. Major employers and industrial users surround the site, placing the facility within an established industrial setting with direct freeway connectivity.

Key Highlights

• Approximately 0.95‑acre industrial outdoor storage facility
• A‑1 (Industrial) zoning in a designated Opportunity Zone
• Approximately 4,200 SF of warehouse/shop space

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$57,108

Cap Rate

4.76%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,142,160 $1.1M

Cap Rate 7%

$815,829 $815.8K

Cap Rate 9%

$634,533 $634.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,200 SF

Gross rent

$99.8K $19.20/SF

− Vacancy

−$12.0K −$2.30/SF

EGI

$87.9K $16.90/SF

− OpEx

−$30.8K −$5.91/SF

NOI

$57.1K $10.98/SF

Area

Phoenix, AZ

Vacancy

12.00%

Lease Rate

$19.20 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,142,160

Cap Rate 7%

$815,829

Cap Rate 9%

$634,533

Alternative Uses

Best Use

Flex RnD

$815.8K

$713.9K – $951.8K (±1% cap)

NOI $57,108 @ 7.0% cap · market cap 4.76%

Second Best

Warehouse

$567.4K

$496.5K – $662.0K (±1% cap)

NOI $39,719 @ 7.0% cap · market cap 3.31%

Theoretical Best

Office A

$1.58M

$1.38M – $1.84M (±1% cap)

NOI $110,259 @ 7.0% cap · market cap 9.19%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Law Firm Real Estate Agency Hair Salon Nail Salon Spa & Massage Center Veterinary Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,886

Businesses Nearby

Explore this area Business Placement

Demographics for 85017, AZ

45,279

Population

12,743

Households

3.6

Avg Household Size

26

Median Age

11%

College-Educated

65%

High-School Grad

5.3 sq mi

ZIP Area

8,543

Density / Sq Mi

$51,737

Median Household Income

$29,371

Median Earnings

$1,197

Median Rent

$242,900

Median Home Value

Market

Vacancy Rate% for Industrial in Phoenix, AZ

6.8% 2019

8.1% 2020

5% 2021

4.4% 2022

8.9% 2023

12.2% 2024

12.7% 2025

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Frequently Asked Questions

What type of property is this?

Industrial land - Secured outdoor storage site with paved and gravel yard, warehouse/shop space, and office improvements.

Where is this industrial land located?

The property is located at 3140 Grand Avenue Phoenix, AZ.

What is the asking price?

The asking price for this property is $1,200,000.

What are key features of this property?

This property features: Approximately 0.95‑acre industrial outdoor storage facility; A‑1 (Industrial) zoning in a designated Opportunity Zone; Approximately 4,200 SF of warehouse/shop space