Retail Strip Center
For Sale
Contact for pricing
3402 East Thomas Road, Phoenix, AZ 85018
Retail strip center offered for sale in Central Phoenix’s Arcadia trade area.
Property Size19,579 SF
Price / SF$173.66
Days on Market134
Property Features for 3402 East Thomas Road
General Information
Standard status
Active
Size
19,579 SF
Class
B
Property subtype
Retail
Occupancy
50%
Lease Type
Gross
Building Details
Year Built
1960
Units
7
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Phoenix
Listed By:
Omar Rascon · License #SA704894000
Source:
Crexi
Added: Jun 9
Changed: Oct 8
Last Checked: Oct 20 at 5:58PM
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 Marcus & Millichap - Phoenix
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Investment Insights
Based on property information with market context.
This retail strip center, Shops on Thomas, is offered for sale in the heart of Central Phoenix’s Arcadia trade area. The property is positioned to serve a dense infill customer base supported by surrounding established residential neighborhoods and a concentration of national retailers.
Public remarks describe strong local demand indicators within a five-mile radius, including more than 293,000 residents and nearly 687,000 daytime employees, along with average household incomes exceeding $104,000. The Phoenix metropolitan area is also noted as a fast-growing market with sustained population growth and significant corporate investment.
A planned 320-unit multifamily development nearby is expected to increase housing density and consumer demand, supporting retail growth within one of Phoenix’s established urban corridors.
Public remarks describe strong local demand indicators within a five-mile radius, including more than 293,000 residents and nearly 687,000 daytime employees, along with average household incomes exceeding $104,000. The Phoenix metropolitan area is also noted as a fast-growing market with sustained population growth and significant corporate investment.
A planned 320-unit multifamily development nearby is expected to increase housing density and consumer demand, supporting retail growth within one of Phoenix’s established urban corridors.
Key Highlights
- Retail strip center in Central Phoenix’s Arcadia trade area
- Year built: 1960
- More than 293,000 residents within a 5‑mile radius
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$221,286
Cap Rate
6.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,425,720
$4.4M
Cap Rate 7%
$3,161,229
$3.2M
Cap Rate 9%
$2,458,733
$2.5M
Market Conditions
NOI Build-Up for 19,579 SF
Gross rent
$352.4K $18.00/SF
− Vacancy
−$36.3K −$1.85/SF
EGI
$316.1K $16.15/SF
− OpEx
−$94.8K −$4.84/SF
NOI
$221.3K $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 Rate 5%
$4,425,720
Cap Rate 7%
$3,161,229
Cap Rate 9%
$2,458,733
Alternative Uses
Best Use
Retail
$3.16M
$2.77M – $3.69M
NOI $221,286 @ 7.0% cap · market cap 6.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.93M
$5.19M – $6.92M
NOI $415,145 @ 7.0% cap · market cap 12.21%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
970
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 85018, AZ
37,944
Population
19,487
Households
1.9
Avg Household Size
40
Median Age
57%
College-Educated
92%
High-School Grad
15.1 sq mi
ZIP Area
2,513
Density / Sq Mi
$87,637
Median Household Income
$58,555
Median Earnings
$1,411
Median Rent
$805,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Phoenix, AZ
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- Coinstar Kiosk | Bitcoin ATM — Kroger - Fry's Food Stores, 3036 E Thomas Rd, Phoenix, AZ 85016
Frequently Asked Questions
What type of property is this?
Shopping center - Retail strip center offered for sale in Central Phoenix’s Arcadia trade area.
Where is this shopping center located?
The property is located at 3402 East Thomas Road Phoenix, AZ.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: Retail strip center in Central Phoenix’s Arcadia trade area; Year built: 1960; More than 293,000 residents within a 5‑mile radius
