Bell Park Plaza Shopping
For Sale
$9,500,000
4232 W Bell Rd, Glendale, AZ 85308
Established retail property along West Bell Road in Glendale, Arizona.
Property Size33,480 SF
Price / SF$283.75
Days on Market152
Property Features for 4232 W Bell Rd
General Information
Standard status
Active
Size
33,480 SF
Property subtype
Shopping Strip
Amenities
LONG-TENURED TENANT ROSTER WITH PROVEN OCCUPANCY STABILITY
DIVERSIFIED DAILY-NEEDS TENANT BASE ACROSS MEDICAL, FOOD, BEAUTY & ESSENTIAL SERVICES
HIGH-DEMAND INLINE FORMAT WITH A 2,391 SF AVERAGE SUITE SIZE
NEARLY 80% OF THE RENT ROLL FEATURES EMBEDDED RENTAL GROWTH
NEAR-TERM LEASE ROLLOVER PROVIDES CLEAR MARK-TO-MARKET OPPORTUNITY
DIVERSIFIED INCOME STREAM WITH NO TENANT CONTROLLING NOI
Building Details
Building Size
33,480 SF
Year Built
1986
Listing Agency:
Denver Office
(303) 328-2030
Listed By:
Ryan Bowlby · License #CO: FA100004157
(303) 328-2030
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 31
Last Checked: Aug 31 at 1:16PM
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 Denver Office
Investment Insights
Based on property information with market context.
Bell Park Plaza is a shopping center located at 4232 W Bell Rd in Glendale, Arizona. The property was completed in 1986 and contains 33,480 of stated property size.
The center is positioned on West Bell Road in the 85308 ZIP code. Its established construction date and shopping-center classification provide the core physical and commercial profile for the offering.
The center is positioned on West Bell Road in the 85308 ZIP code. Its established construction date and shopping-center classification provide the core physical and commercial profile for the offering.
Key Highlights
- Shopping center asset at 4232 W Bell Rd, Glendale, AZ 85308
- 33,480 stated property size
- Built in 1986
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
$385,991
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
4.06%
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%
$7,719,820
$7.7M
Cap Rate 7%
$5,514,157
$5.5M
Cap Rate 9%
$4,288,789
$4.3M
Market Conditions
NOI Build-Up for 33,480 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
$602.6K $18.00/SF
− Vacancy
−$51.2K −$1.53/SF
EGI
$551.4K $16.47/SF
− OpEx
−$165.4K −$4.94/SF
NOI
$386.0K $11.53/SF
Area
Glendale, AZ
Vacancy
8.50%
Lease Rate
$18.00 /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%
$7,719,820
Cap Rate 7%
$5,514,157
Cap Rate 9%
$4,288,789
Alternative Uses
Best Use
Retail
$5.51M
$4.82M – $6.43M
NOI $385,991 @ 7.0% cap · market cap 4.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.52M
$9.20M – $12.27M
NOI $736,153 @ 7.0% cap · market cap 7.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
588
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85308, AZ
66,540
Population
26,540
Households
2.5
Avg Household Size
40
Median Age
38%
College-Educated
95%
High-School Grad
16.9 sq mi
ZIP Area
3,937
Density / Sq Mi
$95,512
Median Household Income
$50,026
Median Earnings
$1,777
Median Rent
$420,100
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Established retail property along West Bell Road in Glendale, Arizona.
Where is this shopping center located?
The property is located at 4232 W Bell Rd Glendale, AZ.
What is the asking price?
The asking price for this property is $9,500,000.
What are key features of this property?
This property features: Shopping center asset at 4232 W Bell Rd, Glendale, AZ 85308; 33,480 stated property size; Built in 1986
