Chandler Retail Investment
For Sale
Contact for pricing
4949 W Ray Rd, Chandler, AZ 85226
Net leased investment property in Chandler, Arizona.
Property Size62,071 SF
Price / SF$265.82
Days on Market174
Property Features for 4949 W Ray Rd
General Information
Standard status
Active
Size
62,071 SF
Property subtype
Retail
Zoning
PAD
Listing Agency:
Cushman & Wakefield - Phoenix, Arizona
(602) 224-4475
Listed By:
Chris Hollenbeck · License #SA584876000
Source:
Crexi
Added: Feb 18
Changed: Aug 8
Last Checked: Aug 3 at 10:45AM
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 Cushman & Wakefield - Phoenix, Arizona
Investment Insights
Based on property information with market context.
This net leased investment opportunity features Goodwill and EOS Fitness, two established operators. The property is fully leased, providing diversified income supported by a nonprofit retail organization and a fitness brand. Goodwill of Central & Northern Arizona operates more than 150 stores and donation centers across three states. Goodwill maintains a proven operating model centered around value-oriented retail and workforce development services. The site benefits from a recently executed 10-year lease extension. EOS Fitness operates over 175 locations nationwide and serves more than 1.5 million members, with plans to expand to approximately 250 locations by 2030. The subject property is located at a retail intersection in Chandler, Arizona, within an affluent trade area featuring average household incomes exceeding $172,000 within one mile. The site benefits from accessibility to I-10, Loop 202, and Loop 101 and is surrounded by retailers including Fry’s Grocery, Starbucks, Taco Bell, and Jack in the Box. High daily traffic volumes and a newly improved parking field support tenant performance and customer demand. The property size is 62071 square feet.
Key Highlights
- Fully leased to Goodwill and EOS Fitness, providing stable and diversified income.
- Located in an affluent trade area in Chandler, Arizona, with high average household incomes.
- Excellent accessibility to major highways (I‑10, Loop 202, Loop 101).
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
$725,784
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
4.40%
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%
$14,515,680
$14.5M
Cap Rate 7%
$10,368,343
$10.4M
Cap Rate 9%
$8,064,267
$8.1M
Market Conditions
NOI Build-Up for 62,071 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
$1.12M $18.00/SF
− Vacancy
−$80.4K −$1.30/SF
EGI
$1.04M $16.70/SF
− OpEx
−$311.1K −$5.01/SF
NOI
$725.8K $11.69/SF
Area
Chandler, AZ
Vacancy
7.20%
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%
$14,515,680
Cap Rate 7%
$10,368,343
Cap Rate 9%
$8,064,267
Alternative Uses
Best Use
Retail
$10.37M
$9.07M – $12.10M
NOI $725,784 @ 7.0% cap · market cap 4.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$17.79M
$15.57M – $20.76M
NOI $1,245,393 @ 7.0% cap · market cap 7.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
444
Businesses Nearby
170k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 43%
Groceries 37%
Shops & Services 18%
Beauty & Spa 2%
Fry's
Groceries
63,037 visits/mo
0.2 miles
Taco Bell
Dining
17,777 visits/mo
0.2 miles
Circle K
Shops & Services
10,861 visits/mo
0.0 miles
Fry's Fuel Center
Shops & Services
10,278 visits/mo
0.1 miles
Ono Hawaiian BBQ
Dining
9,136 visits/mo
0.2 miles
Demographics for 85226, AZ
40,689
Population
17,406
Households
2.3
Avg Household Size
38
Median Age
50%
College-Educated
96%
High-School Grad
38.4 sq mi
ZIP Area
1,060
Density / Sq Mi
$103,740
Median Household Income
$58,515
Median Earnings
$1,785
Median Rent
$452,400
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- SRP PAY KIOSK INSIDE FRYS — west ray road and, n rural rd, chandler, az 85226
- Coinstar Kiosk | Bitcoin ATM — Albertsons, 4060 W Ray Rd, Chandler, AZ 85226
- Coinstar Kiosk | Bitcoin ATM — Kroger - Fry's Food Stores, 9900 S Rural Rd, Tempe, AZ 85284
- Chandler Sunset Plaza — 4950 W Ray Rd, Chandler, AZ 85226
Frequently Asked Questions
What type of property is this?
Shopping center - Net leased investment property in Chandler, Arizona.
Where is this shopping center located?
The property is located at 4949 W Ray Rd Chandler, AZ.
What is the asking price?
The asking price for this property is $16,500,000.
What are key features of this property?
This property features: Fully leased to Goodwill and EOS Fitness, providing stable and diversified income.; Located in an affluent trade area in Chandler, Arizona, with high average household incomes.; Excellent accessibility to major highways (I‑10, Loop 202, Loop 101).
