C-1 Zoned Retail Office
For Sale
$570,000
506 E SOUTHERN Avenue, Phoenix, AZ 85040
C-1 zoned commercial property with Southern Ave frontage and a detached apartment accessed by an alley.
Property Size2,125 SF
Days on Market287
Property Features for 506 E SOUTHERN Avenue
General Information
Standard status
Active
Size
2,125 SF
Property subtype
COMMERCIAL
Zoning
C-1
Site & Location
Neighborhood
South Mountain
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$2,855
Building Details
Building Size
2,125 SF
Year Built
1941
Listing Agency:
Casa De Guerrero Realty
Listed By:
Jeff Guerrero · License #BR034131000
(602) 550-6341
Source:
Gillettegroupaz
Added: Jan 14
Changed: Oct 28
Last Checked: Oct 26 at 10:21PM
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 Casa De Guerrero Realty
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This C-1 zoned commercial property is currently operating as a recording studio with long-term month-to-month tenants. The property includes a detached apartment in the back with alley access, supporting flexible on-site arrangements.
The building has Southern Ave frontage, providing exposure along the avenue. Permitted uses noted in the remarks include small retail, personal services, offices, and daycare.
An ownership opportunity is presented as well as owner-occupied or tenant-occupied planning, with an option structure referenced as OWC with 35% down in the remarks.
The building has Southern Ave frontage, providing exposure along the avenue. Permitted uses noted in the remarks include small retail, personal services, offices, and daycare.
An ownership opportunity is presented as well as owner-occupied or tenant-occupied planning, with an option structure referenced as OWC with 35% down in the remarks.
Key Highlights
- C‑1 zoned commercial property with frontage on Southern Ave
- Currently used as a recording studio with long‑term month‑to‑month tenants
- Permitted uses include small retail, personal services, offices, and daycare
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,017
Cap Rate
4.21%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$480,340
$480.3K
Cap Rate 7%
$343,100
$343.1K
Cap Rate 9%
$266,856
$266.9K
Market Conditions
NOI Build-Up for 2,125 SF
Gross rent
$38.3K $18.00/SF
− Vacancy
−$3.9K −$1.85/SF
EGI
$34.3K $16.15/SF
− OpEx
−$10.3K −$4.84/SF
NOI
$24.0K $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%
$480,340
Cap Rate 7%
$343,100
Cap Rate 9%
$266,856
Alternative Uses
Best Use
Retail
$343.1K
$300.2K – $400.3K
NOI $24,017 @ 7.0% cap · market cap 4.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$643.7K
$563.2K – $751.0K
NOI $45,058 @ 7.0% cap · market cap 7.90%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
630
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 85040, AZ
33,993
Population
11,962
Households
2.8
Avg Household Size
30
Median Age
15%
College-Educated
69%
High-School Grad
10.1 sq mi
ZIP Area
3,366
Density / Sq Mi
$57,890
Median Household Income
$36,355
Median Earnings
$1,193
Median Rent
$294,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Phoenix, AZ
Similar Off Market Nearby
- Juliet's Bouquets — Phoenix, AZ 85041
- Melody's Flower Shop Llc — 5837 S Central Ave, Phoenix, AZ 85040
- Kori & Ana Flowers — 698 E Southern Ave, Phoenix, AZ 85040
Frequently Asked Questions
What type of property is this?
Storefront property - C-1 zoned commercial property with Southern Ave frontage and a detached apartment accessed by an alley.
Where is this storefront property located?
The property is located at 506 E SOUTHERN Avenue Phoenix, AZ.
What is the asking price?
The asking price for this property is $570,000.
What are key features of this property?
This property features: C‑1 zoned commercial property with frontage on Southern Ave; Currently used as a recording studio with long‑term month‑to‑month tenants; Permitted uses include small retail, personal services, offices, and daycare
