Freestanding Second-Generation
For Sale
Contact for pricing
5161 W Thunderbird Rd, Glendale, AZ 85306
Existing restaurant improvements offer a defined configuration for continued food-service use.
Property Size6,663 SF
Lot Size0.82 Acres
Price / SF$352.69
Days on Market11
Property Features for 5161 W Thunderbird Rd
General Information
Standard status
Active
Size
6,663 SF
Lot size
0.82 Acres
Property subtype
Retail
Building Details
Tenancy
Single
Listing Agency:
Western Retail Advisors Arizona
Listed By:
Katie Weeks · License #AZ SA630590000
(602) 368-1372
Source:
Crexi
Added: Sep 17
Changed: Sep 24
Last Checked: Sep 26 at 4:27AM
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 Western Retail Advisors Arizona
Investment Insights
Based on property information with market context.
This freestanding restaurant property includes approximately 6,663 square feet of second-generation restaurant improvements on an approximately 0.82-acre parcel. The site does not share shopping-center common-area obligations, and the restaurant improvements remain in place for a future operator or alternative use.
The property is adjacent to ASU West Campus and near Banner Thunderbird Medical Center. Nearby national tenants include Fry’s, Chick-fil-A, Raising Cane’s, Five Brew, Chipotle, and EOS Fitness.
The property is adjacent to ASU West Campus and near Banner Thunderbird Medical Center. Nearby national tenants include Fry’s, Chick-fil-A, Raising Cane’s, Five Brew, Chipotle, and EOS Fitness.
Key Highlights
- Approximately 6,663 SF of second‑generation restaurant improvements
- Approximately 0.82‑acre parcel
- Freestanding site with no shared shopping‑center CAM expenses
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
$89,231
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
3.80%
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%
$1,784,620
$1.8M
Cap Rate 7%
$1,274,729
$1.3M
Cap Rate 9%
$991,456
$991.5K
Market Conditions
NOI Build-Up for 6,663 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
$127.9K $19.20/SF
− Vacancy
−$9.0K −$1.34/SF
EGI
$119.0K $17.86/SF
− OpEx
−$29.7K −$4.46/SF
NOI
$89.2K $13.39/SF
Area
Glendale, AZ
Vacancy
7.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$1,784,620
Cap Rate 7%
$1,274,729
Cap Rate 9%
$991,456
Alternative Uses
Best Use
Specialty Retail
$1.27M
$1.12M – $1.49M
NOI $89,231 @ 7.0% cap · market cap 3.80%
Second Best
Retail
$1.10M
$960.2K – $1.28M
NOI $76,818 @ 7.0% cap · market cap 3.27%
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,505 @ 7.0% cap · market cap 6.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,498
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85306, AZ
25,663
Population
9,587
Households
2.7
Avg Household Size
38
Median Age
24%
College-Educated
91%
High-School Grad
5.9 sq mi
ZIP Area
4,350
Density / Sq Mi
$82,060
Median Household Income
$41,596
Median Earnings
$1,666
Median Rent
$342,000
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 West region
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Existing restaurant improvements offer a defined configuration for continued food-service use.
Where is this conventional restaurant located?
The property is located at 5161 W Thunderbird Rd Glendale, AZ.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: Approximately 6,663 SF of second‑generation restaurant improvements; Approximately 0.82‑acre parcel; Freestanding site with no shared shopping‑center CAM expenses
