Two-Tenant NNN
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5912-5920 W Bell Rd, Glendale, AZ 85308
Fully leased commercial property with two NNN tenants and contractual rent increases.
Property Size5,677 SF
Price / SF$470.72
Days on Market5
Property Features for 5912-5920 W Bell Rd
General Information
Standard status
Active
Size
5,677 SF
Property subtype
RETAIL
Occupancy
100%
Site & Location
Drive-Thru
Yes
Traffic Count
75,000 vehicles/day
Building Details
Tenancy
Multi
Listing Agency:
Marcus & Millichap | Phoenix
(602) 770-2935
Listed By:
Mark Ruble · License #(S):AZ:SA550593000,NV:S.0192964
(602) 770-2935
Source:
Moodyscre
Added: Aug 10
Changed: Aug 13
Last Checked: Aug 13 at 5:20AM
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
Investment Insights
Based on property information with market context.
This 5,677-square-foot commercial property is fully leased to two tenants under NNN agreements. Both leases include scheduled rent increases and renewal options, providing defined contractual terms for the existing tenancy.
The property fronts Bell Road at 5912–5920 W Bell Rd in Glendale, Arizona, with access along a major east-west arterial. The Bell Road and 59th Avenue intersection records approximately 75,000 cars per day. One occupant is Filiberto’s, an established regional quick-service restaurant chain with more than 130 locations across Arizona, California, and New Mexico.
The property fronts Bell Road at 5912–5920 W Bell Rd in Glendale, Arizona, with access along a major east-west arterial. The Bell Road and 59th Avenue intersection records approximately 75,000 cars per day. One occupant is Filiberto’s, an established regional quick-service restaurant chain with more than 130 locations across Arizona, California, and New Mexico.
Key Highlights
- 100% leased to 2 tenants
- Both occupants are under NNN leases with rent increases and renewal options
- 5,677 square feet of commercial property
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
$76,026
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
2.84%
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%
$1,520,520
$1.5M
Cap Rate 7%
$1,086,086
$1.1M
Cap Rate 9%
$844,733
$844.7K
Market Conditions
NOI Build-Up for 5,677 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
$109.0K $19.20/SF
− Vacancy
−$7.6K −$1.34/SF
EGI
$101.4K $17.86/SF
− OpEx
−$25.3K −$4.46/SF
NOI
$76.0K $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%
$1,520,520
Cap Rate 7%
$1,086,086
Cap Rate 9%
$844,733
Alternative Uses
Best Use
Specialty Retail
$1.09M
$950.3K – $1.27M
NOI $76,026 @ 7.0% cap · market cap 2.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.78M
$1.56M – $2.08M
NOI $124,825 @ 7.0% cap · market cap 4.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
75,000 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,155
Businesses Nearby
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?
NNN property - Fully leased commercial property with two NNN tenants and contractual rent increases.
Where is this nnn property located?
The property is located at 5912-5920 W Bell Rd Glendale, AZ.
What is the asking price?
The asking price for this property is $2,672,300.
What are key features of this property?
This property features: 100% leased to 2 tenants; Both occupants are under NNN leases with rent increases and renewal options; 5,677 square feet of commercial property
