Two-Tenant Drive-Through Strip
For Sale
$2,672,300
5920 W Bell Rd, Glendale, AZ 85308
Glendale commercial property featuring a 24-hour Mexican takeout restaurant and an additional tenant component.
Property Size5,677 SF
Price / SF$470.72
Days on Market9
Property Features for 5920 W Bell Rd
General Information
Standard status
Active
Size
5,677 SF
Property subtype
Shopping Strip
Additional Details
Cap Rate
6.5%
Amenities
100 Percent Leased to Two Tenants - Both Triple-Net Leases with Rent Increases and Renewal Options
Below Market Drive-Thru Rent
Filiberto's is an Established Regional QSR Chain with 130 Plus Locations in Arizona, California, and New Mexico
Densely-Populated Glendale Trade Area in the Phoenix MSA - 340,897 Residents within a Five-Mile Radius
Excellent Frontage and Accessibility Along Bell Road, a Major East-West Arterial, with Approximately 75,000 Cars per Day at the Intersection of Bell Road and 59th Avenue
Busy Retail Corridor Location Surrounded by National Tenants: The Home Depot, Fry's, Walmart Supercenter, Kohl's, and More
Close Proximity to Arrowhead Towne Center, a Premier Shopping Destination for Phoenix's West Valley with Over 180 Stores and Restaurants
Average Household Income Exceeds $113,000 within Three Miles of the Subject Property
Building Details
Building Size
5,677 SF
Year Built
1994
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Phoenix
(602) 687-6766
Listed By:
Mark Ruble · License #License(s): AZ: SA550593000, NV: S.0192964
(602) 687-6766
Source:
Marcusmillichap
Added: Aug 22
Changed: Aug 30
Last Checked: Aug 30 at 8:44PM
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 two-tenant strip mall in Glendale, Arizona, contains 5,677 square feet of commercial space and was constructed in 1994. The property includes a drive-through Mexican takeout restaurant operated under the Filiberto’s name, with service available 24 hours, along with a second tenant component.
The property is located at 5920 W Bell Rd, Glendale, AZ 85308. Glendale sits approximately 9 miles northwest of Downtown Phoenix and is known for major shopping, dining, sports, and educational destinations, including Midwestern University and the Thunderbird School of Global Management.
The property is located at 5920 W Bell Rd, Glendale, AZ 85308. Glendale sits approximately 9 miles northwest of Downtown Phoenix and is known for major shopping, dining, sports, and educational destinations, including Midwestern University and the Thunderbird School of Global Management.
Key Highlights
- 5,677‑square‑foot two‑tenant strip mall
- Drive‑through Mexican takeout restaurant with 24‑hour service
- Filiberto’s restaurant component
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
Retail
$935.0K
$818.1K – $1.09M
NOI $65,450 @ 7.0% cap · market cap 2.45%
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
Property Profile
Current Use
Lease Details
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?
Strip mall - Glendale commercial property featuring a 24-hour Mexican takeout restaurant and an additional tenant component.
Where is this strip mall located?
The property is located at 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: 5,677‑square‑foot two‑tenant strip mall; Drive‑through Mexican takeout restaurant with 24‑hour service; Filiberto’s restaurant component
