NNN Corner Retail
For Sale
$2,150,000
6020 W Myrtle Ave, Glendale, AZ 85301
NNN-occupied retail building on a C-2 corner lot with 30 uncovered parking spaces and excess land for expansion.
Property Size13,499 SF
Lot Size1.10 Acres
Price / SF$159.27
Days on Market129
Property Features for 6020 W Myrtle Ave
General Information
Standard status
Active
Size
13,499 SF
Total Parking Spaces
30
Lot size
1.10 Acres
Zoning
C-2
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$572
Listing Agency:
Russ Lyon Sotheby's International Realty
(480) 585-7070
Listed By:
Pariya Malhamdary
(480) 294-9255
Source:
Exprealty
Added: May 1
Changed: Sep 5
Last Checked: Aug 25 at 9:25AM
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 Russ Lyon Sotheby's International Realty
Investment Insights
Based on property information with market context.
This NNN-occupied retail building sits on a high-visibility northeast corner at Grand Avenue and Myrtle Avenue, with the property currently 100% leased under a NNN structure. The site includes a 13,499 SF building on a 1.1-acre, C-2 zoned lot. The offering also includes approximately 12,000 SF of excess land that could support future construction or site expansion.
Operationally, the property is described as having strong ingress/egress and is positioned along Glendale’s commercial corridor. It also includes 30 uncovered parking spaces and a well-maintained structure.
The asset combines immediate income with a flexible site footprint, supported by the stated NNN lease occupancy and the additional available land area.
Operationally, the property is described as having strong ingress/egress and is positioned along Glendale’s commercial corridor. It also includes 30 uncovered parking spaces and a well-maintained structure.
The asset combines immediate income with a flexible site footprint, supported by the stated NNN lease occupancy and the additional available land area.
Key Highlights
- 13,499 SF retail building built in 1963 on a C‑2 zoned 1.1‑acre lot
- 100% occupied under an NNN lease structure for consistent cash flow with minimal landlord responsibility
- Approximately 12,000 SF of excess land provides room for future construction or site expansion
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
$155,630
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
7.24%
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%
$3,112,600
$3.1M
Cap Rate 7%
$2,223,286
$2.2M
Cap Rate 9%
$1,729,222
$1.7M
Market Conditions
NOI Build-Up for 13,499 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
$243.0K $18.00/SF
− Vacancy
−$20.7K −$1.53/SF
EGI
$222.3K $16.47/SF
− OpEx
−$66.7K −$4.94/SF
NOI
$155.6K $11.53/SF
Area
Glendale, AZ
Vacancy
8.50%
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%
$3,112,600
Cap Rate 7%
$2,223,286
Cap Rate 9%
$1,729,222
Alternative Uses
Best Use
Retail
$2.22M
$1.95M – $2.59M
NOI $155,630 @ 7.0% cap · market cap 7.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.24M
$3.71M – $4.95M
NOI $296,814 @ 7.0% cap · market cap 13.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,373
Businesses Nearby
Explore this area
Business Placement
Demographics for 85301, AZ
67,380
Population
24,019
Households
2.8
Avg Household Size
30
Median Age
11%
College-Educated
71%
High-School Grad
9.3 sq mi
ZIP Area
7,245
Density / Sq Mi
$47,422
Median Household Income
$33,727
Median Earnings
$1,189
Median Rent
$218,100
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 - NNN-occupied retail building on a C-2 corner lot with 30 uncovered parking spaces and excess land for expansion.
Where is this nnn property located?
The property is located at 6020 W Myrtle Ave Glendale, AZ.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: 13,499 SF retail building built in 1963 on a C‑2 zoned 1.1‑acre lot; 100% occupied under an NNN lease structure for consistent cash flow with minimal landlord responsibility; Approximately 12,000 SF of excess land provides room for future construction or site expansion
