Glendale Redevelopment
For Sale
Contact for pricing
7410 North Zanjero Boulevard, Glendale, AZ 85305
Transformational site in booming Glendale, suitable for multifamily, healthcare, hospitality.
Property Size158,597 SF
Lot Size7.50 Acres
Price / SF$113.50
Days on Market481
Property Features for 7410 North Zanjero Boulevard
General Information
Standard status
Active
Size
158,597 SF
Class
B
Lot size
7.50 Acres
Property subtype
Hospitality, Mixed Use, Multifamily, Office
Zoning
PAD City of Glendale
Investment Type
Redevelopment
Building Details
Year Built
2009
Buildings
2
Stories
4
Units
304
Listing Agency:
Kidder Mathews
(602) 330-4468
Listed By:
Tim Dulany · License #BK3565280
Source:
Crexi
Added: Apr 18, 2025
Changed: Aug 8
Last Checked: Aug 8 at 6:36AM
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 Kidder Mathews
Investment Insights
Based on property information with market context.
Located in the heart of Glendale's rapidly growing entertainment and residential corridor, this redevelopment site offers various possibilities. The Capistrano, positioned on 7.5 acres, presents a transformational opportunity suitable for multifamily investors, healthcare developers, and hospitality developers. The existing building consists of a ±158,597 SF, 3-story shell building, along with 73,772 SF of underground parking, built with Spanish Colonial architecture. The property is suited for medical offices, surgical centers, behavioral health, or rehabilitation uses. Originally designed as a high-end medical office condominium, the building showcases custom architecture, healing gardens with water features, and premium infrastructure, including four elevators, separate metering, and fire sprinklers. Owners have city approvals for a proposed 105 dwelling living units in the main existing building and another 209 units in a proposed 4-story building along the western edge of the property, totaling 304 units. The location is surrounded by shopping, dining, major venues, and new job centers. The property is a fit for a boutique resort, extended-stay suites, or upscale hotel. The site is near the Westgate Entertainment District and the future VAI Resort.
Key Highlights
- Prime redevelopment opportunity in Glendale's booming entertainment and residential corridor.
- City approvals in place for 304 multifamily units (105 in existing building, 209 in proposed building).
- Existing ±158,597 SF, 3‑story shell building with ±73,772 SF of underground parking.
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
$1,614,858
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
8.97%
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%
$32,297,160
$32.3M
Cap Rate 7%
$23,069,400
$23.1M
Cap Rate 9%
$17,942,867
$17.9M
Market Conditions
NOI Build-Up for 158,597 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
$3.14M $19.80/SF
− Vacancy
−$204.1K −$1.29/SF
EGI
$2.94M $18.51/SF
− OpEx
−$1.32M −$8.33/SF
NOI
$1.61M $10.18/SF
Area
Glendale, AZ
Vacancy
6.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$32,297,160
Cap Rate 7%
$23,069,400
Cap Rate 9%
$17,942,867
Alternative Uses
Best Use
Healthcare Medical
$33.39M
$29.22M – $38.96M
NOI $2,337,466 @ 7.0% cap · market cap 12.99%
Second Best
Mixed Use
$30.59M
$26.76M – $35.68M
NOI $2,141,060 @ 7.0% cap · market cap 11.89%
Theoretical Best
Office A
$49.82M
$43.59M – $58.12M
NOI $3,487,205 @ 7.0% cap · market cap 19.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
430
Businesses Nearby
Explore this area
Business Placement
Demographics for 85305, AZ
14,055
Population
5,977
Households
2.4
Avg Household Size
33
Median Age
26%
College-Educated
88%
High-School Grad
6.1 sq mi
ZIP Area
2,304
Density / Sq Mi
$99,565
Median Household Income
$44,169
Median Earnings
$1,867
Median Rent
$410,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Transformational site in booming Glendale, suitable for multifamily, healthcare, hospitality.
Where is this mixed-use property located?
The property is located at 7410 North Zanjero Boulevard Glendale, AZ.
What is the asking price?
The asking price for this property is $18,000,000.
What are key features of this property?
This property features: Prime redevelopment opportunity in Glendale's booming entertainment and residential corridor.; City approvals in place for **304 multifamily units** (105 in existing building, 209 in proposed building).; Existing ±158,597 SF, 3‑story shell building with ±73,772 SF of underground parking.
