Multi-Suite Retail & Restaurant
For Sale
Contact for pricing
9401-9415 N Central Ave, Phoenix, AZ 85020
Built in the 1950s with eight suites, including a built-out restaurant space and 44 parking spots.
Property Size11,800 SF
Lot Size0.59 Acres
Price / SF$415.25
Days on Market185
Property Features for 9401-9415 N Central Ave
General Information
Standard status
Active
Size
11,800 SF
Total Parking Spaces
44
Lot size
0.59 Acres
Property subtype
RETAIL
Zoning
C-2
Building Details
Tenancy
Multi
Listing Agency:
Lee & Associates | Phoenix
(602) 956-7777
Listed By:
Jake Annan
(928) 606-0576
Source:
Moodyscre
Added: Mar 3
Changed: Aug 19
Last Checked: Jul 21 at 4:41AM
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 Lee & Associates | Phoenix
Investment Insights
Based on property information with market context.
This multi-suite retail and restaurant building was built in the 1950s and contains eight total suites. The property includes a corner suite of approximately 2,500 square feet and several other suites ranging from about 1,200 to 1,600 square feet. One suite is a pre-built salon suite with six stations, and the building also features built-out restaurant space.
The property is zoned C-2 and is governed by the Sunny Slope and Hatcher Rd overlay, with 0' setbacks. It offers 44 parking spots located at the front and back of the building, and the site includes signage estimated at 150+ feet along Central Rd signage and Hatcher Rd signage.
Additional considerations include designated historical recognition, grandfathered parking, and property tax reductions. Patio and outdoor seating can be added to support a patio dining area or banquet hall. Seller financing is available with a 40% down payment.
The property is zoned C-2 and is governed by the Sunny Slope and Hatcher Rd overlay, with 0' setbacks. It offers 44 parking spots located at the front and back of the building, and the site includes signage estimated at 150+ feet along Central Rd signage and Hatcher Rd signage.
Additional considerations include designated historical recognition, grandfathered parking, and property tax reductions. Patio and outdoor seating can be added to support a patio dining area or banquet hall. Seller financing is available with a 40% down payment.
Key Highlights
- 8 total suites in a building built in the 1950s, with a corner suite approximately 2,500 SF
- Built‑out restaurant space plus option to add patio and outdoor seating for patio dining or banquet hall
- C‑2 zoning with 0' setbacks; Sunny Slope and Hatcher Rd overlay applies
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
$175,867
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
3.59%
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%
$3,517,340
$3.5M
Cap Rate 7%
$2,512,386
$2.5M
Cap Rate 9%
$1,954,078
$2.0M
Market Conditions
NOI Build-Up for 11,800 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
$254.9K $21.60/SF
− Vacancy
−$20.4K −$1.73/SF
EGI
$234.5K $19.87/SF
− OpEx
−$58.6K −$4.97/SF
NOI
$175.9K $14.90/SF
Area
Phoenix, AZ
Vacancy
8.00%
Lease Rate
$21.60 /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%
$3,517,340
Cap Rate 7%
$2,512,386
Cap Rate 9%
$1,954,078
Alternative Uses
Best Use
Specialty Retail
$2.51M
$2.20M – $2.93M
NOI $175,867 @ 7.0% cap · market cap 3.59%
Second Best
Retail
$1.91M
$1.67M – $2.22M
NOI $133,366 @ 7.0% cap · market cap 2.72%
Theoretical Best
Office A
$3.57M
$3.13M – $4.17M
NOI $250,202 @ 7.0% cap · market cap 5.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,923
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 85020, AZ
34,534
Population
18,231
Households
1.9
Avg Household Size
43
Median Age
43%
College-Educated
90%
High-School Grad
8.8 sq mi
ZIP Area
3,924
Density / Sq Mi
$78,412
Median Household Income
$48,230
Median Earnings
$1,389
Median Rent
$400,800
Median Home Value
Market
Vacancy Rate% for Retail in Phoenix, AZ
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Marketplace At Central — 111 E Dunlap Ave, Phoenix, AZ 85020
- North Central Heights Shopping Center — N Central Ave, Phoenix, AZ 85020
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- Hatcher Village Shopping Center — 9325 N Cave Creek Rd, Phoenix, AZ 85020
Frequently Asked Questions
What type of property is this?
Shopping center - Built in the 1950s with eight suites, including a built-out restaurant space and 44 parking spots.
Where is this shopping center located?
The property is located at 9401-9415 N Central Ave Phoenix, AZ.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: 8 total suites in a building built in the 1950s, with a corner suite approximately 2,500 SF; Built‑out restaurant space plus option to add patio and outdoor seating for patio dining or banquet hall; C‑2 zoning with 0' setbacks; Sunny Slope and Hatcher Rd overlay applies
