3601 Mcdowell Rd, Phoenix, AZ 85009-2213

This exceptional 1.1-acre commercial property in Phoenix, Arizona, presents a compelling redevelopment opportunity. Located at 3601 W McDowell Rd, this site boasts a prime location with over 25,000 vehicles per day passing by. Currently zoned C3 - General Commercial, the property offers remarkable flexibility for a variety of uses, including QSR/fast food, car wash, self-storage, manufacturing, and even multi-family residential, subject to permitting. The existing improvements comprise approximately 1,904 square feet, including a used car dealership and a car wash, currently leased under two separate, coterminous net-net leases expiring March 2029. These leases provide a stable income stream of $2,200 per month until expiration, offering a potential return while redevelopment plans are pursued. The property features 100 parking spaces and has a current FAR of 0.04, with potential for increased density to 0.5 depending on the proposed use. The asking price is $1,000,000, representing a price per square foot of $525.21 and a 2.64% cap rate based on a net operating income of $26,400. The property's strategic location within a densely populated area (394,000 residents within a 5-mile radius, average household income exceeding $80,000) and its high traffic count make it an ideal investment for discerning developers seeking a high-return project. The existing leases have a right of first refusal, but the current tenant was unable to meet the asking price and there are no renewal options. The year built is 1952. This is a truly unique opportunity to capitalize on a high-traffic location and flexible zoning in a rapidly growing market.