$1,400,000
Phoenix, AZ 85014
MLS# 6980373
1 / 16
Property Description
High-visibility former restaurant opportunity located directly on Thomas Road in the heart of Midtown Phoenix. This ±2,762 SF freestanding building sits on an oversized ±0.75-acre C-2 zoned parcel—providing excellent parking (34 spaces), strong frontage, and flexibility for restaurant, QSR, or freestanding retail use. Recently improved in 2022 with new kitchen equipment, flooring, ceilings, plumbing, HVAC modifications, lighting, and refreshed dining areas, offering a true turn-key foundation for operators or owner/users. The large lot allows for potential drive-thru integration or expanded outdoor/parking layouts, uncommon for the corridor. Additional upside includes an income-producing billboard lease in place through 2028.
Details
Maps
Contract Info
Ownership: Fee Simple
Current Price: $1,400,000
List Price: $1,400,000
Status: Active
List Date: 2026-02-05
Location, Tax & Legal
Assessor's Map #: 14
Legal Description (Abbrev): COM SE COR SEC 28 TH W 73F TH N 50D W 51.34F TO TPOB TH W 375.48F TH N 11D 4M E 307.44F TH S 37D 39M
Assessor's Parcel #: 37
Assessor Parcel Ltr: C
Add'l Parcels: No
Tax Municipality: Phoenix
Census Tract: 110600
Taxes: 13209
Legal: COM SE COR SEC 28 TH W 73F TH N 50D W 51.34F TO TPOB TH W 375.48F TH N 11D 4M E 307.44F TH S 37D 39M
House Number: 1516
Compass: E
Street Name: THOMAS
St Suffix: Road
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85014
Zip4: 5731
County Code: Maricopa
Subdivision: N/A
Assessor Number: 118-14-037-C
Tax Year: 2025
General Property Description
Ttl Apx SqFt Bldg: 2782
# of Buildings: 1
Uncvrd Parking Spcs: 34
Flood Zone: No
Year Built: 1987
Zoning: C-2
Currently Not Used
Sold Price Per SqFt: 503.24
Legal Info
Range: 3E
Section: 28
Township: 2N
Lot Number: n/a
Construction
Block: 1
Stucco: 1
Roofing
Foam: 1
Floors
Laminate: 1
Tile: 1
Income & Expenses
Owner Association: No
Annual Ownr Asoc Fee: 0
Other Income: 5400
Vacancy Allowance: 0
Adjusted Gross Inc: 5400
Building Type
Commercial: 1
Business Type
Restaurant: 1
Pmt & Rate Info
Cap Rate: 0.39
Equity: 1400000
Total Owed: 0
Showing Notification Methods
Showing Service: Aligned Showings
Text: 1
Email: 1
Phone Call: 1
Lockbox Type
See Private Remarks: 1
Ceiling Height
10.1 Feet to 12 Feet: 1
Heating
Forced Air: 1
Natural Gas: 1
Cooling
Central Air: 1
Interior Features
Finished: 1
Public Restrooms: 1
Loading Facilities
None: 1
Source of Fincl Data
Owner: 1
Fencing
Block: 1
Water Source
City Franchise: 1
Freeway/Highway
1.1 - 2 Miles: 1
Sewer
Sewer - Public: 1
Parking Features
Parking Lot: 1
Electric
APS: 1
Gas
Individual Meter: 1
New Financing
Cash Only: 1
Reports/Disclosures
Seller Prop Disc Stm: 1
Environmental
None: 1
Contact Info
List Agent Home Phn: 602-492-5325
Remarks Misc
Cross Street: E. Thomas Road and N 16th St
Directions: From SR-51, exit at Thomas Rd and head west. Continue past 16th Street; property is on the north side of Thomas Rd just west of 16th St.
Geo Lat: 33.480604
Geo Lon: -112.04891
Income Expenses
Net Operating Income: 5400
Property Features
Building Type: Commercial
Business Type: Restaurant
Construction: Block; Stucco
Roofing: Foam
Floors: Laminate; Tile
Ceiling Height: 10.1 Feet to 12 Feet
Heating: Forced Air; Natural Gas
Cooling: Central Air
Loading Facilities: None
Interior Features: Finished; Public Restrooms
Fencing: Block
Parking Features: Parking Lot
Electric: APS
Gas: Individual Meter
Water Source: City Franchise
Sewer: Sewer - Public
New Financing: Cash Only
Showing Notification Methods: Text; Email; Phone Call
Lockbox Type: See Private Remarks
Source of Fincl Data: Owner
Environmental: None
Supplements
Positioned within a sub-5% vacancy trade area surrounded by dense residential and major arterials, this is a rare infill pad with strong fundamentals and multiple paths to value creation.
Listing Office: Cambridge Properties
Last Updated: February - 06 - 2026
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