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1516 E Thomas Rd
Phoenix, AZ 85014
High-Visibility Former Restaurant Opportunity · Retail Property For Sale
Executive Summary
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. 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.
Property Facts
Sale Type
Owner User
Property Type
Retail
Property Subtype
Restaurant
Building Size
2,782 SF
Building Class
C
Year Built
1967
Price
$1,400,000
Price Per SF
$503.24
Tenancy
Single
Building Height
1 Story
Building FAR
0.09
Lot Size
0.75 AC
Zoning
C2/R3 - Commercial, C-2
Parking
30 Spaces (10.78 Spaces per 1,000 SF Leased)
Amenities
- Fenced Lot
- Restaurant
- Security System
- Air Conditioning
Property Taxes
| Parcel Number | 118-14-037C | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $101,717 |
Property Taxes
Parcel Number
118-14-037C
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$101,717
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