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4708 S 48th St 3,752 SF Retail Building Phoenix, AZ 85040 $3,200,000 ($852.88/SF)
Investment Highlights
- Absolute NNN-style lease structure
- High-visibility location experiencing almost 80,000 VPD at the intersection
- Strategic regional access and connectivity to I-10, Loop 202, SR-143, Sky Harbor Airport, Tempe, and South Phoenix
- Freestanding ±3,752 SF drive-thru building on ±0.84 acres
- Dense employment and daytime population driver
Executive Summary
Lee & Associates is pleased to present an opportunity to acquire a freestanding, dark Pizza Hut drive-thru asset located at 4708 S. 48th Street in Phoenix, Arizona. Although Pizza Hut vacated the property on June 1, 2026, the tenant remains obligated and is currently fulfilling the lease obligations. Pizza Hut has approximately 5.56 years of remaining lease term, with the current term scheduled to expire on February 23, 2032. The lease is structured as an absolute NNN-style lease, with Tenant responsible for real estate taxes, CAM/CC&R charges, insurance, utilities, and broad maintenance obligations, including the building, roof, structure, systems, and related property components.
The property consists of a ±3,752 SF freestanding drive-thru building on approximately ±0.84 acres, with abundant parking, multiple access points, and strong visibility along 48th Street, which sees almost 80,000 vehicles per day. The asset sits in a dense South Phoenix office and industrial trade area with significant daytime population and immediate access to major transportation corridors including I-10, Loop 202, and SR-143. The combination of remaining lease income, tenant go-dark obligations, and flexible real estate fundamentals creates a compelling investment opportunity with future repositioning or owner-user potential.
The property consists of a ±3,752 SF freestanding drive-thru building on approximately ±0.84 acres, with abundant parking, multiple access points, and strong visibility along 48th Street, which sees almost 80,000 vehicles per day. The asset sits in a dense South Phoenix office and industrial trade area with significant daytime population and immediate access to major transportation corridors including I-10, Loop 202, and SR-143. The combination of remaining lease income, tenant go-dark obligations, and flexible real estate fundamentals creates a compelling investment opportunity with future repositioning or owner-user potential.
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- Offering Memorandum
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Restaurant
Building Size
3,752 SF
Building Class
B
Year Built
2003
Price
$3,200,000
Price Per SF
$852.88
Tenancy
Single
Building Height
1 Story
Building FAR
0.10
Lot Size
0.88 AC
Zoning
C2 - General Commercial
Parking
40 Spaces (10 Spaces per 1,000 SF Leased)
Frontage
143’ on S 48th St
Amenities
- Signage
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Accommodation and Food Services
- -
- -
- -
Pizza Hut began in 1958, when two brothers borrowed money from their mother to open a pizza place in Wichita, Kansas. The business grew from that single restaurant into a franchised brand with a broad menu centered on pizza, pasta, chicken wings, breadsticks, desserts, and delivery or carryout service. Pizza Hut later became part of Yum! Brands and continues to operate as a global restaurant system with a large franchise network across many markets. The company has also built a history around menu and service milestones, including early online ordering and signature products such as Stuffed Crust and Pan pizza.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Accommodation and Food Services | - | - | - |
Fairly walkable
40/100
Exceptionally drivable
100/100
Some public transit
40/100
Moderately bikeable
60/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 123-06-062 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $227,238 |
Property Taxes
Parcel Number
123-06-062
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$227,238
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