2827 East Bell Road, Phoenix, AZ 85032 For Sale

A fully-equipped 3,110 SF freestanding restaurant & full-bar building — all furniture, fixtures & equipment included — on a 13,265 SF C-2 hard corner fronting Bell Road. Offered ready to operate.

Whether you operate the restaurant yourself or lease it to a tenant, the building's earning power is the foundation of its value. At market, this space leases for $10,000 per month on a triple-net basis — $120,000 per year, or $38.59 per square foot. That figure is consistent with the appraiser's $35/SF in October 2024 plus the ~10% cumulative Phoenix retail rent growth since; it is a market rent, not an aspiration.

This analysis shows exactly how the $1,500,000 price for the freestanding restaurant and full-bar building at 2827 E. Bell Road is derived — and why it represents fair-to-favorable value for a buyer. The price rests on three independent pillars: (1) an independent, USPAP-compliant MAI appraisal of the property; (2) the building's in-place income — it leases at $10,000/month on a triple-net basis, a ~7.7% capitalization rate at this price against a 6.55%–7.00% market; and (3) verified public-record comparable sales. Each is presented in full so you can see the math behind the number.

The property was independently appraised by Michael Turner, MAI at an “As Is” value of $1,400,000 — inclusive of all FF&E — effective October 21, 2024. That appraisal is now roughly 20.5 months old and reaches two years in October 2026 — it is presented here as an independent anchor and a floor, not a current valuation, and your lender will order a fresh one. In the months since, metro Phoenix retail has strengthened: vacancy near record lows (~4.5%), asking rents up ~5.8% per year for eight consecutive quarters, and single-tenant net-lease cap rates essentially flat. Measured against the building's income, the evidence supports $1,500,000 — and on the income approach alone, supports more.