1516 E Thomas Rd Phoenix, AZ 85014
Central City NeighborhoodEstimated payment $8,531/month
Highlights
- 0.71 Acre Lot
- Cooling Available
- Heating System Uses Natural Gas
- Phoenix Coding Academy Rated A
About This Home
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 Details
Property Type
- Other
Est. Annual Taxes
- $13,209
Year Built
- Built in 1987
Lot Details
- 0.71 Acre Lot
- Block Wall Fence
- Property is zoned C-2
Home Design
- 2,782 Sq Ft Home
- Foam Roof
- Block Exterior
- Stucco
Parking
- 34 Open Parking Spaces
- 34 Parking Spaces
Utilities
- Cooling Available
- Heating System Uses Natural Gas
Community Details
- Gross Income $5,400
- Net Operating Income $5,400
Listing and Financial Details
- Assessor Parcel Number 118-14-037-C
Map
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 02/06/2026 02/06/26 | For Sale | $1,400,000 | -- | $503 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | -- | None Listed On Document | |
| Warranty Deed | $1,000,000 | None Listed On Document | |
| Warranty Deed | $420,000 | Security Title Agency |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Previous Owner | $1,331,250 | New Conventional | |
| Previous Owner | $300,000 | Commercial |
Source: Arizona Regional Multiple Listing Service (ARMLS)
MLS Number: 6980373
APN: 118-14-037C
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
All information should be verified by the recipient and none is guaranteed as accurate by ARMLS
Listing Information presented by local MLS brokerage: Ten-X, local REALTOR®- Arlene Richardson - (888)-952-6393
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