--- title: "Cap Rates and Arizona Net Lease Sales | PCA" url: "https://newphoenixcommercialadvisors.com/cap-rates-arizona-net-lease/" description: "What a cap rate is, what moves it on a single-tenant net lease property" publisher: "Phoenix Commercial Advisors" generated: "11/15/2026" date: "11/15/2026" --- # What does a cap rate mean for a net lease sale in Arizona? A cap rate is the annual net operating income of a property divided by its price. This page explains what the figure tells a seller or a buyer of a net lease property, and shows the asking cap rates on the 9 single-tenant offerings Phoenix Commercial Advisors has on the market now. ## The short answer A cap rate is the annual net operating income of a property divided by its price. It is a way to compare the price of one income property with another. It is not a forecast, and on a net lease property it mostly reflects the lease. This page does not quote a market average. Phoenix Commercial Advisors (PCA) does not publish one, and an average hides the differences that matter. What follows is how to read the figure, and the asking rates on the single-tenant offerings PCA has on the market now. ## How to read a cap rate - **The formula.** Annual net operating income divided by the price. - **Lower rate, higher price.** With the same income, a lower cap rate means a higher price and a higher cap rate means a lower price. - **Asking, not closed.** A listing shows the rate the asking price implies. The sale price is whatever the buyer and seller agree. - **One year of income.** The figure uses one year. Rent increases later in the lease are not in it. ## What moves it on a net lease property The value of a single-tenant net lease property is mostly the value of its lease. Buyers look at: - **The rent and its increases**, and how much of the primary term remains. - **The tenant and who stands behind the lease.** A corporate tenant, a corporate guarantee and a franchisee guarantee are different credits to a buyer. - **The lease type.** Single net, double net, triple net (NNN) and absolute NNN put different obligations on the landlord, and a ground lease leaves the tenant owning the building. - **The location and the building.** Traffic, trade area, age and condition. Two properties with the same tenant can carry different cap rates because their leases differ. ## The asking rates on the market now Of the 9 single-tenant offerings, 8 publish a cap rate; the published rates run from 4.65% to 6.50%. That is computed from the single-tenant offerings listed on this site as of 11/15/2026, and from nothing else. Each one is in the table on this page with its asking price and its cap rate where the seller publishes one. Single-tenant offerings are currently listed in Gilbert (2), Tucson (2), Anthem (1), Chandler (1), Colorado Springs (1), Fountain (1) and Prescott Valley (1). ## What this means for a seller A broker opinion of value turns the lease, the tenant's credit, the location and comparable sales into a written price range. It is not an appraisal, and asking for one does not commit you to anything. Start at [What is my property worth?](https://newphoenixcommercialadvisors.com/sell/property-value/). That page does not show a price. The steps of a sale are on the [net lease sellers page](https://newphoenixcommercialadvisors.com/sell-net-lease-property-arizona/), and a ground lease is covered on the [ground lease page](https://newphoenixcommercialadvisors.com/sell-ground-lease-arizona/). ## What this means for a buyer Open a listing under [investment sales](https://newphoenixcommercialadvisors.com/properties/investment-sales/) to see the public facts, then use the request form for the offering memorandum and the financials. The [Investment Studio](https://newphoenixcommercialadvisors.com/tools/investment-studio/) runs net lease numbers and finds 45 and 180 day dates for a buyer on a 1031 exchange timeline. More on the [1031 replacement property page](https://newphoenixcommercialadvisors.com/1031-exchange-replacement-property-arizona/). ## What can be checked - **Current book.** 20 investment offerings as of 11/15/2026; 9 of them are single-tenant. - **Volume.** Over $2.5 billion of retail investment property sold across 430+ closings, as the firm reports. - **Closed sales.** Closed deals are searchable in the [closings database](https://newphoenixcommercialadvisors.com/track-record/closings/). - **Focus.** A retail-only brokerage since 1996. ## Start [Contact the office](https://newphoenixcommercialadvisors.com/contact/) and choose Owner considering a sale or Buyer or 1031 investor, or call 602-957-9800. A broker from the [investment sales team](https://newphoenixcommercialadvisors.com/team/) replies. ## Every offering in this group | Property | City | Type | Size | Price or rate | Brokers | |---|---|---|---|---|---| | [Tutor Time](https://newphoenixcommercialadvisors.com/properties/tutor-time-anthem/) (Anthem Way & I-17 / NEC) | Anthem | Sale, Freestanding buildings | 11,752 SF | $4,500,000 | Isaiah Clayton, Chad Tiedeman | | [Icons Sports Grill](https://newphoenixcommercialadvisors.com/properties/icons-sports-grill-gilbert/) (McQueen Rd & Elliot Rd / SEC) | Gilbert | Sale, Restaurant | 6,105 SF | $1,620,000, 6.00% cap | Isaiah Clayton, Chad Tiedeman | | [Angie's Prime Grill](https://newphoenixcommercialadvisors.com/properties/angies-prime-grill-prescott-valley/) (State Route 69 & Stoneridge Dr / SWC) | Prescott Valley | Sale, Freestanding buildings | 1,045 SF | $2,632,000, 5.70% cap | Danny Gardiner, Chad Tiedeman | | [Chipotle](https://newphoenixcommercialadvisors.com/properties/chipotle-gilbert/) (Power Rd & Germann Rd / SWC) | Gilbert | Sale, Freestanding buildings | 2,325 SF | $3,900,000, 4.65% cap | Chad Tiedeman | | [Senor Taco](https://newphoenixcommercialadvisors.com/properties/senor-taco-chandler/) (Dobson Rd & Warner Rd / NWC) | Chandler | Sale, Restaurant | 2,768 SF | $2,609,000, 5.75% cap | Danny Gardiner, Isaiah Clayton | | [Fresenius Medical Care](https://newphoenixcommercialadvisors.com/properties/fresenius-medical-care-tucson/) (6th Ave & I-10 / NNWC) | Tucson | Sale, Freestanding buildings | 9,369 SF | $2,912,000, 6.50% cap | Danny Gardiner, Chad Tiedeman | | [Mattress Firm](https://newphoenixcommercialadvisors.com/properties/mattress-firm-tucson/) (Oracle Rd & Ina Rd / NWC) | Tucson | Sale, Freestanding buildings | 3,500 SF | $2,940,000, 5.50% cap | Chad Tiedeman | | [Black Rock Coffee](https://newphoenixcommercialadvisors.com/properties/black-rock-coffee-colorado-springs/) (Fillmore St & Sage St) | Colorado Springs | Sale, Freestanding buildings | 735 SF | $2,695,500, 5.75% cap | Isaiah Clayton, Chad Tiedeman | | [AutoZone](https://newphoenixcommercialadvisors.com/properties/autozone-fountain/) (Mesa Ridge Pkwy & Syracuse St / SEC) | Fountain | Sale, Freestanding buildings | 7,382 SF | $2,395,000, 4.80% cap | Isaiah Clayton, Chad Tiedeman | ## Single-tenant investment offerings (9) - [Tutor Time](https://newphoenixcommercialadvisors.com/properties/tutor-time-anthem.md): Anthem Way & I-17 | NEC; 3720 W Anthem Way; Anthem, AZ; investment sale; 11,752 SF; $4,500,000; brokers: Isaiah Clayton, Chad Tiedeman; page: https://newphoenixcommercialadvisors.com/properties/tutor-time-anthem/ - [Icons Sports Grill](https://newphoenixcommercialadvisors.com/properties/icons-sports-grill-gilbert.md): McQueen Rd & Elliot Rd | SEC; 1475 W Elliot Rd; Gilbert, AZ; investment sale; 6,105 SF; $1,620,000; 6.00% cap; brokers: Isaiah Clayton, Chad Tiedeman; page: https://newphoenixcommercialadvisors.com/properties/icons-sports-grill-gilbert/ - [Angie's Prime Grill](https://newphoenixcommercialadvisors.com/properties/angies-prime-grill-prescott-valley.md): State Route 69 & Stoneridge Dr | SWC; 5875 E State Route 69 Hwy; Prescott Valley, AZ; investment sale; 1,045 SF; $2,632,000; 5.70% cap; brokers: Danny Gardiner, Chad Tiedeman; page: https://newphoenixcommercialadvisors.com/properties/angies-prime-grill-prescott-valley/ - [Chipotle](https://newphoenixcommercialadvisors.com/properties/chipotle-gilbert.md): Power Rd & Germann Rd | SWC; 4733 East Germann Road; Gilbert, AZ; investment sale; 2,325 SF; $3,900,000; 4.65% cap; brokers: Chad Tiedeman; page: https://newphoenixcommercialadvisors.com/properties/chipotle-gilbert/ - [Senor Taco](https://newphoenixcommercialadvisors.com/properties/senor-taco-chandler.md): Dobson Rd & Warner Rd | NWC; 2070 N Dobson Rd; Chandler, AZ; investment sale; 2,768 SF; $2,609,000; 5.75% cap; brokers: Danny Gardiner, Isaiah Clayton; page: https://newphoenixcommercialadvisors.com/properties/senor-taco-chandler/ - [Fresenius Medical Care](https://newphoenixcommercialadvisors.com/properties/fresenius-medical-care-tucson.md): 6th Ave & I-10 | NNWC; 2802 S 6th Ave; Tucson, AZ; investment sale; 9,369 SF; $2,912,000; 6.50% cap; brokers: Danny Gardiner, Chad Tiedeman; page: https://newphoenixcommercialadvisors.com/properties/fresenius-medical-care-tucson/ All: https://newphoenixcommercialadvisors.com/properties/investment-sales/ and https://newphoenixcommercialadvisors.com/api/listings.json ## Brokers who sell investment property - Chad Tiedeman, Executive Managing Director: https://newphoenixcommercialadvisors.com/team/chad-tiedeman/ - Steven Underwood, Senior Managing Director: https://newphoenixcommercialadvisors.com/team/steven-underwood/ - John Schweikert, Senior Managing Director: https://newphoenixcommercialadvisors.com/team/john-schweikert/ - Danny Gardiner, Senior Managing Director: https://newphoenixcommercialadvisors.com/team/danny-gardiner/ - Isaiah Clayton, Director: https://newphoenixcommercialadvisors.com/team/isaiah-clayton/ ## Who to contact - Chad Tiedeman, Executive Managing Director, leads investment sales at Phoenix Commercial Advisors. He joined the firm in 2005 and works with buyers and sellers of single-tenant net lease property and grocery-anchored and multi-tenant neighborhood centers. Direct line 602-288-3472. Profile: https://newphoenixcommercialadvisors.com/team/chad-tiedeman/. ## Related pages - [Retail leasing brokers in Phoenix](https://newphoenixcommercialadvisors.com/retail-leasing-brokers-phoenix/) - [Retail investment sales brokers in Arizona](https://newphoenixcommercialadvisors.com/retail-investment-sales-brokers-arizona/) - [Sell a net lease property in Arizona](https://newphoenixcommercialadvisors.com/sell-net-lease-property-arizona/) - [Net lease investment sales in Arizona: the properties for buyers](https://newphoenixcommercialadvisors.com/net-lease-investment-sales/) - [Investment Studio: 1031 timeline, replacement sets and net lease calculator](https://newphoenixcommercialadvisors.com/tools/investment-studio/) - [Tenant representation](https://newphoenixcommercialadvisors.com/services/tenant-representation/) - [Landlord representation and development brokerage](https://newphoenixcommercialadvisors.com/services/landlord-representation/) - [Investment sales](https://newphoenixcommercialadvisors.com/services/investment-sales/) - [All current availabilities](https://newphoenixcommercialadvisors.com/properties/) - [The team](https://newphoenixcommercialadvisors.com/team/) ## Frequently asked questions ### What is a cap rate? Annual net operating income divided by the price. A property with the same income and a lower cap rate has a higher price, and one with a higher cap rate has a lower price. ### What cap rates are net lease properties selling for in Arizona? This page does not quote a market average, because Phoenix Commercial Advisors does not publish one. What it can state is the asking range on its own current listings. Of the 9 single-tenant offerings, 8 publish a cap rate; the published rates run from 4.65% to 6.50%. Those are asking figures, not sale prices, and they change as offerings sell and new ones list. ### What makes one net lease cap rate lower than another? Mostly the lease. Buyers look at the rent and its increases, how much of the primary term remains, who the tenant is and who guarantees the lease, the lease type, and the location and the building. A cap rate on one property says little about another with a different lease. ### Is the cap rate on a listing the price the property will sell at? No. A listing shows the asking price and, where the seller publishes it, the cap rate that price implies. The sale price is whatever the buyer and seller agree. ### How do I find out what cap rate my property would sell at? Ask for a broker opinion of value: a written price range built from the lease, the tenant's credit, the location and comparable sales. It is not an appraisal, and asking for one does not commit an owner to a listing. Start at /sell/property-value/ or call 602-957-9800. The property value page does not show a price. ### Is there a calculator for net lease numbers? Yes. The Investment Studio at /tools/investment-studio/ is free and runs net lease numbers. It does no tax arithmetic.