1516 E Thomas Road, Phoenix, AZ 85014
- $1,450,000
- 2,782
- SqFt
- Sold Price
- $1,450,000
- List Price
- $1,400,000
- Closing Date
- Apr 29, 2026
- Days on Market
- 62
- Status
- CLOSED
- MLS#
- 6980373
- City
- Phoenix
- Living SQFT
- 2,782
- Lot Size
- 30,825
- Subdivision
- N/A
- Year Built
- 1987
Property Description
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.
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Additional Information
- Acres
- 0.71
- Construction
- Block, Stucco
- Electric
- APS
- Fencing
- Block
- Heating
- Natural Gas, Forced Air
- Living Area
- 2,782
- Lot Size
- 30,825
- Parking Features
- Parking Lot
- Roofing
- Foam
- Subdivision
- N/A
- Taxes
- $13,209
- Tax Year
- 2025
- Water
- City Franchise
- Zoning
- C-2
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Listing courtesy of Cambridge Properties. Selling Office: Non-MLS Office.
All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Copyright 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved.