Rein & Grossoehme
NWc 75th Avenue & Cactus

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Gas station on the hard corner adjacent to the subject parcel

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Shopping centers on the other corners of the same intersection

SE corner (Fry's Food & Drug) SW corner (Albertson's) NE corner (unanchored)

Possible site plan

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Property Overview

PRICE: $2,000,000      ACRES:  9.586      PRICE PER SQ. FT.: $4.79
ZONING: C-2      2001 REAL ESTATE TAXES: $295.02
PARCEL #: 200-78-901/017S

The subject property is an approximate 9.5865 acre (gross) parcel of vacant land located at the northwest corner of 75th Avenue & Cactus in Peoria, Arizona. The land is zoned C-2 and the 2001 annual taxes were only $295.02 because the property has been used for agriculture. The low agriculture assessment is renewed annually provided that the land was farmed the previous year. By doing this, the holding cost of the land is dramatically reduced. The property has approximately 966 feet of frontage on Cactus and 204 feet of frontage on 75th Avenue. The daily traffic count through the intersection is approximately 35,710 cars as of the December 1997 north south/September 2001 east west surveys. The 2000 average household income in a one, two and three mile radius is $75,141, $69,034 and $60,169, respectively.

A Mobil Gas station (closed) is on the immediate corner and is surrounded by the subject property. A Fry's Food and Drug anchored center with approximately 100,000 square feet and an unanchored retail center with approximately 50,000 square feet are located on the same intersection. An Albertson's anchored center store was built on the southwest corner in 2000. Arrowhead Towne Center regional mall is three miles to the north at Bell Road.

Because of the large amount of frontage on Cactus, the property could be suitable for a number of different types of uses. A mixed used commercial development is possible that could include a number of pads, a retail strip center, a single big-box user, user driven offices or a mini-warehouse. Apartments have also been considered. The owners will consider dividing the property into smaller parcels- including pads- but the price per foot will be increased accordingly.

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