Rein & Grossoehme
4000 North 7th Street, Phoenix, AZ
($72/ sq. ft.)
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The subject property is an approximate 10,263 square foot office building that was built in 1955 and substantially remodeled in 1997 - including the new Santa Fe fascia, restrooms and suite interiors. The buildings are constructed of block and stucco with flat, built-up composition roofs. There is a large monument directory sign that faces 7th Street. The zoning is C-3.
The complex fronts on 7th Street, just south of Indian School in Phoenix, Arizona. 7th Street is a very busy commercial corridor that runs the full length of the city. The daily traffic count in front of the building is approximately 37,700 cars according to the 2005 survey. The Squaw Peak Freeway (SR51) is a mile to the east and the 202 Freeway is two miles to the south. Average household income in a three-mile radius is $49,124.
Existing rents are very low. This fact alone makes this a low risk investment and creates future upside. All suites are individually metered for electricity. One suite has a private restroom.
The north half of the buildings are on a ground lease that expires 8/6/2038 and costs $125 per month for the remainder of the lease term. Access to the center will be controlled by the part of the center that is not on a ground lease so there will be some leverage on the ground lessor when the ground lease expires.
The property could be ideal for an owner/user that will have increasing space needs over time. An owner/occupant could expand as leases expire or continue leasing the other suites to reduce its occupancy cost. This building creates a low cost alternative to the extremely high priced office condos that are selling all over town.
THE TENANTS ARE NOT AWARE THAT THE CENTER IS FOR SALE. NO CONTACT SHOULD BE MADE WITH ANY TENANT WITHOUT THE EXPRESSED PERMISSION OF THE OWNER.
For additional information,
Mark Rein at 480.214.9414