$950,000
Phoenix, AZ 85006
MLS# 6237503
Status: Closed
1 / 12
Property Description
Office/Retail Building for sale. This unique building flexes between office use or retail use with frontage along 7th street. Perfect for an investor! This is priced at a 6.0% CAP Rate. There are 4 covered parking spaces in the rear of the building for employees, and a total of 8 open parking spaces in front of the building. Interior build out is fresh and exciting with exposed duct work and 'wood look' ceramic tile gives a terrific modern feel to the space. Tenant just signed a 5 year lease with 3% bumps year over year. A 5 year renewal option is available as well.
Details
Maps
Contract Info
Current Price: $950,000
Sold Price: $950,000
Status: Closed
List Date: 2021-05-12
Ownership: Fee Simple
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: P34
House Number: 2612
Compass: N
Street Name: 7TH
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85006
Zip4: 1098
Country: USA
County Code: Maricopa
Legal Description (Abbrev): ORMES ADD PT LOTS 33 & 34 E 140' LOT 33 EX E 7' ALSO E 140' OF N 70' LOT 34 EX E 7'
Subdivision: ORMES ADDITION
Assessor's Map #: 45
Assessor's Parcel #: 86
Add'l Parcels: No
Assessor Number: 118-45-086
Census Tract: 111800
Legal: ORMES ADD PT LOTS 33 & 34 E 140' LOT 33 EX E 7' ALSO E 140' OF N 70' LOT 34 EX E 7'
Tax Municipality: Phoenix
Taxes: 7200
Tax Year: 2020
Marketing Name: Prime 7th St Location
General Property Description
Type of Property: Freestanding Office/Retail
Ttl Apx SqFt Bldg: 4001
Ttl Apx Net Rnt Spc: 4000
# of Buildings: 1
Year Built: 1971
Uncvrd Parking Spcs: 8
Zoning: C-2
Remarks & Misc
Cross Street: 7th St and Virgina
Directions: From I10 go North on 7th street 1 1/2 miles. Property will be on the west side of the street.
Geo Lat: 33.477159
Geo Lon: -112.065441
Status Change Info
Status Change Date: 2022-06-30
Off Market Date: 2022-04-28
Under Contract Date: 2022-04-29
Close of Escrow Date: 2022-06-29
Sold Price: $950,000
Legal Info
Township: 2N
Range: 3E
Section: 32
Lot Number: 33
Income & Expenses
Owner Association: No
Operating Exp: 7200
Gross Annual Sch Inc: 70122
Adjusted Gross Inc: 70122
Net Operating Income: 61833
Pmt & Rate Info
Cap Rate: 6
Equity: 1030000
Sold Info
Loan Type: SBA
Payment Type: Other
Clsing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Property Features
Building Type: Commercial; Office; Other (See Remarks)
Current Use: Office; Retail
Stories: 1 Story
Construction: Block; Other (See Remarks)
Roofing: Rolled
Floors: Ceramic Tile
Ceiling Height: 8.1 Feet to 10 Feet; 10.1 Feet to 12 Feet
Heating: Heat Pump
Cooling: Central A/C
Loading Facilities: None
Interior: Finished; Private Restrooms
Fencing: Other
Amenities: Conference Room; Kitchen
Parking: Free; Paved Parking
Electric: APS
Gas: None
Water: City Franchise
Sewer: Sewer - Public
Freeway/Highway: 1.1 - 2 Miles
Showing Notification Methods: Text; Email; Phone Call
Source of Fincl Data: Provided by Owner
Existing 1st Loan: Treat as Free&Clear
Existing 1st Ln Type: Not Applicable
Existing 1st Ln Trms: Not Applicable
Existing 2nd Loan: Treat as Free&Clear
Existing 2nd Ln Type: Not Applicable
Existing 2nd Ln Trms: Not Applicable
Existing 3rd Loan: Treat as Free&Clear; Other (See Remarks)
Existing 3rd Ln Type: Not Applicable
Existing 3rd Ln Trms: Not Applicable
Existing Othr Ln Trm: Not Applicable
Roads/Streets: Asphalt; Curb(s) & Gutter(s); Sidewalk(s)
Reports/Disclosures: None
Environmental: None
Listing Office: Commercial Property Connect
Last Updated: June - 30 - 2022
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
Copyright 2024 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.