|Price/Rent PSF||$ 2,400,000.00|
|SQ. FT. Available||26,540|
The subject property is located at 1401 S Central Ave in the City of Phoenix, Maricopa County, Arizona. The subject property is South of the City Center and is a very good location with respect to commercial services, thoroughfares, public transportation and community services. Appeal of the area is very good and in redevelopment in terms of retail, commercial and residential use. The subject benefits from busy commuter and local traffic along Central Ave. The area is anticipated to experience growth in the foreseeable future due to its location on the approved light rail extension. Cities along the light rail are now allowing new ‘Walkable Urban’ zoning, with generally allows up to 5 stories in new construction along the light rail corridor. St. Benedictine, Wilkes Universities are located in the downtown area.
Metro Phoenix Location
The Metro Phoenix area is among the fastest-growing metropolitan areas in the country with an estimated 4.3 million residents. It has an accessible location, excellent lifestyle amenities, a pro-business Governor with a growing business and entrepreneurial climate. The area has a predictable 320+ days of sunshine each year with mild winter temps and summer months of dry heat. Phoenix is the epicenter of the Southwest and proves to be particularly desirable to aerospace, nanotechnology, bioscience, advanced business services, high-tech and healthcare. Phoenix is home to major sports franchises: Arizona Diamondback baseball, Phoenix SUNS basketball, and Arizona Cardinals football and Arizona Coyotes hockey.
Manufacturing/Warehouse building on a hard corner; South Central Ave; Owner would consider a sale, option to purchase, a sale/leaseback or other creative options.
Owner will leaseback at $192k/yr NNN, Cap Rate = 8%
The approved Light Rail extension: five-mile project will connect with the current light rail system in downtown Phoenix and run south to Baseline Road. Status
Following the environmental approval from the Federal Transit Administration in early 2017, the project is now beginning the initial design phase.