For Sale
$7,582,000

2727 Grovers AvePhoenix, AZ 85053

22,706 SF Warehouse, NNN Lease

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional Phoenix industrial property, located at 2727 W Grovers Ave, offers a compelling investment opportunity. The 22,706-square-foot warehouse sits on a 2.4-acre lot in the desirable Deer Valley submarket of Maricopa County, Arizona, zip code 85053. Built in 1985 and completely renovated in 2024, this single-tenant facility boasts 18-26 feet of clear height, 12 loading positions (8 dock-high and 4 grade-level), and a substantial 1.3-acre secured yard. The efficient floor plan includes approximately 20% upgraded office space and 80% warehouse space, plus a 2,218-square-foot mezzanine office. Currently 100% leased under a Net Lease (NNN) agreement with a strong credit tenant, Metronet, the lease has a remaining term of five years, expiring November 29, 2029, with 3.5% annual rent bumps. The property's Net Operating Income (NOI) is $435,955, resulting in a 5.75% capitalization rate. The asking price is $7,582,000. This property benefits from its strategic location, providing easy access to the I-17 freeway and proximity to the rapidly growing Deer Valley submarket, currently experiencing a 0% vacancy rate for comparable properties. The tenant's recent acquisition by T-Mobile and KKR further strengthens the investment's long-term prospects. This is a rare opportunity to acquire a high-quality, fully leased industrial asset in a prime location with significant growth potential.

Highlights

  • Recently renovated 22,706 SF industrial building on a 2.4-acre lot in Phoenix, AZ.
  • Building features 18-26' clear height, 12 loading positions (8 dock-high, 4 grade-level), and a 1.3-acre secured yard. The efficient floor plan includes 20% office space and 80% warehouse space, plus a 2,218 SF mezzanine.
  • Fully leased to Metronet (strong credit tenant) under a NNN lease with 5 years remaining (expiring 11/29/2029) and 3.5% annual rent increases.
  • Prime Deer Valley location with I-17 freeway access; 0% vacancy rate for comparable properties. Metronet's recent acquisition by T-Mobile and KKR further strengthens the investment.
  • $7,582,000 asking price; $435,955 NOI; 5.75% cap rate.

Property Details for 2727 Grovers Ave

Property type
Warehouses, Industrial properties
Square Feet
22,706 SF
Year Built/Renovated
1985/2024
Lot Size (sq. ft)
104,544 SF

Location Insight

City
Phoenix
County
Maricopa
State
Arizona
Latitude
33.6470526
Longitude
-112.1186065
2727 Grovers Ave, Phoenix, Arizona

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2727 Grovers Ave
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