5800 19Th Ave Phoenix, AZ 85015

This Phoenix, Arizona office building, located at 5800 N 19th Ave, presents a compelling investment opportunity. The 15,192 square foot, Class C property boasts a strong 8.85% cap rate and a current NOI of $202,256.52. Built in 1959 and renovated in 2019, the two-story building sits on a 0.89-acre lot and features 19 units with 79% occupancy as of June 24, 2024. The property offers ample parking (4.5 spaces per 1,000 sq ft), a gross lease structure, and is zoned C-2. Its strategic location in a vibrant business district provides easy access to major transportation routes, including light rail, and is surrounded by amenities such as Costco, Target, and Abrazo Hospital. The building's mid-century modern design creates a professional atmosphere. Shorter-term leases allow for potential owner-user occupancy of up to 66% by January 2025. The asking price is $2,285,714, with a price per square foot of $150.46. Tenants are responsible for their own janitorial services and internet. This property offers significant potential for value-add improvements and increased rental income, capitalizing on Phoenix's dynamic market growth. The property includes monument signage, central HVAC, and common area restrooms.