For Sale
$16,660,000

8921 Thomas RdPhoenix, AZ 85037

High-yield medical office, 100% occupied.

Overview

Added:
Dec 11, 2024
Days on market:
116
Exceptional investment opportunity: a 42,067 square foot, single-story Class B medical office building in Phoenix, Arizona, presents a compelling investment proposition. This property boasts a strong 6.41% cap rate and a substantial net operating income (NOI) of $1,067,112. The building, constructed in 2005 and renovated in 2018, sits on a 5.43-acre lot and is currently 100% occupied by SimonMed Imaging under an absolute NNN lease with 8.8 years remaining. The lease includes attractive 3% annual rent bumps, providing a hedge against inflation. This mission-critical location for SimonMed's Arizona operations houses all HIPAA-required hard file data storage for their Arizona facilities, along with their main call center. Uniquely, it also includes warehouse space for equipment repair and maintenance. Its strategic location directly across from Banner Estrella Medical and Surgery Center, a major medical campus serving a large population, ensures consistent high traffic and demand. The property's high visibility and accessibility are further underscored by over 60,000 visits in the past year, according to Placer.ai data. The asking price is $16,660,000, translating to $396.03 per square foot. This presents a rare opportunity to acquire a stable, high-performing asset in a thriving medical market.

Highlights

  • 8.8 years remaining on a triple-net (NNN) lease with 3% annual rent increases.
  • Critical to SimonMed's Arizona operations; houses all HIPAA-compliant hard file data and the main call center.
  • Unique among Arizona SimonMed locations: includes warehouse space for equipment repair and maintenance.
  • High foot traffic: 60,000 Placer.ai visits in the past year.
  • Excellent location: directly across from Banner Estrella Hospital & Medical Center, including a 24-hour ER and Level IV Trauma Center.

Property Details for 8921 Thomas Rd

Property type
Office properties, Medical offices
Square Feet
42,067 SF
Class
B
Year Built/Renovated
2005/2018
Buildings
1
Stories
1
Lot Size (sq. ft)
236,531 SF

Location Insight

City
Phoenix
County
Maricopa
State
Arizona
Latitude
33.4784877
Longitude
-112.2535839
8921 Thomas Rd, Phoenix, Arizona

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8921 Thomas Rd
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