This exceptional Phoenix retail investment opportunity presents a 36,808 square foot, multi-tenant property located at 723-747 Grand Avenue. The property, built in 1917 and renovated in 2013, boasts five buildings across a 43,750 square foot lot, featuring a mix of bar, restaurant, and storefront spaces. Currently, it has two tenants, with one tenant paying rent despite not operating, and a personal guarantee in place. The property offers a 4.30% cap rate with a pro-forma cap rate of 8.06%, and a current NOI of $408,397, projected to increase to $765,473. The asking price is $9,500,000, translating to $258.10 per square foot. Features include two grade-level doors, HVAC, built-out offices, a secured yard, ample parking (with a lot across the street included), and beautiful red brick construction with pitched trusses, a second story, and a basement. The property is zoned C-3, Phoenix, and benefits from an assumable loan with a fixed rate of 4.462%, an 18-year note maturing April 1, 2036, and a remaining balance of $3,208,569.82 as of August 2024. The property includes vacant suites in gray shell condition, presenting significant value-add potential for a new owner. Annual rent bumps are in place. This unique property offers a compelling blend of history, functionality, and significant upside potential. The property's location on Grand Avenue provides excellent visibility and accessibility.
Highlights
36,808 SF multi-tenant retail property on a 43,750 SF lot at 723-747 Grand Avenue, Phoenix.
Assumable loan with a 4.462% fixed interest rate, 18-year term, maturing April 1, 2036, and a remaining balance of $3,208,569.82 (August 2024).
Currently has two tenants, one paying rent despite non-operation, with a personal guarantee in place; $9,500,000 asking price ($258.10/SF); 4.30% current cap rate, 8.06% pro-forma cap rate; $408,397 current NOI, projected to increase to $765,473.
Features include five buildings, built in 1917, renovated in 2013, with vacant gray shell suites, ample parking (including a lot across the street), HVAC, built-out offices, secured yard, and two grade-level doors. C-3 zoning.
Significant value-add potential due to vacant suites and annual rent increases.
How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
Contacts
Mark Cassell
Landon McKernan
Visit Broker Website
Learn more
Useful Information
Request information
723 Grand Ave, Phoenix, Arizona, 85007
Message sent successfully
Error
Email this Information
Message sent successfully
Error
Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
By using this service, you acknowledge and accept that all estimates are provided for informational purposes only and that this website assumes no liability for any reliance on the provided valuations.
723 Grand Ave
Sign Up
Already a member?
Just one more step, let’s verify your email
We have sent a verification link to
Please check your inbox to complete the process.
Just click on the link in that email to complete your Sign up.
If you don’t see it, you may need to check your spam folder.
Email verification link expired
It seems that the verification link has expired.
No worries! We can send you a new link to email
Log In
Don't have an account?
Reset your password
New to Paperhouses?
Paperhouses
Reset your password
Enter the email address associated with your account and we'll send you a link to reset your password.
Check your email
We've resent password reset instructions to if it is an email on file.
Thanks! If matches an email we have on file, then we've sent you an email containing further instructions for resetting your password.
If you haven't received an email in 5 minutes, check your spam, resend, or try a different email.