723 Grand Ave Phoenix, AZ 85007

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.