For Sale
$9,500,000

723 Grand AvePhoenix, AZ 85007

Historic Phoenix multi-tenant retail complex

Overview

Added:
Dec 11, 2024
Days on market:
114
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.

Property Details for 723 Grand Ave

Property type
Retail properties, Restaurants
Square Feet
36,808 SF
Class
B
Year Built/Renovated
1917/2013
Buildings
5
Stories
2
Units
5

Location Insight

City
Phoenix
County
Maricopa
State
Arizona
Latitude
33.4524542
Longitude
-112.0841819
723 Grand Ave, Phoenix, Arizona

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723 Grand Ave
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