2701 Thomas RdPhoenix, AZ 85016

Thomas Plaza, located at 2701 E Thomas Rd, Phoenix, AZ 85016, presents a unique redevelopment opportunity. This 1.09-acre property encompasses 11 individually owned office condos totaling approximately 16,460 square feet, currently occupied by various tenants including information Engineering, Law Office of Ray A Ybarra Maldonado, PLC, P Msi, Rea Ann Kicker, American Pool AZ, CSA advocates, Landmark Associates Inc, John Catanzaro Cpa, H G Subs, Inc, Law Office Of Joseph Maisto Office, and Schnookie LLC Office. The property is zoned R-5, allowing for a high density of up to 40 units per acre, making it ideal for conversion into a multifamily development. The existing building, constructed in 1975, is a single-story structure. The asking price is $3,561,000, translating to $216.34 per square foot. Its strategic location on a hard corner at the intersection of 27th Street and Thomas Road offers excellent visibility and accessibility. Furthermore, its proximity to major roadways such as SR-51, Loop 202, and I-10, along with its closeness to the Arcadia Lite, Camelback Corridor, and Phoenix Sky Harbor International Airport, ensures strong leasing potential for multifamily units. The high demand for multifamily housing in this growing and gentrifying submarket minimizes leasing concerns for potential buyers. Numerous nearby retail amenities further enhance the property's appeal.