For Sale
Call for price

14050 83Rd AvePeoria, AZ 85381

Peoria, AZ Office Complex: Value-Add Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional Class A office park in Peoria, Arizona, presents a compelling value-add investment opportunity. Comprising two, two-story buildings totaling 144,597 square feet on a 10.9-acre lot, the property boasts a prime location at the intersection of Loop 101 and Thunderbird Road & 83rd Ave, offering excellent visibility and accessibility. Built in 2005, the multi-tenant buildings provide adaptable space suitable for a range of businesses. Currently operating at 73.1% occupancy, the property generates a Net Operating Income (NOI) of $1,690,161. In-place rents are significantly below market rates, presenting substantial upside potential for increased NOI through lease renewals and market adjustments. The Peoria/Arrowhead area demonstrates robust demographic and economic growth, featuring a strong consumer base and skilled workforce, further enhancing the property's investment viability. The area's dynamic blend of residential communities, recreational amenities, and high-income households contributes to a vibrant and attractive environment for businesses. The property's strategic location and significant value-add potential make it an attractive investment in a rapidly growing market. The average remaining lease term is approximately 2.2 years. Additional value creation opportunities exist through freeway billboard or building signage. The current vacancy rate in the submarket is 14.95%, with no buildings having more than 25,000 square feet of vacancy, indicating market stability.

Highlights

  • Class A office park in Peoria, AZ, offering a value-add investment opportunity.
  • Two two-story buildings totaling 144,597 square feet on a 10.9-acre lot, located at Loop 101 and Thunderbird Road & 83rd Ave.
  • Built in 2005, with adaptable space for various businesses; currently 73.1% occupied, generating $1,690,161 NOI.
  • In-place rents are approximately 15% below market, with a 2.2-year average remaining lease term, presenting significant upside potential.

Property Details for 14050 83Rd Ave

Property type
Office properties
Square Feet
144,597 SF
Class
A
Year Built
2005
Buildings
2
Stories
2
Lot Size (sq. ft)
474,804 SF

Location Insight

City
Peoria
County
Maricopa
State
Arizona
Latitude
33.6122267
Longitude
-112.2381575
14050 83Rd Ave, Peoria, Arizona

FAQs

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].
14050 83Rd Ave
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message