5800 19Th AvePhoenix, AZ 85015

Property Details for 5800 19Th Ave

Year built

1959

Lot size

0.89 AC

Property size (Sq ft)

15,192 SF

Property type

Office properties

Description

This Phoenix, Arizona office building, located at 5800 N 19th Ave, presents a compelling investment opportunity. The 15,192 square foot, Class C property boasts a strong 8.85% cap rate and a current NOI of $202,256.52. Built in 1959 and renovated in 2019, the two-story building sits on a 0.89-acre lot and features 19 units with 79% occupancy as of June 24, 2024. The property offers ample parking (4.5 spaces per 1,000 sq ft), a gross lease structure, and is zoned C-2. Its strategic location in a vibrant business district provides easy access to major transportation routes, including light rail, and is surrounded by amenities such as Costco, Target, and Abrazo Hospital. The building's mid-century modern design creates a professional atmosphere. Shorter-term leases allow for potential owner-user occupancy of up to 66% by January 2025. The asking price is $2,285,714, with a price per square foot of $150.46. Tenants are responsible for their own janitorial services and internet. This property offers significant potential for value-add improvements and increased rental income, capitalizing on Phoenix's dynamic market growth. The property includes monument signage, central HVAC, and common area restrooms.

Location Insight

City

Phoenix

County

Maricopa

State

Arizona

Latitude

33.5224

Longitude

-112.1

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