5501 19Th AvePhoenix, AZ 85015

Property Details for 5501 19Th Ave

Lot size

1.98 AC

Zone code

C-T

Property type

Medical offices

Property subtype

Medical centers

APN

156-35-045

APU

15635045

Description

This four-story, 73,532 square foot medical office building in Phoenix, Arizona, presents a compelling value-add investment opportunity. Located at 5501 N 19th Ave, 85015, in Maricopa County, this Class B property boasts 29 units across 16 tenancies, currently operating at 51% occupancy. Built in 1985 and renovated in 2022, the building features a gross lease structure and is zoned C-O. The asking price is $8,456,180, translating to $115 per square foot. Key features include secure underground parking, a drive-through drop-off, and ample visitor parking. Its location within an Opportunity Zone offers significant tax advantages. The property benefits from proximity to the Metro Light Rail and Christown Spectrum Mall, poised for future growth and redevelopment. The potential for future condo sales to owner-users or investors seeking cash flow further enhances its investment appeal. The building's unique garden office design, along with the potential for parking expansion in an adjacent lot, adds to its overall attractiveness. This property offers a rare combination of established infrastructure, modern updates, and significant upside potential in a thriving Phoenix location.

• CAP approach

  CAP return

  Valuation

  6%

  $19,024,994

  6.5%

  $17,561,534

  7%

  $16,307,138

• Comparable approach

  Method

  Valuation

  Relative Method

  $13,272,777

  Geo Method

  $13,272,777

• Alternative Use

  Use

  Valuation

  Residential

  $21,776,302

  Hospitality

  $19,946,974

  Educational

  $16,595,649

  Medical

  $17,166,398

  Retail

  $25,815,454

Location Insight

City

Phoenix

County

Maricopa

State

Arizona

Latitude

33.5172

Longitude

-112.099

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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