2942 24Th StPhoenix, AZ 85016

Property Details for 2942 24Th St

Year built

1974

Construction

CONCRETE

Lot size

1.01 AC

Property size (Sq ft)

18,920 SF

Zone code

C-2

Property type

Commercial real estate

APN

119-17-031

APU

11917031

Description

This exceptional investment opportunity presents the Biltmore Office Plaza, a Class B office building located at 2942 N 24th St, Phoenix, AZ 85016, in Maricopa County. The property boasts 18,919 square feet and is zoned C-2. Originally constructed in 1974, the building underwent renovations in 2006. The asking price is $4,256,775, translating to $225 per square foot. Currently occupied by Plaza Executive Suites, a well-established operator of executive suites with a strong track record (ranked #7 in Ranking Arizona: Office Business Centers in 2022), a seven-year triple net leaseback with 3% annual increases is available upon closing. This presents a compelling opportunity for investors seeking a stable, long-term income stream in a prime Phoenix location. The tenant's portfolio includes multiple locations across the Phoenix MSA, demonstrating their established presence and operational expertise. The property's APN is 119-17-031. This is a traditional office building offering a unique combination of immediate income and future appreciation potential. The leaseback agreement provides a secure investment with built-in growth.

• Alternative Use

  Use

  Valuation

  Residential

  $5,962,636

  Hospitality

  $5,461,743

  Educational

  $4,544,106

  Medical

  $4,700,385

  Retail

  $7,068,610

Location Insight

City

Phoenix

County

Maricopa

State

Arizona

Latitude

33.4818

Longitude

-112.031

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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