20022 31St AvePhoenix, AZ 85027

Property Details for 20022 31St Ave

Year built

1988

Construction

STEEL FRAME

Lot size

24.59 AC

Property size (Sq ft)

178,982 SF

Zone code

CP/BP

Property type

Office properties

Property subtype

Office buildings

APN

206-12-205

APU

20612205

Description

This exceptional redevelopment opportunity presents a rare chance to acquire a 24.41-acre site in Phoenix's Deer Valley submarket. The property currently features two, two-story office buildings totaling approximately 351,570 square feet of net rentable area, currently at 7.8% occupancy with two tenants. Built in 1985, the buildings boast flexible floor plates and a desirable 6/1,000 parking ratio, along with on-site amenities. The property's Commerce Park/Business Park (CP/BP-SP) zoning allows for significant redevelopment potential, ideally suited for a multi-structure industrial business park. Its prime location at the intersection of I-17 and Loop 101 provides unparalleled freeway access, boasting 1,285 feet of frontage along Loop 101 and access to over 2.55 million people within a 30-minute drive. This vibrant area benefits from significant job and population growth driven by major corporations like Taiwan Semiconductor Manufacturing Company (TSMC), and is surrounded by established businesses including PetSmart, Honeywell, USAA, Cox Communications, and Sunlit Chemicals. The large rectangular parcel offers significant flexibility for future development plans, making this a truly unique investment opportunity in a high-growth market. The property's APN is 206-12-205, and it is located at 20022 N 31st Ave, Phoenix, AZ 85027. There is no existing ground lease.

• CAP approach

  CAP return

  Valuation

  6%

  $33,834,240

  6.5%

  $31,231,604

  7%

  $29,000,776

• Comparable approach

  Method

  Valuation

  Relative Method

  $27,590,076

  Geo Method

  $27,590,076

• Alternative Use

  Use

  Valuation

  Residential

  $38,727,188

  Hospitality

  $35,473,896

  Educational

  $29,513,866

  Medical

  $30,528,894

  Retail

  $45,910,460

Location Insight

City

Phoenix

County

Maricopa

State

Arizona

Latitude

33.6669

Longitude

-112.128

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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