3820 3Rd StPhoenix, AZ 85012

Property Details for 3820 3Rd St

Year built

1975

Construction

CONCRETE

Lot size

1.09 AC

Property size (Sq ft)

9,435 SF

Zone code

C-2

Property type

Office properties

Property subtype

Office buildings

APN

118-25-043B

APU

11825043B

Description

This single-story, 9,435-square-foot office building in Phoenix, AZ, presents a compelling investment opportunity. Located at 3820 N. 3rd Street, this property boasts a desirable C-2 zoning designation from the City of Phoenix, allowing for a variety of uses. Built in 1975 and renovated in 2014, the building sits on a 0.96-acre lot (41,649 square feet) and offers ample parking with a 6:1,000 ratio (approximately 61 spaces). The asking price is $2,650,000, representing a price per square foot of $280. The property's current Net Operating Income (NOI) is $150,000, yielding a 5.66% capitalization rate. The building is currently vacant, with an occupancy date of October 4, 2024. The property is offered as a single-tenant, NNN lease with a 10-year lease term, although currently only one year remains. The land value alone is estimated at $6 per square foot. The Assessor's Parcel Number (APN) is 118-25-043B. This property is an excellent opportunity for investors seeking a strong return in a prime Phoenix location. The building features a flat roof and is ready for immediate occupancy or lease.

• CAP approach

  CAP return

  Valuation

  6%

  $2,084,722

  6.5%

  $1,924,359

  7%

  $1,786,905

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,454,405

  Geo Method

  $1,454,405

• Alternative Use

  Use

  Valuation

  Residential

  $2,386,205

  Hospitality

  $2,185,751

  Educational

  $1,818,519

  Medical

  $1,881,061

  Retail

  $2,828,808

Location Insight

City

Phoenix

County

Maricopa

State

Arizona

Latitude

33.4918

Longitude

-112.07

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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