9002 Central AvePhoenix, AZ 85020

  • Office buildings
  • 6,880 SF
For Sale
$1,999,000 View listing

Property Details for 9002 Central Ave

Year built
1982
Construction
CONCRETE
Lot size
0.32 AC
Property size (Sq ft)
6,880 SF
Zone code
C-2
Property type
Office buildings
APN
159-48-061
APU
15948061

Description

This exceptional investment opportunity presents a 6,880 square foot, Class C medical office building located at 9002 N Central Ave, Phoenix, AZ 85020. The property, built in 1982 and extensively renovated in 2024, sits on a 0.31-acre lot and boasts 24 parking spaces. Currently operating under a 10-year absolute NNN lease with a single tenant, this sale-leaseback opportunity offers a strong 5.27% cap rate and a substantial net operating income (NOI) of $105,255. The lease includes 5% rent bumps every 5 years and three 5-year renewal options, ensuring long-term stability and predictable income growth. The property is zoned C-2 and features a two-story building with a 100% occupancy rate. The asking price is $1,999,000, translating to a price per square foot of $312.50. This is a rare chance to acquire a well-maintained, fully occupied medical office building in a desirable Phoenix location with significant upside potential. The property's strong tenant, long-term lease, and favorable financial metrics make it an attractive addition to any investment portfolio. The APN is 159-48-061.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $1,273,220
    6.5%
    $1,175,280
    7%
    $1,091,340
  • Comparable approach

    Method
    Valuation
    Relative Method
    $1,060,550
    Geo Method
    $1,060,550
  • Alternative Use

    Use
    Valuation
    Industrial / Distribution
    $2,490,440
    Retail / Commercial
    $1,242,520
    Mixed-Use / Specialty
    $1,210,850
    Hospitality / Lodging
    $852,897
    Institutional / Educational
    $1,249,060
    Residential Income
    $1,461,400
    Multifamily
    $1,903,730
    Automotive / Energy
    $1,070,620
    Parking / Income-Based Land
    $396,371
    Restaurant / Food Service
    $571,638
    Healthcare / Senior Housing
    $1,269,640

Location Insight

City
Phoenix
County
Maricopa
State
Arizona
Latitude
33.568
Longitude
-112.074
CBSA code
38060
CBSA name
PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$14,865
-
-
$172,013
-
$360,600
$681,900
$1,042,500

FAQs

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