8700 Price RdTempe, AZ 85283

Property Details for 8700 Price Rd

Year built

2000

Construction

CONCRETE

Lot size

9.63 AC

Property size (Sq ft)

115,050 SF

Zone code

AG

Property type

Office buildings

APN

301-53-327

APU

30153327

Description

This exceptional 132,070 square foot, two-story office building presents a unique owner-user opportunity within the prestigious Arizona State University Research Park in Tempe, Arizona. Built in 2000, this single-tenant building sits on a substantial 9.63-acre lot and boasts a generous parking ratio of approximately 5.0 spaces per 1,000 square feet. The property features a large commercial kitchen and an extensive dining area with lake views and an outdoor patio, perfect for employee amenities. The interior includes several large conference rooms, a mix of open office areas, and training rooms, providing flexibility for various business needs. The building is zoned AG, City of Tempe, and is situated on a ground lease extending until December 2101. This prime location offers immediate access to Loop 101, placing it strategically between downtown Tempe and the Price Corridor. The asking price is $13,850,000, translating to $104.87 per square foot. The property's location within the "Silicon Desert," known for its highly educated and youthful population, and its proximity to high-profile companies like Amazon, Walgreens, and GoDaddy, makes this an unparalleled investment opportunity. Occupancy is available July 22, 2024.

• CAP approach

  CAP return

  Valuation

  6%

  $19,286,026

  6.5%

  $17,802,486

  7%

  $16,530,879

• Comparable approach

  Method

  Valuation

  Relative Method

  $17,734,958

  Geo Method

  $17,734,958

• Alternative Use

  Use

  Valuation

  Residential

  $22,075,082

  Hospitality

  $20,220,656

  Educational

  $16,823,348

  Medical

  $17,401,930

  Retail

  $26,169,654

Location Insight

City

Tempe

County

Maricopa

State

Arizona

Latitude

33.3385

Longitude

-111.895

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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