1155 Rio Salado PkwyTempe, AZ 85281

Property Details for 1155 Rio Salado Pkwy

Lot size

4.14 AC

Zone code

GID

Property type

Office properties

APN

124-25-039

APU

12425039

Description

This exceptional Class A office building, Riverside Office Plaza - Building B, presents a compelling owner-user opportunity in the heart of Tempe, Arizona. The two-story structure boasts approximately 33,094 square feet, with 29,594 square feet currently available. Built in 2005, the building features a striking design with a reflective glass curtain wall, exposed block, and steel finishes, creating a highly desirable aesthetic. Currently 85% occupied with four tenants, the property offers a strong 5.51% cap rate and a net operating income (NOI) of $540,341. The building's prime location along Rio Salado Parkway provides excellent visibility and accessibility, with frontage on a major arterial road serving downtown Tempe, Mill Avenue, and Arizona State University. Enjoy convenient access to Loop 202, offering seamless connectivity to the entire Phoenix metropolitan area. Upper-floor balconies offer stunning views of Tempe Town Lake. The property is zoned GID, City of Tempe, and includes ample parking (4 spaces per 1,000 sq ft). Rent bumps are in place. This is an ideal investment for an owner-user seeking a prestigious location in a thriving market with significant upside potential. The asking price is $9,800,000. APN: 124-25-027 through 124-25-038.

• CAP approach

  CAP return

  Valuation

  6%

  $30,471,084

  6.5%

  $28,127,154

  7%

  $26,118,072

• Comparable approach

  Method

  Valuation

  Relative Method

  $27,825,462

  Geo Method

  $27,825,462

• Alternative Use

  Use

  Valuation

  Residential Income

  $34,877,672

  Hospitality / Lodging

  $31,947,760

  Institutional / Educational

  $26,580,160

  Healthcare / Senior Housing

  $27,494,294

  Retail / Commercial

  $41,346,916

Location Insight

City

Tempe

County

Maricopa

State

Arizona

Latitude

33.4297

Longitude

-111.955

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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