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Extremely Well-Located Office Building with stable income

  • $3,200,000
Scottsdale, Maricopa County, Arizona, 85260, United States, ,
Sale

Extremely Well-Located Office Building with stable income

Scottsdale, Maricopa County, Arizona, 85260, United States, ,
  • $3,200,000

Description

RARE OWNER/USER OPPORTUNITY WITH ADDITIONAL INCOME LOCATED IN SCOTTSDALE, AZ

  • 10799 N 90th Street is an opportunity for an owner/user or investor to purchase an extremely well-located office building with stable income. The property’s 2nd floor is currently occupied by Healthy Offers, Inc., who has been a Tenant in the building since 2016. The 1st floor is currently built out for a behavioral health company, currently occupied by Crisis Prep & Recovery (who has a lease until May 2024 – but has indicated they will terminate their lease early) and could be renovated for a wide range of uses.
  • Cost to Own Equivalent to $30/SF Rent – Healthy Offers, Inc.’s income will offset the building’s expenses and SBA debt service, resulting in an equivalent monthly payment of $30/SF MG which is comparable to nearby office rental asking rates (assumption based on $360,000 down payment and debt quotes as of June 1, 2022 provided by MidFirst Bank).
  • Built in 1987 and completely renovated in 2007, 10799 N 90th Place features abundant natural light provided by an expansive glass line, flexible floor plan, attractive desert landscaping and covered parking.

EXCEPTIONALLY STRONG MARKET FUNDAMENTALS

  • Smaller office buildings below 20,000 SF continue to thrive and outperform larger office buildings Within a 5-mile radius, there is a 4.4% vacancy rate for office buildings between 5,000 SF and 20,000 SF, compared to the 14.1% vacancy rate for office buildings above 20K square feet. (Costar)
  • From July 1, 2020, to July 1, 2021, Maricopa County (greater Phoenix) lead the nation in population growth after adding 58,246 residents. Maricopa County has been named the fastest growing County in the U.S. for the fourth year in a row. (U.S. Census Bureau) 
  • Recent announcements of the estimated $35B Taiwan Semiconductor Manufacturing Co. and $20B Intel chip plants highlight Arizona’s continued ability to attract top tier talent while offering affordable housing and a great quality of life.

ABUNDANT SURROUNDING AMENITIES

  • Smaller office buildings below 20,000 SF continue to thrive and outperform larger office buildings Within a 5-mile radius, there is a 4.4% vacancy rate for office buildings between 5,000 SF and 20,000 SF, compared to the 14.1% vacancy rate for office buildings above 20K square feet. (Costar)
  • Scottsdale’s office leasing activity is up nearly 150% compared to last year as tenant demand continues to increase post-pandemic. This demand provides an opportunity to increase future income as the office market trends upwards post pandemic.
  • Scottsdale is home to more than 25,000 businesses with nearly 20 percent of Arizona corporate headquarters calling the city home. Furthermore, Scottsdale is visited by over 9 million people annually, adding over $3.7B of yearly economic impact to this booming economic hub.

Call Geoffrey for more information at (480) 205-1921.

  • Address 10799 N 90th St
  • Zip/Postal Code 85260-6110

Details

Updated on September 30, 2022 at 6:34 pm
  • Price: $3,200,000
  • Property Size: 10150 sq ft
  • Year Built: 1987
  • Property Type: Commercial
  • Property Status: Sale

Overview

  • Commercial
  • Property Type
  • 10150
  • sq ft
  • 1987
  • Year Built

Contact Information

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Geoffrey Turbow

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