Redevelopment Opportunity | Phoenix, AZ | 3601 W McDowell Rd
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Redevelopment Opportunity | Phoenix, AZ 3601 W McDowell Rd
1,500 SF Retail Building Phoenix, AZ 85009 £782,450 (£522/SF) 2.64% Net Initial Yield
Executive Summary
• Opportunity to acquire a ~1.1-acre land site on W McDowell Road, ~3.5 miles west from the heart of Downtown Phoenix. The Property is currently improved with an ~1,500 SF building leased to a used car dealership and a 377 SF car wash building / car wash office. Most of the car wash operations take place in the parking lot. The current improvements represent an FAR of 0.04. Depending on the use, there is the ability to increase density to an FAR of 0.5.
• Flexible Zoning | The Property is zoned as “Commercial C-3 District
– General Commercial,” which allows for a wide variety of uses. Permitted uses include, but are not limited to, car wash, restaurant/QSR, wholesale grocers, wholesale hardware, self-storage, manufacturing uses, and even certain residential or multi-family uses.
• In-Place Tenants | As of April 2024, the current tenant pays $2,200 per month NN (the landlord is responsible for roof / structure). There
are two separate leases that are coterminous. The leases expire in March 2029, providing supplemental income to a new owner while working on entitlements/permitting for a new project. The tenant has a Right of First Refusal but was unable to reach the asking price and there are no renewal options. Berkeley Capital Advisors believes a buyout amount could be reached given the low in-place rent, but
Buyers need to conduct their own due diligence.
• West McDowell Road features over 25,000 vehicles per day in front of the site, and N 35th Ave which is only a block away, features over
33,000 vehicles per day. Nearby retail includes Subway, Burger King, McDonald’s, Raising Caine’s Chicken Fingers, Jack in the Box, Taco Bell, Smart and Final, among others.
• There are 394K residents in a 5-mile radius with an average household income of over $80,000.
• Flexible Zoning | The Property is zoned as “Commercial C-3 District
– General Commercial,” which allows for a wide variety of uses. Permitted uses include, but are not limited to, car wash, restaurant/QSR, wholesale grocers, wholesale hardware, self-storage, manufacturing uses, and even certain residential or multi-family uses.
• In-Place Tenants | As of April 2024, the current tenant pays $2,200 per month NN (the landlord is responsible for roof / structure). There
are two separate leases that are coterminous. The leases expire in March 2029, providing supplemental income to a new owner while working on entitlements/permitting for a new project. The tenant has a Right of First Refusal but was unable to reach the asking price and there are no renewal options. Berkeley Capital Advisors believes a buyout amount could be reached given the low in-place rent, but
Buyers need to conduct their own due diligence.
• West McDowell Road features over 25,000 vehicles per day in front of the site, and N 35th Ave which is only a block away, features over
33,000 vehicles per day. Nearby retail includes Subway, Burger King, McDonald’s, Raising Caine’s Chicken Fingers, Jack in the Box, Taco Bell, Smart and Final, among others.
• There are 394K residents in a 5-mile radius with an average household income of over $80,000.
Property Facts
Sale Type
Investment
Sale Conditions
Property Type
Retail
Property Subtype
Building Size
1,500 SF
Building Class
C
Year Built
1952
Price
£782,450
Price Per SF
£522
Net Initial Yield
2.64%
NOI
£20,657
Tenancy
Single
Number of Floors
1
Building FAR
0.03
Lot Size
1.10 AC
Zoning
C-3, Phoenix
Parking
100 Spaces (66.67 Spaces per 1,000 SF Leased)
Frontage
50 ft on N 36th Ave
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 106-07-119E | Improvements Assessment | £0 |
| Land Assessment | £0 | Total Assessment | £57,282 |
PROPERTY TAXES
Parcel Number
106-07-119E
Land Assessment
£0
Improvements Assessment
£0
Total Assessment
£57,282
Contacts
-
George Gomez -
Aron Cline -
Calvin Short -
Gary Chou -
Matt Coates -
Berkeley Capital Advisors
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Redevelopment Opportunity | Phoenix, AZ | 3601 W McDowell Rd
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