Siete Square | 4139 W Bell Rd
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Siete Square 4139 W Bell Rd
35,926 SF 87% Leased Retail Building Phoenix, AZ 85053 £4,196,593 (£117/SF) 6.50% Net Initial Yield
Investment Highlights
- Value priced at $149/SF, well below replacement cost
- Low rents that average $11.58/SF
- The center just to the west of this one sold for $298/SF in December 2021
- 6.5 cap at current 87% occupancy- 7.5 cap at 95% occupancy conservatively assuming lower than asking lease rates
- Stable occupancy- 71% of the tenants have been here for over 5 years and the average is 7 years
- Upside through lease-up and raising rents
Executive Summary
The subject property is a very attractive center that was built in 1985. The fascia is red brick for ease of maintenance, never the need to paint and a timeless modern look. The buildings are configured in an "L" shape that wrap the corner. There is a Jack in the Box on a pad that is not included with this offering. There is a water & ice vending kiosk that is included.
The property is priced well below replacement cost at only $149/sf, which is 65% of the market average price per foot for Q1 2024 (10k-100k sf). The cap rate on the current 87% occupancy is 6.50. The cap rate at proforma 95% occupancy is 7.52 conservatively assuming $12-$14/SF NNN rents. The asking rents are $15-$17/SF NNN so the cap rate could be over 7.5 soon.
This center has a well seasoned and stable base of tenants. 71% of the tenants have been there over five years and 17% have been there over ten years. Even the newest tenant has been there over 2 years. The average term of occupancy is 7.0 years. The average lease rate of $11.58/sf is very low, reducing risk and creating upside. Several of the leases are at very low rates.
There is a large amount of owned parking. The parking ratio is 5.4 per 1,000. This amount of parking creates leasing flexibility for parking intensive users.
The center is located on the very busy Bell Road corridor, one of the few roads in Phoenix to span the whole city because of the mountains. The Maricopa County Department of Transportation's Traffic Management Center (TMC) utilizes a signal management system along the Bell Road corridor. This system uses data and knowledge-based algorithms to time the signal lights to maximize traffic flow and thus decrease commute times along Bell Road. Travelers can receive real-time travel times on dynamic message boards placed along the corridor.
The very popular Arrowhead area is just a few miles to the west. The center is conveniently located 2-miles west of I-17 and 2-miles south of Loop 101. The center is surrounded by apartment complexes within walking distance and has very high population counts with a good growth rate and very good average household income.
The property is priced well below replacement cost at only $149/sf, which is 65% of the market average price per foot for Q1 2024 (10k-100k sf). The cap rate on the current 87% occupancy is 6.50. The cap rate at proforma 95% occupancy is 7.52 conservatively assuming $12-$14/SF NNN rents. The asking rents are $15-$17/SF NNN so the cap rate could be over 7.5 soon.
This center has a well seasoned and stable base of tenants. 71% of the tenants have been there over five years and 17% have been there over ten years. Even the newest tenant has been there over 2 years. The average term of occupancy is 7.0 years. The average lease rate of $11.58/sf is very low, reducing risk and creating upside. Several of the leases are at very low rates.
There is a large amount of owned parking. The parking ratio is 5.4 per 1,000. This amount of parking creates leasing flexibility for parking intensive users.
The center is located on the very busy Bell Road corridor, one of the few roads in Phoenix to span the whole city because of the mountains. The Maricopa County Department of Transportation's Traffic Management Center (TMC) utilizes a signal management system along the Bell Road corridor. This system uses data and knowledge-based algorithms to time the signal lights to maximize traffic flow and thus decrease commute times along Bell Road. Travelers can receive real-time travel times on dynamic message boards placed along the corridor.
The very popular Arrowhead area is just a few miles to the west. The center is conveniently located 2-miles west of I-17 and 2-miles south of Loop 101. The center is surrounded by apartment complexes within walking distance and has very high population counts with a good growth rate and very good average household income.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
35,926 SF
Building Class
C
Year Built
1985
Price
£4,196,593
Price Per SF
£117
Net Initial Yield
6.50%
NOI
£272,971
Percent Leased
87%
Tenancy
Multiple
Number of Floors
1
Building FAR
0.23
Land Acres
3.58 AC
Zoning
C-2, Phoenix - Commercial
Parking
194 Spaces (5.4 Spaces per 1,000 SF Leased)
Amenities
- Monument Signage
Space Availability
- Space
- Size
- Space Use
- Position
- Available
Vanilla shell space. 3,400 SF contiguous
updated vanilla shell space. Currently combined with suite 10/11 but can be demised.
Vanilla shell space
| Space | Size | Space Use | Position | Available |
| 10/11 | 2,477 SF | Retail | In-Line | Now |
| 12 | 923 SF | Retail | In-Line | Now |
| 13 | 1,274 SF | Retail | In-Line | Now |
10/11
| Size |
| 2,477 SF |
| Space Use |
| Retail |
| Position |
| In-Line |
| Available |
| Now |
12
| Size |
| 923 SF |
| Space Use |
| Retail |
| Position |
| In-Line |
| Available |
| Now |
13
| Size |
| 1,274 SF |
| Space Use |
| Retail |
| Position |
| In-Line |
| Available |
| Now |
10/11
| Size | 2,477 SF |
| Space Use | Retail |
| Position | In-Line |
| Available | Now |
Vanilla shell space. 3,400 SF contiguous
12
| Size | 923 SF |
| Space Use | Retail |
| Position | In-Line |
| Available | Now |
updated vanilla shell space. Currently combined with suite 10/11 but can be demised.
13
| Size | 1,274 SF |
| Space Use | Retail |
| Position | In-Line |
| Available | Now |
Vanilla shell space
Walk Score ®
Very Walkable (70)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 207-17-006L | Improvements Assessment | £0 |
| Land Assessment | £0 | Total Assessment | £293,365 |
PROPERTY TAXES
Parcel Number
207-17-006L
Land Assessment
£0
Improvements Assessment
£0
Total Assessment
£293,365
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Siete Square | 4139 W Bell Rd
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