Parkvale Medical Building 4616 N 51st Ave 42,909 SF 63% Leased Office Building Phoenix, AZ 85031 £8,027,757 (£187.09/SF) 6.40% Net Initial Yield
INVESTMENT HIGHLIGHTS
- Significant upside through the lease-up of the remaining vacant suites
- Priced significantly below replacement cost
- Leased to a diverse mix of medical office users
- Existing leases are below market rental rates
- Parkvale Medical Building offers new ownership the benefits of existing cash flow stability
EXECUTIVE SUMMARY
Leased to a diverse mix of medical office users
Parkvale Medical Building offers new ownership the benefits of existing cash flow stability
Significant upside through the lease-up of the remaining vacant suites
Existing leases are below market rental rates
Priced significantly below replacement cost
Parkvale Medical Building offers new ownership the benefits of existing cash flow stability
Significant upside through the lease-up of the remaining vacant suites
Existing leases are below market rental rates
Priced significantly below replacement cost
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
42,909 SF
Building Class
B
Year Built/Renovated
1980/2005
Price
£8,027,757
Price Per SF
£187.09
Net Initial Yield
6.40%
NOI
£513,776
Percent Leased
63%
Tenancy
Multiple
Number of Floors
2
Typical Floor Size
21,455 SF
Slab to Slab
11 ft
Building FAR
0.39
Lot Size
2.50 AC
Zoning
R-5 HR, Phoenix - City of Phoenix, R-5
Currently a medical office property.
Parking
198 Spaces (4.61 Spaces per 1,000 SF Leased)
AMENITIES
- Air Conditioning
- Balcony
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- CONDITION
- AVAILABLE
- 2nd Fl-Ste 202
- 2,813 SF
- Office/Medical
- Full Build-Out
- Now
- 2nd Fl-Ste 202/203
- 4,813 SF
- Office/Medical
- -
- Now
- 2nd Fl-Ste 203
- 2,000 SF
- Office/Medical
- Full Build-Out
- Now
- 2nd Fl-Ste 210
- 1,575 SF
- Office/Medical
- Full Build-Out
- Now
- 2nd Fl-Ste 210/214
- 2,950 SF
- Office/Medical
- Full Build-Out
- Now
- 2nd Fl-Ste 214
- 1,575 SF
- Office/Medical
- Full Build-Out
- Now
| Space | Size | Space Use | Condition | Available |
| 2nd Fl-Ste 202 | 2,813 SF | Office/Medical | Full Build-Out | Now |
| 2nd Fl-Ste 202/203 | 4,813 SF | Office/Medical | - | Now |
| 2nd Fl-Ste 203 | 2,000 SF | Office/Medical | Full Build-Out | Now |
| 2nd Fl-Ste 210 | 1,575 SF | Office/Medical | Full Build-Out | Now |
| 2nd Fl-Ste 210/214 | 2,950 SF | Office/Medical | Full Build-Out | Now |
| 2nd Fl-Ste 214 | 1,575 SF | Office/Medical | Full Build-Out | Now |
2nd Fl-Ste 202
| Size |
| 2,813 SF |
| Space Use |
| Office/Medical |
| Condition |
| Full Build-Out |
| Available |
| Now |
2nd Fl-Ste 202/203
| Size |
| 4,813 SF |
| Space Use |
| Office/Medical |
| Condition |
| - |
| Available |
| Now |
2nd Fl-Ste 203
| Size |
| 2,000 SF |
| Space Use |
| Office/Medical |
| Condition |
| Full Build-Out |
| Available |
| Now |
2nd Fl-Ste 210
| Size |
| 1,575 SF |
| Space Use |
| Office/Medical |
| Condition |
| Full Build-Out |
| Available |
| Now |
2nd Fl-Ste 210/214
| Size |
| 2,950 SF |
| Space Use |
| Office/Medical |
| Condition |
| Full Build-Out |
| Available |
| Now |
2nd Fl-Ste 214
| Size |
| 1,575 SF |
| Space Use |
| Office/Medical |
| Condition |
| Full Build-Out |
| Available |
| Now |
PROPERTY TAXES
| Parcel Number | 144-44-329 | Improvements Assessment | £0 |
| Land Assessment | £0 | Total Assessment | £299,099 |
