CAMPBELL PLACE | 700-706 W Campbell Ave
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CAMPBELL PLACE 700-706 W Campbell Ave
14,918 SF 100% Leased Retail Building Phoenix, AZ 85013 £2,334,401 (£156/SF) 7.45% Net Initial Yield
Executive Summary
Termination Clause: Almost every tenant currently occupying the center (except for Modern on Melrose & Sunshine Craft Co.) has a kick-out clause allowing a new owner to terminate their lease within the first 60 days of ownership.
Melrose Vintage Market: Campbell Place hosts the Melrose Vintage Market with over 50+ local vendors every 3rd weekend from October to April bringing in a surplus of traffic to the center.
Strong Traffic Counts: The property benefits from strong traffic counts with ±24,400 VPD along West Campbell Ave as well as exposure to ±28,800 VPD along North 7th Ave which serves as a catalyst for the high foot traffic at this neighborhood center.
High Barriers to Entry Sub-Market: Campbell Place is located in the highly desired Melrose District, which has some of the highest barriers to entry of any Phoenix sub-market.
Value-Add Potential: Subject Property offers value-add potential through the ability to lease one vacant suite totaling ±890 SF. Additional upside potential is provided through the ability to convert modified gross leases to Triple-Net (NNN) and increase reimbursement revenue (current reimbursement income is equal to 30% of Total Operating Expenses).
Excellent Demographics: This property benefits from very strong demographics with a population of ±179,792 residents earning an average household income of $94,064 within a 3-mile radius of the site.
Recent Improvements: Ownership has recently completed multiple capital improvements to the property over the past two years including a new roof/foam, newly painted exterior, and sealing and striping the parking lot.
Development Potential: The site is ±1.77 AC of C-Zone. The land price per foot is just $38.65 with the potential to develop into multifamily for the Melrose District.
Broker of Record
Simon Assaf
License No. CO701910000 (AZ)
Melrose Vintage Market: Campbell Place hosts the Melrose Vintage Market with over 50+ local vendors every 3rd weekend from October to April bringing in a surplus of traffic to the center.
Strong Traffic Counts: The property benefits from strong traffic counts with ±24,400 VPD along West Campbell Ave as well as exposure to ±28,800 VPD along North 7th Ave which serves as a catalyst for the high foot traffic at this neighborhood center.
High Barriers to Entry Sub-Market: Campbell Place is located in the highly desired Melrose District, which has some of the highest barriers to entry of any Phoenix sub-market.
Value-Add Potential: Subject Property offers value-add potential through the ability to lease one vacant suite totaling ±890 SF. Additional upside potential is provided through the ability to convert modified gross leases to Triple-Net (NNN) and increase reimbursement revenue (current reimbursement income is equal to 30% of Total Operating Expenses).
Excellent Demographics: This property benefits from very strong demographics with a population of ±179,792 residents earning an average household income of $94,064 within a 3-mile radius of the site.
Recent Improvements: Ownership has recently completed multiple capital improvements to the property over the past two years including a new roof/foam, newly painted exterior, and sealing and striping the parking lot.
Development Potential: The site is ±1.77 AC of C-Zone. The land price per foot is just $38.65 with the potential to develop into multifamily for the Melrose District.
Broker of Record
Simon Assaf
License No. CO701910000 (AZ)
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
14,918 SF
Building Class
C
Year Built/Renovated
1960/1990
Price
£2,334,401
Price Per SF
£156
Net Initial Yield
7.45%
NOI
£173,913
Percent Leased
100%
Tenancy
Multiple
Number of Floors
1
Building FAR
0.19
Lot Size
1.77 AC
Opportunity Zone
Yes
Zoning
C-3, Phoenix - Commercial
Parking
84 Spaces (5.63 Spaces per 1,000 SF Leased)
Amenities
- Wheelchair Accessible
- Air Conditioning
Walk Score ®
Very Walkable (81)
Bike Score ®
Biker's Paradise (91)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 155-37-042 | Improvements Assessment | £0 |
| Land Assessment | £0 | Total Assessment | £133,848 |
PROPERTY TAXES
Parcel Number
155-37-042
Land Assessment
£0
Improvements Assessment
£0
Total Assessment
£133,848
Contacts
-
Hudson DeJean -
Cade Southerland -
Alex DeSoto -
Dave Cameron -
Matthews Real Estate Investment Services
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CAMPBELL PLACE | 700-706 W Campbell Ave
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