Start a SearchValue-Add Office Building Located in the Heart of Central Phoenix

Value-Add Office Building Located in the Heart of Central Phoenix

3033 North Central Avenue, Phoenix, AZ 85012

Last Updated: 08/17/2017
Property Type:Office
Year Built:1960
Class:A
Size:79,234 SF
1 of 16
3033 North Central Avenue, Phoenix, AZ 85012

Building Overview

Building Description

3033 N Central Avenue consists of ±79,234 square feet within a nine-story, condominiumized, office building in Phoenix, Arizona. An extremely unique, value-add investment opportunity that is located on Central Avenue across from Park Central Mall in the heart of Midtown Phoenix, it is currently 68% leased. This offering represents 59% of the overall building area that totals ±133,168 square feet. The balance of the building that is not a part of this offering is owned by 14 individual condominium owners who operate their respective businesses from their owned facilities. The Midtown Phoenix market is going through a rebirth, attracting a wide range of employers and new residents as its “live, work, play” offering continues to expand. Office rental rates are growing at an accelerated pace, yet are still very affordable when compared to the area’s more expensive neighbors. This offering provides investors the opportunity to purchase a building with tremendous upside at a fraction of replacement cost, and at a time that the Midtown submarket is poised for rapid recovery. INVESTMENT HIGHLIGHTS MINIMAL INVESTMENT TO SECURE A SIGNIFICANT POSITION ON CENTRAL AVENUE This is an affordable approach for an investor to enter the urban office market with a value-add play. The offering is for 59% of the overall building area, and excludes the obligation to purchase parking. The tower owns the perpetual right to use parking in the adjacent third-party owned parking garage, at a 4.3 per 1,000 SF parking ratio. Essentially, the investment only requires the funding for the building, at a “value-add” price. NUMEROUS EXIT STRATEGY OPTIONS 3033 N Central offers several exit strategy options. These include to own, lease and manage the entire acquisition while stabilizing its occupancy; to pursue a re-purchase program of existing condo owners to expand the investment; or to sell some or all of the individual units as the market improves in the Midtown area.

Building Details

Property Type:Office
Year Built:1960
Class:A
Size:79,234 SF
Subtype:Office Condo
Build Status:Existing
Year Renovated:2005
Tenancy:Multi Tenant
LEED Rating:None
Lot Size:3 SF

Location

3033 North Central Avenue, Phoenix, AZ 85012

Property Inquiry