N of the NWC 28th Drive & Cactus
12416 N. 28th Dr, Phoenix, AZ
|Price per SF||$96.77 SF|
|Cap Rate||6.46% Actual|
The subject property is a contemporary Spanish-style center with excellent street visibility that was built in 1979. All but one suite directly faces 28th Drive. Access to the center is very easy and convenient. A large monument sign is available for the tenants.
The center is priced well under replacement cost at only $99.96/SF. and well under the market average of $189/SF for strip centers in 2016. The cap rate is 6.29% based on the actual current occupancy. That means you are increasing the value starting with every new lease. The current lease rates average a conservative $9.46/SF for reduced risk and upside. Half of the tenants average over 20 years of tenancy.
All vacant suites are second generation and until recently the center was 100% leased. The vacant space can be leased at low rates and still generate a very good rate of return. This center offers tenants an
excellent combination of good value, high visibility and easy access.
The center is located just west of I-17 and a mile north of Metrocenter- that is going through a rebirth starting with a new Walmart store. The 101 Freeway is five miles to the north. The center is easily accessible from all directions via these two freeways. A busy, big, new QuikTrip gas station is across the street from the center. Please refer to the aerial photos in the flyer to see what major retailers are located close by.