PLAZA 47
6610 N. 47th Ave.
Glendale, AZ
| Price | $1,192,000 | ||
| Size | 13,629 SF | ||
| Price per SF | $87.46 | ||
| Cap Rate | 7.0% Proforma | ||
| Occupancy | 94.1% | ||
| Year Built | 1985 |
This is a value priced center being offered at half of replacement cost at $87/sq. ft. The rents are very low at only $10.79/sq. ft. on a modified gross basis and make this a low risk investment because the leases are easily replaceable. The center is comprised of mostly small suites that are easy to lease because the total amount of rent each tenant pays is so low and affordable. The center is currently 94% leased but a 627 sq. ft. tenant has given notice to vacate soon. This small space usually leases quickly. Centers with high vacancy are being listed and sold at around $100/sq. ft., which makes this an even better value and well below the market average of $200/sq. ft. The suites are nicely improved in a mix of configurations suitable for office or retail. The suites depths are shallow at 40’ and 42’, which maximizes the storefront glass line in every suite. The center is located in a very densely populated area with a high number of households.