MOON MOUNTAIN PLAZA
N/NEC 19th Ave. & Thunderbird
|Price per SF||$111.03 SF|
|Cap Rate||7.93% Actual/8.25% Proforma|
The subject property is a contemporary style strip retail center that was built in 1981. The buildings are configured in an “L” shape facing the intersection. There is a restaurant pad with a drive-thru in the middle of the center and a new Starbucks on the hard corner with a shared driveway that are not included with this offering. There is also a shared driveway with the strip center and restaurant pad to the east.
The center is offered at well below replacement cost at $110/SF. The lease rates are realistic and replaceable with minimal rollback risk. Subway has been in this center since 1989.
Average tenancy is 11.2 years. 63.4% (SF) of the tenants have been in the center for 10 years or more. 68.4% of the tenants have been in the center for 5 years or more. All tenants have been there for more than a year. 32.8% of the leases (SF) have 8 or more years left.
All vacant suites are second generation. Seven of the 12 suites are small with 800 or 600 sq. ft. Small suites are harder to find and usually easier to lease.
The center is adjacent to Thunderbird High School. The I-17 Freeway is one mile to the west. A CVS Pharmacy and Bank of America are located on this intersection.