2601 N 3RD Street, Phoenix, AZ 85004

$4,150,000
Property Type: Comm/Industry Sale Square Footage: 44,309 Lot Size (sq. ft.): 16,335 Status: Closed
Current Price: $4,150,000 List Date: 11/23/2018 Last Modified: 1/14/2025

Description

Premier 40,000 square foot building 100% occupied/rented with over 50% medical tenants. Strong tenant base The building with 31 stable paying tenants that occupy the building. Two separate outer staircases and one elevator that go from the basement garage to the third floor. The convenient location allows easy access to 7 majors hospitals within a 4 mile, less than 2 miles from both the I-10 and 51 freeway and ¼ of a mile from the light rail. The vibrant atmosphere in the area created by the re-gentrification has created fine dining establishments, hip bars, café's and newly built multi-family dwellings catering to a fun work-play environment.

More Information MLS# 5811145

Contract Info

Ownership: Fee Simple Current Price: $4,150,000 Sold Price: $4,150,000 Status: Closed List Date: 2018-08-24

Location, Tax & Legal

Assessor's Map #: 45 Legal Description (Abbrev): N BALTIMORE HEIGHTS PT LOT 4 S 111' OF W2 EX E 2F & EX TRI 10FX10F IN SE COR & EX TH PT DESC P/D Assessor's Parcel #: 16 Add'l Parcels: Yes Tax Municipality: Maricopa - COUNTY Census Tract: 111800 Taxes: 59000 Legal: N BALTIMORE HEIGHTS PT LOT 4 S 111' OF W2 EX E 2F & EX TRI 10FX10F IN SE COR & EX TH PT DESC P/D Map Code/Grid: P34 House Number: 2601 Compass: N Street Name: 3RD St Suffix: Street City/Town Code: Phoenix State/Province: AZ Zip Code: 85004 Zip4: 1142 County Code: Maricopa Subdivision: NORTH BALTIMORE HTS Assessor Number: 118-45-016 Tax Year: 2017

General Property Description

Ttl Apx SqFt Bldg: 44309 # of Buildings: 1 Uncvrd Parking Spcs: 42 Year Built: 1987 Zoning: R-5 COM

Legal Info

Range: 3E Section: 32 Township: 2N Lot Number: 4

Construction

Stucco: 1 Metal: 1

Roofing

Built-Up: 1 Foam: 1

Floors

Other: 1

Income & Expenses

Annual Elec Exp: 79745 Annual Gas Exp: 438 Annual Ins Exp: 5224 Annual Land Lse Exp: 0 Annual Landscape Exp: 5800 Annual Legal & Acctg: 2400 Annual Maint Exp: 27800 Annual Mgmt Exp: 27300 Annual Trash Exp: 7843 Annual Wtr/Swr Exp: 6500 Owner Association: No Annual Ownr Asoc Fee: 0 Annual PAD Fee: 0 Annual Rplcmnt Rsrvs: 20000 Annual Other Expense: 0 Operating Exp: 242050 Other Income: 0 Vacancy Allowance: 0.1 Adjusted Gross Inc: 503691.3

Building Type

Commercial: 1 Office: 1

Business Type

Dental: 1 Service Business: 1 Medical: 1 Professional/Office: 1

Stories

3 - 4 Stories: 1

Pmt & Rate Info

Cap Rate: 7.12 Down Payment: 0 Equity: 4250000 Total Owed: 0 Assessment Balance: 0

Ceiling Height

8.1 Feet to 10 Feet: 1

Heating

Electric: 1 Heat Pump: 1 2 or More Units: 1 Other: 1 See Remarks: 1

Cooling

Central Air: 1 Office A/C: 1 Chiller System: 1

Loading Facilities

None: 1

Exterior

Corner Lot: 1 Landscaping: 1 Building Sign: 1 Monument Sign: 1

Source of Fincl Data

Owner: 1

Traffic Count

Over 200,000: 1

Fencing

Block: 1

Water Source

City Franchise: 1

Sewer

Sewer - Public: 1 Sewer - Private: 1

Parking Features

Fenced: 1 Free: 1

Electric

APS: 1

Gas

SW Gas: 1

New Financing

Cash Only: 1 1031 Exchange: 1

Existing 1st Loan

Other (See Rmks): 1

Existing 2nd Loan

Other (See Remarks): 1

Existing 3rd Loan

Other (See Remarks): 1

Reports/Disclosures

Seller Prop Disc Stm: 1

Environmental

None: 1

Existing Othr Ln Trm

Not Applicable: 1

Sold Info

Loan Type: Conventional Loan Years: 20 Payment Type: Other Clsing Cost Split: Normal - N Buyer Concession to Seller: 0 Buyer Concession $/%: $ Seller Concession to Buyer: 100000 Seller Concession $/%: $

Remarks Misc

Cross Street: VIRGINIA & 3RD STREET Directions: 3RD STREET AND VIRGINIA, SOUTH OF THOMAS RD. Geo Lat: 33.47686 Geo Lon: -112.069099

Status Change Info

Off Market Date: 2018-12-15 Under Contract Date: 2018-09-25 Close of Escrow Date: 2018-12-14 Sold Price: $4,150,000

Income Expenses

Gross Annual Sch Inc: 559657 Net Operating Income: 302453

Property Features

Building Type: Commercial; Office Business Type: Dental; Service Business; Medical; Professional/Office Stories: 3 - 4 Stories Construction: Stucco; Metal Roofing: Built-Up; Foam Floors: Other Ceiling Height: 8.1 Feet to 10 Feet Heating: Heat Pump; 2 or More Units; Other; See Remarks Cooling: Central Air; Office A/C; Chiller System Loading Facilities: None Exterior: Corner Lot; Landscaping; Building Sign; Monument Sign Fencing: Block Parking Features: Fenced; Free Electric: APS Gas: SW Gas Water Source: City Franchise Sewer: Sewer - Public; Sewer - Private New Financing: Cash Only; 1031 Exchange Source of Fincl Data: Owner Existing 1st Loan: Other (See Rmks) Existing 2nd Loan: Other (See Remarks) Existing 3rd Loan: Other (See Remarks) Existing Othr Ln Trm: Not Applicable Traffic Count: Over 200,000 Environmental: None

Documents

View Document OFFERING MEMORANDUM ›
Listing Office: Grand Canyon Realty
IDX
Last Updated: January - 14 - 2025
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