FOR SALE...a thriving business environment, but a great place to live your life. With nearly 4.6...
Transcript of FOR SALE...a thriving business environment, but a great place to live your life. With nearly 4.6...
SHEA PROFESSIONAL PLAZA3101 E Shea Blvd | Phoenix, AZ 85028
FOR SALEINVESTMENT OPPORTUNITY$3,600,000
For more information, contact:
Geoffrey M. Waldrom Office: 602.888.9112 Cell:602.469.6664Email: [email protected]
Camelback Commercial Real Estate6225N24thStreet,Suite150
Phoenix,AZ85016www.azcamelback.com
PROPERTY INFORMATION
� Asking Price: $3,600,000
� Cap Rate: 6.9%
� 23,537rsf
� Occupancy: 84%
� Location: W of SWC 32nd Street & Shea Boulevard
� Less than one minute to SR-51 Freeway
� 2.16 acres
� Two story
� Elevator
� YOC: 1974
� Parking Ratio: 6:1000 (70 uncovered / 72 covered)
PROPERTY HIGHLIGHTS � Solar Energy System, keeping OP Ex low
� Beautiful Courtyard
� Monument Signage
� North Central Phoenix location
� Immediately adjacent to SR-51 Freeway
� Nearby amenities are walkable
PROPERTY OVERVIEWThis 23,537 rsf two-story office building is conveniently located on Shea Boulevard one minute from the SR-51 freeway giving its tenants quick access to the entire Valley. The office building has many nearby amenities and is next door to the TapHouse restaurant and the Gelato Spot which also has a Pizzeria. Only minutes from Paradise Valley Mall which includes Macy’s, Sears and Costco, in addition to an abun-dance of restaurants and other service retailers. The property boasts an excellent parking ratio of 6.0:1000.
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SITE MAP
CITY OF PHOENIXPhoenix is the vibrant center of one of the fastest growing job markets and economies in the United States. The 5th largest city in the country, Phoenix is emerging in the new economy with strength in high technology, manufacturing, bioscience research and advanced business services. As a top market for skilled and available workforce, companies are growing in Phoenix because it’s not only a thriving business environment, but a great place to live your life. With nearly 4.6 million people, Greater Phoenix is the 13th largest metropolitan area in the U.S., and its population is expected to nearly double in the next two decades. A young and diverse market with nearly 500,000 students, the region is home to several major universities and colleges. The City of Phoenix is at the center, comprising 60% of the metro area population. With an average age of 32.2, Phoenix is a young city with new development as well as more centralized urban re-development. As this urban area densifies, its unique vibe remains distinctive and vibrant. Phoenix’s physical infrastructure is sophisticated and robust, allowing the city to expand at a rapid pace, with plenty of capacity to support anticipated future growth. Phoenix attracts workers from all over the world and is developing its own talent right here at home through higher education opportunities as well as in research and development efforts at some of the top global companies. We are a young, well-educated market that works hard to stay relevant, meeting the needs of today’s ever-changing workforce. The affordable Phoenix lifestyle keeps wages at very competitive levels. Just as importantly, workers appreciate the livability of Phoenix, enjoying the career opportunities and lifestyle that affords balance.
PHOENIX / PARADISE VALLEYMARKET OVERVIEW
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EDUCATION
TRANSPORTATION AND AIRPORTSAIRPORTSCity of Phoenix operates three airports. Phoenix Sky Harbor International Airport is the economic engine of the entire state of Arizona, contributing more than $33 billion to Arizona’s economy each year and employing more than 33,000 people. There are hundreds of nonstop and connecting flights from points around the globe each day. Conveniently located in the heart of Phoenix, Sky Harbor provides easy access to the luxurious resorts, spas, golf courses, and sunshine for which Arizona is famous. Customer service is a top priority at one of the top 10 busiest airports in the world.
FREEWAYSThe metropolitan area of Phoenix in the U.S. state of Arizona contains one of the nation’s largest and fastest-growing freeway systems, boasting over 1,405 lane miles as of 2005 (this was before construction on the Loop 303 started).
The Phoenix Metropolitan Area had its first freeway open in 1958—a year preceding most cities’ first freeway openings. Coupled with the explosive growth of the region and adequate funding, the result is one of the nation’s most expansive freeway networks.
The backbone of Phoenix’s freeway system is composed of three major freeways—Interstate 10, Interstate 17, and U.S. Route 60. Interstate 10, being a transcontinental route between California and Florida, is the most heavily traveled freeway in the Valley of the Sun. Interstate 17 runs down the center of Arizona, connecting Phoenix with Sedona, Prescott, Flagstaff and the Grand Canyon. U.S. Route 60 spans most of the country, but is only a freeway for a few short stints, one of them being in the East Valley.
LIGHT RAILIn operation since the end of 2008, the 26-mile Valley Metro Light Rail stretches from 19th Avenue and Dunlap Avenue in upper-central Phoenix to downtown Mesa and offers quick access to downtown Phoenix, Sky Harbor International Airport, Arizona State University, Mill Avenue in Tempe and plenty more along the way. The line takes around 85 minutes to ride from end to end, 30 minutes to arrive in downtown Phoenix from Dunlap, and 40 minutes to arrive in downtown Phoenix from downtown Mesa.
The Greater Phoenix region features nationally ranked schools and globally renowned universities, all geared toward preparing a talented workforce for the in-demand jobs of today and tomorrow. Innovative programs at the K-12 level and access to institutions of higher learning focused on research and development make Greater Phoenix a great place to learn and grow.
More than 40 higher education institutions across the Greater Phoenix region provide an opportunity for advanced learning. Higher education certification and degree programs ranging from manufacturing technology to bioscience provide plenty of options for your career. With a host of career opportunities for students, 60% of ASU graduates remain in the state of Arizona following graduation.
Arizona State University has been ranked the #1 most innovative university in the nation five years in a row. Six public high schools in Arizona are ranked in the top 10 nationally. Arizona produced 220 National Merit Scholar semifinalists in 2018.
PHOENIX / PARADISE VALLEYMARKET OVERVIEW
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Honeywell Aerospace American Expressd Banner Health
Amazon Freeport McMoran State Farm Insurance
U-Haul International Magellan Heath GoDaddy
The Boeing Company Wells Fargo & Co. Dignity Health
JP Morgan Chase American Airlines Sonora Quest Labs
Microchip Technology Avnet General Dymamics
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MAJOR EMPLOYERS
AERIAL VIEW
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E SHEA BLVDE SHEA BLVD
LOCAL AMENITIES
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RENT ROLL 10/23/2020 5:12 PM
Property Lease Lease SQFT Lease From Lease To Term Monthly Monthly Annual Annual Annual Monthly Annual Security Unit(s) Type Rent Rent Rent Increases Rent Misc Misc Deposit
Per SQFT Per SQFT Per SQFT
Current Leases
109 MARICOPA COUNTY offfixed 8,625 4/4/2014 3/31/2024 119 14,576.25 1.69 174,915.00 2.9% annual increase 20.28 0.00
114 FIGD MEDICAL CONSULTANTS, PLLC offmodgr 1,127 3/1/2020 2/28/2023 35 1,737.46 1.54 20,849.52 Flat rate 18.50 300.00 3.19 0.00
122 ADDITIVE IMPLANTS, LLC offmodgr 1,700 5/1/2016 2/28/2022 69 1,805.75 1.06 21,669.00 Increase to $22.50 3/1/21 12.75 1,700.00
200 201 202 220 OASIS FOOT & ANKLE, LLC offmodgr 5,642 11/1/2016 9/30/2030 166 11,284.00 2.00 135,408.00 $0.75/sf annual increase 24.00 0.00
206 208 SAGE COUNSELING, INC. offmodgr 2,430 2/1/2021 1/31/2028 83 4,404.38 1.81 52,852.50 $0.50/sf annual increase 21.75 0.00
118 Vacant 597
210 Vacant 1,627
216 Vacant 1,627
Total Current
23,375 33,807.84 1.45 405,694.02 17.36 300.00 0.01 1,700.00
Status Total Units
Total Tenants Total SQFT Percentage
Occupied 12 8 19,524 83.53%Vacant 6 0 3,851 16.47%Total 18 8 23,375
Rent Roll
Annual Rent
217,433.52
217,433.52
Monthly Rent
18,119.46
18,119.46
2258 - Shea Professional
2258 - Shea Professional
0.000.00
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19-Oct-20 Total SF: 24,641
2019ACTUAL
2020BUDGET 2018 Expense Comments
CLEANING SUPPLIES RESTROOM $3,890 $3,900
CLEANING CONTRACT $15,191 $16,320
CLEANING - DAYPORTER $9,789 $11,100
TRASH REMOVAL $2,143 $2,160
$31,013 $33,480
FIRE/LIFE/SAFETY FIRE/LIFE/SAFETY REPAIRS $35 $0
FIRE/LIFE/SAFETY CONTRACT $134 $125
FIRE/LIFE/SAFETY NON CONTRACT $137 $0
$306 $125
MAINTENANCE & REPAIRS CEILING WORK/TILE $0 $300
SIGNAGE $58 $0
PLUMBING REPAIRS/SUPPLIES $903 $1,100
PEST CONTROL CONTRACT $775 $720
PEST CONTROL NONCONTRACT $310 $300
LOCKS & KEYS $7 $450
MISCELLANEOUS REPAIRS AND MAINTENANCE $1,367 $3,000
$3,420 $5,870
LANDSCAPING SUPPLY GROUNDS $1,110 $1,160
REPAIRS GROUNDS $2,713 $1,800
EXTERIOR GROUNDS CONTRACT $6,600 $6,600
PARKING LOT R & M $0 $6,149
PARKING LOT SWEEPING CONTRACT $840 $840
MISCELLANEOUS LANDSCAPE EXPENSE $1,565 $2,560
$12,828 $19,109
HEATING & AIR CONDITIONING HVAC FILTER CHANGES $870 $0
HVAC/EVAP COOLER REPAIRS $9,502 $3,000 West 25 Ton A/C
HVAC/EVAP CONTRACT $1,305 $1,800
$11,677 $4,800
ELEVATOR ELEVATOR CONTRACT $2,669 $2,800
ELEVATOR NON-CONTRACT $692 $4,500
ELEVATOR PERMITS/FEES $120 $120
ELEVATOR PHONE $608 $840
$4,089 $8,260
LIGHTING SUPPLIES LIGHTING $314 $300
LIGHTING REPAIRS/RETROFIT $1,449 $900
$1,763 $1,200
MANAGEMENT/MAINTENANCE OFFICE OFF-SITE MAINTENANCE INDIVIDUAL $9,308 $8,400
MILEAGE/UNIFORMS/BEEPER $468 $900
$9,776 $9,300
UTILITIES ELECTRICITY $29,186 $31,800
WATER & SEWER $10,983 $10,290
$40,169 $42,090
MGMT FEES/ADMIN MANAGEMENT FEE $9,272 $8,644
MANAGEMENT/MAINTENANCE OFFICE MISC $27 $0
POSTAGE / DELIVERY $0 $90
$9,299 $8,734
PROPERTY TAXES REAL ESTATE TAXES $23,603 $24,639
$23,603 $24,639
INSURANCE BUILDING COVERAGE $1,153 $3,500
$1,153 $3,500
TOTAL OPERATING EXPENSES $149,096 $161,107
PER SQUARE FOOT $6.05 $6.54
PER SQUARE FOOT / PER MONTH $0.50 $0.54
TOTAL PROPERTY INSURANCE
3101 E. Shea Boulevard - Shea Professional
TOTAL CLEANING
TOTAL MAINTENANCE AND REPAIR
TOTAL FIRE/LIFE/SAFETY
TOTAL PROPERTY TAX
TOTAL LANDSCAPING
TOTAL ELEVATOR
TOTAL LIGHTING
TOTAL UTILITIES
TOTAL MANAGEMENT FEE/ADMIN
TOTAL HEATING AND AIR-CONDITIONING
TOTAL MAINTENANCE SALARIES/BENEFITS
OPERATING EXPENSES
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DEMOGRAPHICS
$21.0087.73%3,255 SF
11,769 SF23,537 SF
Class C Office
Rent/SF/Yr:% Leased:
Total Available:
Typical Floor:RBA:
Building Type:CClass:
Radius 1 Mile 3 Mile 5 MilePopulation
2025 Projection 12,065 90,611 294,4852020 Estimate 11,342 84,913 274,5472010 Census 10,602 77,679 242,090Growth 2020 - 2025 6.37% 6.71% 7.26%Growth 2010 - 2020 6.98% 9.31% 13.41%
2020 Population by Hispanic Origin 1,068 15,913 61,5592020 Population 11,342 84,913 274,547
White 10,434 91.99% 75,599 89.03% 240,593 87.63%Black 214 1.89% 2,691 3.17% 10,271 3.74%Am. Indian & Alaskan 111 0.98% 1,507 1.77% 5,647 2.06%Asian 283 2.50% 2,810 3.31% 10,422 3.80%Hawaiian & Pacific Island 11 0.10% 138 0.16% 485 0.18%Other 290 2.56% 2,169 2.55% 7,130 2.60%U.S. Armed Forces 0 0 88
Households2025 Projection 5,026 38,650 121,5632020 Estimate 4,735 36,286 113,5062010 Census 4,476 33,473 100,751Growth 2020 - 2025 6.15% 6.51% 7.10%Growth 2010 - 2020 5.79% 8.40% 12.66%Owner Occupied 3,672 77.55% 23,752 65.46% 71,222 62.75%Renter Occupied 1,063 22.45% 12,533 34.54% 42,285 37.25%
2020 Households by HH Income 4,736 36,284 113,508Income: <$25,000 420 8.87% 5,305 14.62% 17,919 15.79%Income: $25,000 - $50,000 545 11.51% 7,205 19.86% 23,253 20.49%Income: $50,000 - $75,000 709 14.97% 6,763 18.64% 19,121 16.85%Income: $75,000 - $100,000 620 13.09% 4,767 13.14% 14,164 12.48%Income: $100,000 - $125,000 691 14.59% 3,770 10.39% 10,723 9.45%Income: $125,000 - $150,000 428 9.04% 2,107 5.81% 6,282 5.53%Income: $150,000 - $200,000 665 14.04% 2,697 7.43% 8,217 7.24%Income: $200,000+ 658 13.89% 3,670 10.11% 13,829 12.18%
2020 Avg Household Income $122,946 $96,514 $99,9962020 Med Household Income $102,677 $69,952 $69,797
Demographic Summary ReportShea Professional Plaza
3101 E Shea Blvd, Phoenix, AZ 85028
The information conatined within this list of properties is taken from ever changing sources deemed to be reliable. For moreinformation contact Geoffrey M. Waldrom, 480-659-1777.
Copyrighted report licensed to Camelback Commercial Real Estate - 63643.
10/23/2020
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ADDITIONAL PROPERTY PHOTOS
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ADDITIONAL PROPERTY PHOTOS
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ADDITIONAL PROPERTY PHOTOS
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ADDITIONAL PROPERTY PHOTOS
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ADDITIONAL PROPERTY PHOTOS
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SHEA PROFESSIONAL PLAZA3101 E Shea Blvd | Phoenix, AZ 85028
For more information, contact:
Geoffrey M. Waldrom Office: 602.888.9112 Cell:602.469.6664Email: [email protected]
Camelback Commercial Real Estate6225N24thStreet,Suite150
Phoenix,AZ85016www.azcamelback.com