ARROWHEAD VISTAS CENTER
NEC Bell Rd & 51st Ave
17145-17155 N. 51st Ave., Glendale, AZ
| Price | $2,551,000 | ||
| Price per SF | $154.84 | ||
| Occupancy | 86% | ||
| Cap Rate (Actual) | 6.46 | ||
| Cap Rate (Proforma) | 7.43 |
This is a high quality center built in 2007 that is located in the dynamic Arrowhead area. The center is being offered at a 6.5 cap rate based on the current 86% occupancy. The cap rate increases to 7.4 at 95% occupancy. The price per foot of $155 is below replacement cost and 25% below the market average. The rents average a conservative $12.90/sq. ft., which reduce the risk during a market downturn and leave lots of room for increases over time. The center sits on a large 2.75 acre parcel with a very generous 7.9 per 1,000 sq. ft. parking ratio. Bell Road is a very busy east/west corridor and the center benefits from all the traffic. The Loop 101 and I-17 freeways are nearby, 2 and 3 miles respectively.
This center represents an excellent value and would make an ideal exchange property to protect and increase profits made on another property.
As of August, all tenants are current and paying rent. Some have even prepaid one or more months.
