SINGLE TENANT HANGAR BUILDINGS
4927 E. Falcon Drive & 5015 Roadrunner Drive
Mesa, AZ
| Price | $1,805,000 | ||
| Price per SF | $100.00 | ||
| Cap Rate | 12.0% (Proforma) | ||
| Building Size | 18,050 SF | ||
| Land Area | 1.148 Acres | ||
| Year Built | 1987 | ||
| Comments | Located in an Opportunity Zone |
The two buildings are on ground leases but the land at the airport is owned by the city of Mesa who does not have the typical motivation to reclaim the improvements at the end of the lease term. They are primarily interested in the income and having a robust business environment at the airport. This unique opportunity offers very high potential yields with reduced risk of reversion and likelihood of getting the lease extended, which they have done here as recently as 2014. The City has indicated they might be willing to extend the lease to its original 40 years for a new owner. The buildings were leased to Aero Maritime who is owned by Rolls Royce and this was their only service center in the United States for their popular Allison 250 series turboshaft engine. This business had operated here since 1998. Their lease expired 10/31/19. Both buildings got new roofs in 2016 ($84,114) and both exteriors were remodeled in 2015 ($123,624). The property is located in an Opportunity Zone.
