PLAZA 47
6610 N. 47th Ave.
Glendale, AZ
| Price | $1,611,000 | ||
| Size | 13,629 SF | ||
| Price per SF | $118.20 | ||
| Cap Rate | 6.25% | ||
| Occupancy | 100% | ||
| Year Built | 1985 |
The subject property is an attractive Spanish contemporary style center that was built in 1985. The buildings are configured in an “L’ shape around a large field of parking. There is a large monument sign.
The center is offered at a fraction of replacement cost. Rents average a very low $12.07/SF on a modified gross basis, which equates to about $7.94/SF on a triple net basis. This is the first time this property has been offered for sale in 25 years.
The suite depths are shallow at 40′ and 42′ to maximize the storefront glass of each suite. All the suites have been remodeled at some point and many have a signature curved wall that makes the suites much higher quality from the competition. Generally, these are much higher quality than in other similar competing centers, many of which are even asking higher rents. This center has a history of high occupancy because it offers very nice suites for the price. Our tenants seem to like being away from a busy road and it is easy to get in and out of the center. The chiropractor has been here for over 20 years. The average tenancy is 7.0 years. 83% of the tenants have been here over 5 years.
The property benefits from an extremely dense population within a 1, 3 and 5 mile radius. I-17 is about three miles to the east and Grand Avenue is just over a mile to the west.
