SIETE SQUARE
4139 W Bell Rd.
Phoenix, AZ
| Price | $5,350,000 | |
| Size | ±35,926 SF | |
| Price Per SF | $149 | |
| Current Cap Rate | 6.5 at 87% occupancy | |
| Proforma Cap Rate | 7.5 at 95% occupancy | |
| Parking | 5.4 per 1,000 parking | |
| Land Area | ±3.58 Acres | |
| Year Built | 1985 |
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The subject property is a very attractive center that was built in 1985. The fascia is red brick for ease of maintenance, never the need to paint and a timeless modern look. The buildings are configured in an “L” shape that wrap the corner. There is a Jack in the Box on a pad that is not included with this offering. There is a water & ice vending kiosk that is included.
The property is priced well below replacement cost at only $149/sf, which is 65% of the market average price per foot for Q1 2024 (10k-100k sf). The cap rate on the current 87% occupancy is 6.50. The cap rate at proforma 95% occupancy is 7.52.
This center has a well-seasoned and stable base of tenants. 71% of the tenants have been there over five years and 17% have been there over ten years. Even the newest tenant has been there over 2 years. The average term of occupancy is 7.0 years. . The average lease rate of $11.58/sf is very low, reducing risk and creating upside. Several of the leases are at very low rates.
There is a large amount of owned parking. The parking ratio is 5.4 per 1,000. This amount of parking creates leasing flexibility for parking intensive users.
The center is located on the very busy Bell Road corridor, one of the few roads in Phoenix to span the whole city because of the mountains. The Maricopa County Department of Transportation’s Traffic Management Center (TMC) utilizes a signal management system along the Bell Road corridor. This system uses data and knowledge-based algorithms to time the signal lights to maximize traffic flow and thus decrease commute times along Bell Road. Travelers can receive real-time travel times on dynamic message boards placed along the corridor.
The very popular Arrowhead area is just a few miles to the west. The center is conveniently located 2-miles west of I-17 and 2-miles south of Loop 101. The center is surrounded by apartment complexes within walking distance and has very high population counts with a good growth rate and very good average household income.
