• Garfield Galleria - 316 W McDowell Rd, Phoenix, AZ 85003

For Sale

Special Purpose
Office

For Sale

This property is available for sale
0.36
Acres
$1,320,000
Sale Price
  • Year Built
    1940
  • Total Building Size
    12,408 RSF
  • Overview

    The subject property is centrally located just west of the Central Corridor on McDowell Rd. It is in immediate proximity of a full diamond intersection at the I-10 Freeway and is walking distance to the Light Rail. The property offers street frontage directly to McDowell Rd and is within walking distance of a number of retail amenities including Starbucks, Pei Wei, NYPD Pizza, Potbelly, The Habit Burger, Chipotle, MAD Greens, and Zoes Kitchen among others. Also in immediate proximity is Downtown Phoenix and all of its urban attractions including Hance Park, ASU Downtown Phoenix Campus, countless award winning bars and restaurants, and is the homes of the Arizona Diamonbacks and Phoenix Suns. SVN is pleased to present to the market the sale of Garfield Galleria, a tremendous value added investment opportunity being offered at an above market CAP rate. The building is currently fully occupied and driving upwards of $100,000 of net operating income and yet still offers tremendous potential for an investor to further increase returns on the property. There is a single tenant occupying a large portion of the building paying low rents relative to the premiums being charged for smaller units. With minimal improvements, an investor can quickly realize additional income by converting this portion of the building into multiple, smaller individual suites. Additionally, there are multiple tenants in the building with lengthy historical tenancy. While the current Landlord has opted for a more conservative approach towards rental increases, there is potential for a future investor to more aggressively seek annual increases from the tenants which would position rents more in line with that of the market. Lastly, there are various capital improvements the Seller has elected not to take on including roof replacement, parking lot repaving, and HVAC upgrades. Such an investment by a future owner would dramatically improve the property sparking greater market demand warranting higher rents as well as reducing costs via more efficient systems. With good investment opportunities at a premium in the commercial properties market, Garfield Galleria offers a safe investment with true upside potential.

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Property Details

The subject property is centrally located just west of the Central Corridor on McDowell Rd. It is in immediate proximity of a full diamond intersection at the I-10 Freeway and is walking distance to the Light Rail. The property offers street frontage directly to McDowell Rd and is within walking distance of a number of retail amenities including Starbucks, Pei Wei, NYPD Pizza, Potbelly, The Habit Burger, Chipotle, MAD Greens, and Zoes Kitchen among others. Also in immediate proximity is Downtown Phoenix and all of its urban attractions including Hance Park, ASU Downtown Phoenix Campus, countless award winning bars and restaurants, and is the homes of the Arizona Diamonbacks and Phoenix Suns. SVN is pleased to present to the market the sale of Garfield Galleria, a tremendous value added investment opportunity being offered at an above market CAP rate. The building is currently fully occupied and driving upwards of $100,000 of net operating income and yet still offers tremendous potential for an investor to further increase returns on the property. There is a single tenant occupying a large portion of the building paying low rents relative to the premiums being charged for smaller units. With minimal improvements, an investor can quickly realize additional income by converting this portion of the building into multiple, smaller individual suites. Additionally, there are multiple tenants in the building with lengthy historical tenancy. While the current Landlord has opted for a more conservative approach towards rental increases, there is potential for a future investor to more aggressively seek annual increases from the tenants which would position rents more in line with that of the market. Lastly, there are various capital improvements the Seller has elected not to take on including roof replacement, parking lot repaving, and HVAC upgrades. Such an investment by a future owner would dramatically improve the property sparking greater market demand warranting higher rents as well as reducing costs via more efficient systems. With good investment opportunities at a premium in the commercial properties market, Garfield Galleria offers a safe investment with true upside potential.

  • Property Type
    Special Purpose, Office
  • Submarket
  • Year Built
    1940
  • Sale Price
    $1,320,000
  • Total Building Size
    12,408RSF
  • Total Acres
    0.36
  • Number of Floors
    2
  • Building Class
    C
  • Sale Status
    Available
  • Last updated
    Dec 17, 2019
  • Property ID
    1789388

Landlord's Sales Representatives

  • Paul Borgesen III
    SVN | Desert Commercial Advisors
     
  • Justin Horwitz
    SVN | Desert Commercial Advisors