Property Details
Owner-User-Investor Office Building for Sale
Camelback Corridor true mid-century modern office building for sale to owner/user/investor, consisting of ±27,856 square feet on ±47,202 square feet of land (±1.08 acres). Sale price is $4.5 million ($161.55 per square foot).
The 5045 Building offers the opportunity to acquire and occupy a Camelback Corridor office building that is currently 60 percent occupied by long-term tenants. The balance of 40 percent (±11,259 square feet) is available for an owner-occupant who desires the independence and pride of ownership at an outstanding location.
Property is well below replacement cost, which would be over $300 per square foot in today’s market, using current construction costs.
Combined gross current annual income is $300,396 for all tenants, at 60 percent occupancy. Fully occupied, it is projected at $464,717.
The two-story building was built in 1964, with attractive mid-century contemporary design and was originally intended for medical office users. Since then, it has consistently been a desirable location, and even more so today, as the Camelback submarket has transformed over the last 20 years. The Camelback Corridor has become a Class A destination in all categories.
Located north of the northeast corner of 12th Street and Camelback Road, the building is adjacent to Coulter Cadillac and various other car dealerships at the intersection of Camelback Road and 12th Street.
The area bounded by 7th Street, 12th Street and Camelback Road is having a healthy rebirth of retail, multifamily and office development that stretches all the way to 44th Street along Camelback Road. Older buildings and retail centers have been rehabilitated, renovated and given a much newer look.
Area rents at 24th Street and Camelback Road have reached new highs with Class A space leasing at $41 per square foot. Area office rents have been bolstered over the past few years by strong absorption, especially in the Class A category.
Mid-century look and feel of this building is also evidenced by the floor-to-glass windows lines in most of the building
Building is extremely unique, as its construction was intended to support four stories using pre-cast -T beam concrete floor and roof system
For 1964 vintage, parking was generous and is over 3.3/1,000, most of which is covered
HVAC: 75-ton water cooled chiller, installed within the last three years
One elevator
Roof: built-up foam
Freeway access points: SR-51 at Colter Avenue and Highland Avenue
Six bus stops within walking distance
Walk score: 61
10 minutes to Sky Harbor International Airport
- Property TypeOffice
- Submarket
- Year Built1964
- Total Building Size10,462RSF
- Total Acres0.64
- Number of Floors2
- Building ClassA
- ZoningC-2
- Property ID2030075