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Office Medical

5201 N 19th Ave

5201 N 19th Ave, Phoenix, AZ 85015

Listing Price: $1,700,000

Cap Rate
6.73%
Gross SF
10,032
Rentable SF
10,032
Price/Gross SF
$169.46
Occupancy
100.0%
Year Built
1972
Lot Size
1.13 acres

Investment Overview

5201 N 19th Ave is a single-story combined medical and general office property with strong visibility on 19th Ave in the Northwest Phoenix submarket. Built in 1972, the subject property enjoys a highly visible location at the northeast corner of the signaled intersection at 19th Avenue and Colter St. To make room for the light rail, the buildings were decreased from its original size by ±5,000 square feet. The offering today now holds a larger than traditionally for its developed square footage which contains a high parking ratio of ±7.15/1,000 SF, and provides a larger lot for the potential of a future redevelopment. The rentable square feet are contained in 3-building covered by a common courtyard (per county assessor sizes are: 2,804, 4,422, and 2,805 sq. ft.; totaling 10,031 sq. ft.) The asset is offered fully leased to three long tern tenants who have tenanted the property for greater than 10 years and have all very recently signed 2-year renewals. FastMed holds rolling 2-year renewal options that take their current occupancy potential to ±10 years. A new buyer is presented a stable investment with medium term value add by transitioning to full medical office use. There is long-term potential as a redevelopment to complement several others in the area. There are numerous dining and entertainment options nearby along with several new developments. Driving much of the area’s growth and improving demographics is Grand Canyon University (GCU). The school has invested more that $1 billion into infrastructure since 2009 which includes, residence halls, recreational facilities, laboratories, student support centers, and libraries. As of 2022 enrollment data, campus enrollment is reported as approximately 25,000 (up from less than 1,000 students in 2008) and the total student body amounting to nearly 115,000 (90,000 online enrollments with roughly half of those studying at the graduate level). The property is located directly along the light rail with the location nearest Light rail station 0.3 miles to the south at Camelback Rd with a second very close station located at Montebello & 19th Ave; each is about a 8-11 minute walk. It holds traffic count measurement of ±25,947 VPD northbound on 19th Ave at the closest collection street of W Georgia Ave from a 2022 survey. Within a 5-mile radius the location is densely populated with 198,476 households an a total population of ±540,039 within the same radius. This represents a 1.9% annual growth from 2010-2022. To the north Abraza Central Campus is located less than a mile (0.8 miles); a 216-bed acute care facility that opened in 1963. The property is located about a ±6-7 minute drive and 1.5 miles from GCU. Connecting the rest of the valley, I-17 is located approximately 1 mile to the west. Additionally the site is located in the Opportunity Zone created by the Tax Cuts and Jobs Act of 2017. Noted Demographic provided by CoStar

Investment Highlights

  • Stable Fully Leased Medical and General Office with long-term Tenants with medium term Value Add by converting to full medical office uses
  • Future Redevelopment Candidate on oversize highly visible lot
  • Excess parking with ratio of ±7.15/1,000 SF
  • Excess parking with ratio of ±7.15/1,000 SF allowing for many future use options
  • Abraza Central Campus is located less than a mile to the North
  • Grand Canyon University (GCU) is located 1.5 miles to the west
  • Located in the Opportunity Zone

Exclusively Listed By

Financing By

Office Medical

5201 N 19th Ave

Listing Price: $1,700,000

Cap Rate
6.73%
Gross SF
10,032
Rentable SF
10,032
Price/Gross SF
$169.46
Occupancy
100.0%
Year Built
1972
Lot Size
1.13 acres

Investment Highlights

  • Stable Fully Leased Medical and General Office with long-term Tenants with medium term Value Add by converting to full medical office uses
  • Future Redevelopment Candidate on oversize highly visible lot
  • Excess parking with ratio of ±7.15/1,000 SF
  • Excess parking with ratio of ±7.15/1,000 SF allowing for many future use options
  • Abraza Central Campus is located less than a mile to the North
  • Grand Canyon University (GCU) is located 1.5 miles to the west
  • Located in the Opportunity Zone

Investment Overview

5201 N 19th Ave is a single-story combined medical and general office property with strong visibility on 19th Ave in the Northwest Phoenix submarket. Built in 1972, the subject property enjoys a highly visible location at the northeast corner of the signaled intersection at 19th Avenue and Colter St. To make room for the light rail, the buildings were decreased from its original size by ±5,000 square feet. The offering today now holds a larger than traditionally for its developed square footage which contains a high parking ratio of ±7.15/1,000 SF, and provides a larger lot for the potential of a future redevelopment. The rentable square feet are contained in 3-building covered by a common courtyard (per county assessor sizes are: 2,804, 4,422, and 2,805 sq. ft.; totaling 10,031 sq. ft.) The asset is offered fully leased to three long tern tenants who have tenanted the property for greater than 10 years and have all very recently signed 2-year renewals. FastMed holds rolling 2-year renewal options that take their current occupancy potential to ±10 years. A new buyer is presented a stable investment with medium term value add by transitioning to full medical office use. There is long-term potential as a redevelopment to complement several others in the area. There are numerous dining and entertainment options nearby along with several new developments. Driving much of the area’s growth and improving demographics is Grand Canyon University (GCU). The school has invested more that $1 billion into infrastructure since 2009 which includes, residence halls, recreational facilities, laboratories, student support centers, and libraries. As of 2022 enrollment data, campus enrollment is reported as approximately 25,000 (up from less than 1,000 students in 2008) and the total student body amounting to nearly 115,000 (90,000 online enrollments with roughly half of those studying at the graduate level). The property is located directly along the light rail with the location nearest Light rail station 0.3 miles to the south at Camelback Rd with a second very close station located at Montebello & 19th Ave; each is about a 8-11 minute walk. It holds traffic count measurement of ±25,947 VPD northbound on 19th Ave at the closest collection street of W Georgia Ave from a 2022 survey. Within a 5-mile radius the location is densely populated with 198,476 households an a total population of ±540,039 within the same radius. This represents a 1.9% annual growth from 2010-2022. To the north Abraza Central Campus is located less than a mile (0.8 miles); a 216-bed acute care facility that opened in 1963. The property is located about a ±6-7 minute drive and 1.5 miles from GCU. Connecting the rest of the valley, I-17 is located approximately 1 mile to the west. Additionally the site is located in the Opportunity Zone created by the Tax Cuts and Jobs Act of 2017. Noted Demographic provided by CoStar

Exclusively Listed By

Financing By

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