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4700 N 51st Ave
Phoenix, AZ 85031 Maryvale

$898,000 USD

Medical Condo For Sale  •  3,856 SF

Property Details

  • Property Type Medical
  • Total Building Size 4,797 SF
  • Lot Size 0.45 AC
  • Building Class C
  • Year Built 1968
  • Tenancy Multiple
  • Zoning R-5
39 Transit Score
62 Walk Score

1 Unit Available

Name Condo Use Size Price Details
1st Floor - Unit 4 Medical Office 3,856 SF $898,000 USD
  • Unit Size: 3,856 SF
  • Condo Use: Medical Office
  • Price: $898,000 USD
  • Sale Type: Investment
  • Price/SF: $232.88 USD
Description
SVN is pleased to present to the market this medical single tenant triple net investment opportunity. The property is 100% occupied by MVP Kids Care, an extremely well-established provider of pediatric medicine established in 1962. In addition to this location in Maryvale, MVP Kids Care also has offices established in Avondale and Laveen. MVP Kids Care entered into its current lease in August of 2021 for a term of 96 months, scheduled to expire August 2029. The tenant is currently paying $72,348 in base rent in a lease that calls for 2.5% annual increases every September.  Below-market rents are driving a price per square foot well below replacement cost and creating a value-add opportunity in 4 years when renewing the existing lease. The lease is a NNN lease in which the Tenant is fully responsible for its own utilities and expenses associated with the property, including reimbursing the Landlord for all operating expenses. The tenant has two options to renew the lease at five years each, at then prevailing market rents.

Description 

The subject property is located in Phoenix, AZ, fronting onto 51st Ave just south of Camelback Rd. The property is walking distance to Valleywise Health Emergency Department and is in close proximity to the I-10, I-17, Loop 202, US 60 and Loop 101 Freeways. Also in close proximity is Grand Canyon University.

Highlights

Single-Tenant NNN Medical Investment Opportunity
Highly Attractive CAP Rate | All Cash Buyers or Groups Intending to Utilize Conventional Financing
Minimal Landlord Responsibilities
Tenant responsible for all Operating Expenses Associated With the Property
Well-established Tenant Operating in the Valley since 1962 With Multiple Locations

Property Flyers

Amenities

  • 24 Hour Access
  • Signage
  • Wheelchair Accessible
  • Air Conditioning
  • Smoke Detector

Public Transportation

AirportDriveWalkDistance
Phoenix Sky Harbor International 23 min - 14.8 mi
Phoenix-Mesa Gateway 57 min - 41.9 mi

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 22
Type: Surface
Included in Rent: Yes
Justin Horwitz 480-220-2674 SVN | Desert Commercial Advisors
Justin Horwitz 480-220-2674 SVN | Desert Commercial Advisors