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245 W Roosevelt Street, Phoenix, AZ

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245 W Roosevelt Street

Phoenix, AZ 85003-1405 - Downtown Submarket

(508.0 KB)

Property Type:Office Sub Type:- Status:Existing Year Built:1965
Stories:2 Typical Floor:4,492 SF Building Size:8,985 SF
For Sale Price:$1,950,000 Price/SF:$217.03
Cap Rate:-
Parking:Free Surface spaces are available; Free Covered spaces are available; Ratio of 4.3/1,000 SF Amenities:Bus Line
8,985 SF is available to occupy upon purchase.

The property features a beautiful historic renovation with wood floors and fireplaces in many areas. The building is located near restaurants, banking, and shopping, with excellent access to downtown and the federal courthouse.

Sale Notes:
Marcus & Millichap is pleased to announce that it has been retained as the exclusive advisor for the disposition of 245 West Roosevelt, a unique investment opportunity consisting of an early century constructed, historically designated building located in the center of the prestigious Roosevelt District of Downtown Phoenix.

245 West Roosevelt is surrounded by some of the most prominent and upscale residential developments in Downtown Phoenix including Portland on the Park (170 Condos), Union at Roosevelt (80 Apartments), Central Station (476 Apartments) and Illuminate (111 Apartments). Currently the subject property is being operated as an office building; however based on its original design and construction, the future owner has the potential to convert the project back to multifamily, or for sale residential condos or townhomes.
Situated in the heart of the popular Roosevelt Row Arts District, the subject property is surrounded by some of the top entertainment venues in Arizona: Herberger Theater, Comerica Theater, The Orpheum Theater, Phoenix Symphony Hall, Arizona Center for the Arts and the Phoenix Science Center. 245 West Roosevelt is also walking distance to the Arizona State University downtown campus, the University of Arizona College of Medicine, ASU' s Sandra Day O' Connor School of Law and the Phoenix Biomedical Campus for U of A and NAU.

Downtown Phoenix is the largest employment corridor of the Phoenix Metro area with over eight million square feet of private office space in the Downtown core with over 170 restaurants and 60 new entertainment venues opened since 2008. Also in 2008, the Valley Metro Rail project opened for service along Central Avenue. The original $1.4 billion project now extends 23 miles into Tempe and ASU, Mesa, Sky Harbor Airport and into west Phoenix and serves 43,543 travelers per day.

Marcus & Millichap Inc
Rich Butler
(602) 687-6782

Brian Tranetzki
(602) 687-6755

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