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8607 N 59th Avenue - Northwood Commerce Centre, Glendale, AZ
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8607 N 59th Avenue - Northwood Commerce Centre
Glendale, AZ 85302-5433 - Northwest Phoenix Submarket
Existing , Renov 2015
For Sale Price:
14 Surface spaces are available; 6 Covered spaces are available; Ratio of 4.34/1,000 SF
Northwood Commerce Centre consists of five single-story garden-style office units. The property has 395.6 feet of frontage on 59th Ave and 249.6 feet of depth on its north line. The property is zoned C-1 with a total of 97 parking spaces of which 30 are covered. The property is leased on a modified gross basis. The tenants are responsible for payment of their own electric, except as noted.
Property Nake: FKA Pro One Plaza.
Northwood Commerce Centre is a single story, multi-tenant, garden style office property that is 90% occupied. The
property consists of 5 freestanding buildings situated in a park-like setting with a mix of mature trees and easy to maintain
desert friendly plants. Each of the 5 freestanding buildings in Northwood Commerce Centre is constructed on its own
parcel in a condominium style format. The condominium style platt provides a future owner the option to divide the park
and sell each freestanding building independent of the others. The entire centre is being offered for sale with the inclusion
of common areas as one single investment opportunity.
Northwood Commerce Center is a stable investment opportunity with tremendous upside. Tenants at Northwood
Commerce Center include insurance agencies, medical clinics, tax services, asset managers and other professional
services. The number and diversity of tenants provide an owner with a stable level of occupancy. The property value will
continue to increase as all the leases that extend beyond 12 months have built in rental escalations. Rental escalations are
set at 4% and occur annually in existing leases at the property. Value of the property may be further enhanced by passing
through base year rental rate expenses to tenants and charging covered parking fees as is customary in the market.
Due to the limited supply of quality office space in the Glendale sub-market office rental rates are on set to increase for
years to come, which will provide a significant impact on Northwood Commerce Centre’s value because the rental rates
at the property are currently $9.00 per square foot per year on average and considered below market rates. As market
rates increase, renewal rates at Northwood Commerce Centre will also increase, and the value of the centre will increase.
It is projected that based on market appreciation, in-place rent escalations, assuming basic maintenance of the property,
the net income at Northwood Commerce Centre will increase to $375,802.00 over the next 5 years, which at a 7.5% cap
rate equates to a $5,010,696.00 sales price (over a 55% increase in value).
Northwood Commerce Centre also provides an owner with little to no capital expenditure risk as the property was fully
renovated in 2015. The renovations to the property include full replacement of the entire roof on each of the 5 freestanding
buildings, installation of new roof mounted HVAC units, new exterior paint, new modernized buildouts, new interior paint, new interior flooring, full renovation of common
area restrooms including new fixtures and updated landscaping. Warranties for roof and HVAC units will be transferred to the new owner upon the successful transfer of the
Northwood Commerce Centre is located in the heart of Glendale Arizona and is only 4 miles from both the Loop 101 freeway, the I-17 freeway. The central Glendale
location is a convenient location for those wishing to serve the entire West, Northwest and Southwest valley. The property is positioned in an under supplied sub-market of
quality office space with very few competitive options for office space nearby. The property is less than 1 mile from banks and restaurants. The property also is positioned
with street frontage on 59th Avenue, which allows tenants to benefit from the increased property visibility and ease of access.
CLICK HERE TO CONTACT THE SALES BROKER
FOR SALE CONTACTS
Commercial Properties, Inc.
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