2942 N 24th St - Loft/Creative Space FOR SALE


Phoenix, AZ 85016- Biltmore
$3,216,000 USD
480-220-2674
2942 N 24th St, Phoenix, AZ for Sale
$3,216,000 USD
Loft/Creative Space - FOR SALE
1/21
null | 7.94% Cap Rate

2942 N 24th St
Phoenix, AZ 85016
Biltmore


HIGHLIGHTS

  • Sale Leaseback Offering
  • Seven (7) Year Term | NNN Lease Structure
  • Three Percent (3%) Annual Increases
  • Well Established Executive Office/Virtual Office Operator | In Operation Since 2006
  • Immediate Access to Loop 202, I-10, & 51 Fwys
  • Seller Can Alternatively Accommodate an Owner User

OVERVIEW

SVN is pleased to present to the market this owner user or sale leaseback opportunity in Phoenix, AZ. The building is currently occupied by Plaza Executive Suites, an experienced operator of executive offices suites throughout the Phoenix MSA including virtual offices and meeting space. Plaza Executives has been in operation since 2006 and currently has five locations in north Scottsdale, Mesa, north Phoenix, and Old Town Scottsdale in addition to this location in the Biltmore area. Plaza Executive Suites is willing to enter into a seven (7) year leaseback upon close of escrow under an absolute triple net lease with three percent annual increases. Alternatively, if an owner user would prefer to occupy a portion or the entirety of the property, Plaza Executive Suites can vacate as needed. Biltmore Office Plaza is well located in the Midtown submarket just north of Thomas Rd. fronting on the west side of 24th St. between Thomas Rd. and Osborn Rd. The property benefits from immediate access to major arteries and public transit, including proximity to the Loop 202, I-10 and 51 Freeways, making commuter trips efficient for both employees and clients. The surrounding area offers a dense mix of professional services, dining, and retail amenities that support the neighborhood’s pro-business orientation enhancing ongoing residential growth and a steady stream of tenants seeking functional, well-located office space. The property is centrally located relative to the broader Phoenix market with convenient access to the Camelback Corridor, Downtown Phoenix, Sky Harbor International Airport and the Tempe area.

FOR SALE DETAILS

PRICE

$3,216,000 USD

PRICE/SF

$170 USD /SF

CAP RATE

7.94%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY NAME

Biltmore Office Plaza

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Loft/Creative Space

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

C

YEAR BUILT

1974

SPRINKLERS

-

PARKING SPACES

63

LAND DETAILS

LAND ACRES

1.01 AC

LAND SF

43,996 SF

ZONING

C-2, Phoenix

APN/PARCEL ID

119-17-031

ASK ABOUT THIS PROPERTY

Justin HorwitzSVN | Desert Commercial AdvisorsMore Info
480-220-2674

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Justin HorwitzSVN | Desert Commercial AdvisorsMore Info
480-220-2674

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.