8.96% going-in cap, 100% leased. $372,031 NOI on a 17-tenant roll with 3% annual bumps and a 3.0-year weighted term $99.76/SF basis vs. $105–$148/SF comps. About 18% below the ~$121/SF comp average; the comp set implies a value north of $5.0M on price-per-foot and $5.3M+ on cap rate. $433K of Recent CAPEX. HVAC, roofing, water/sewer, tuckpointing, windows and doors, parking lot, and a contracted interior renovation the seller completes - the buyer inherits a repositioned asset, not a project. Durable small-bay fundamentals. 6% submarket vacancy, no new small-bay supply, and 1,100–3,300 SF units that stay full through cycles, minutes from I-294 and I-94 in Sky Harbor Industrial Park.