330 N 24th St - Light Distribution FOR SALE


Phoenix, AZ 85008- East Side
$1,823,643 USD
602-954-3743
330 N 24th St, Phoenix, AZ for Sale
$1,823,643 USD
Light Distribution - FOR SALE
1/12
null | 5.5% Cap Rate

330 N 24th St
Phoenix, AZ 85008
East Side


HIGHLIGHTS

  • Absolute NNN lease with tenant responsible for taxes, utilities, and maintenance.
  • 10-year lease term with two five-year renewal options and 3% annual rent escalations.
  • Enterprise invested over $700,000 in site and building improvements in 2020.
  • Located at a signalized hard-corner intersection with strong traffic counts and visibility.
  • Less than one mile to Loop 202 and under one mile to Phoenix Sky Harbor International Airport.
  • In-place rents approximately 50% below current market rates; sale price 25% below land comps.

OVERVIEW

This offering presents an opportunity to acquire a single-tenant, absolute NNN leased property in Phoenix, Arizona, occupied by Enterprise Truck Rental. The tenant executed a 10-year lease commencing January 12, 2020, with two five-year renewal options and 3% annual rental increases, ensuring predictable income growth and a hedge against inflation. Current in-place rents are approximately 50% below today’s market value, and the listed sale price is estimated at 25% below comparable land values, creating a compelling investment scenario. Enterprise has demonstrated a strong commitment to this location, investing over $700,000 in capital improvements, including new HVAC units, lighting, roof upgrades, and expanded overhead doors. The property sits on a signalized hard-corner intersection at Van Buren Street and 24th Street, offering excellent visibility to more than 40,000 vehicles daily. Its infill location provides immediate access to Loop 202, Interstate 10, and State Route 51, and is less than one mile from Phoenix Sky Harbor International Airport, which serves over 50 million annual travelers. With a corporate-backed tenant, long-term lease structure, and significant tenant investment, this asset offers stable cash flow and long-term value in a high-demand urban corridor.

FOR SALE DETAILS

PRICE

$1,823,643 USD

PRICE/SF

$365 USD /SF

CAP RATE

5.5%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Enterprise Truck Rental

PROPERTY TYPE

Flex

PROPERTY SUBTYPE

Light Distribution

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1994

UTILITIES

Lighting, Water, Sewer

CLEAR CEILING HT

-

DOCKS

-

DRIVE INS

2

PARKING SPACES

200

LAND DETAILS

LAND ACRES

2.08

LAND SF

90,605

ZONING

C-3, Phoenix

APN/PARCEL ID

116-02-039E

ASK ABOUT THIS PROPERTY

Jeff ConradLee & AssociatesMore Info
602-954-3743

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Jeff ConradLee & AssociatesMore Info
602-954-3743

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