2601 N 3RD Street, Phoenix, AZ 85004
$4,150,000
Property Type:
Comm/Industry Sale
Square Footage:
44,309
Lot Size (sq. ft.):
16,335
Status:
Closed
Current Price:
$4,150,000
List Date:
11/23/2018
Last Modified:
1/14/2025
Description
Premier 40,000 square foot building 100% occupied/rented with over 50% medical tenants. Strong tenant base The building with 31 stable paying tenants that occupy the building.
Two separate outer staircases and one elevator that go from the basement garage to the third floor.
The convenient location allows easy access to 7 majors hospitals within a 4 mile, less than 2 miles from both the I-10 and 51 freeway and ¼ of a mile from the light rail. The vibrant atmosphere in the area created by the re-gentrification has created fine dining establishments, hip bars, café's and newly built multi-family dwellings catering to a fun work-play environment.
More Information MLS# 5811145
Contract Info
Ownership: Fee Simple
Current Price: $4,150,000
Sold Price: $4,150,000
Status: Closed
List Date: 2018-08-24
Location, Tax & Legal
Assessor's Map #: 45
Legal Description (Abbrev): N BALTIMORE HEIGHTS PT LOT 4 S 111' OF W2 EX E 2F & EX TRI 10FX10F IN SE COR & EX TH PT DESC P/D
Assessor's Parcel #: 16
Add'l Parcels: Yes
Tax Municipality: Maricopa - COUNTY
Census Tract: 111800
Taxes: 59000
Legal: N BALTIMORE HEIGHTS PT LOT 4 S 111' OF W2 EX E 2F & EX TRI 10FX10F IN SE COR & EX TH PT DESC P/D
Map Code/Grid: P34
House Number: 2601
Compass: N
Street Name: 3RD
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85004
Zip4: 1142
County Code: Maricopa
Subdivision: NORTH BALTIMORE HTS
Assessor Number: 118-45-016
Tax Year: 2017
General Property Description
Ttl Apx SqFt Bldg: 44309
# of Buildings: 1
Uncvrd Parking Spcs: 42
Year Built: 1987
Zoning: R-5 COM
Legal Info
Range: 3E
Section: 32
Township: 2N
Lot Number: 4
Construction
Stucco: 1
Metal: 1
Roofing
Built-Up: 1
Foam: 1
Floors
Other: 1
Income & Expenses
Annual Elec Exp: 79745
Annual Gas Exp: 438
Annual Ins Exp: 5224
Annual Land Lse Exp: 0
Annual Landscape Exp: 5800
Annual Legal & Acctg: 2400
Annual Maint Exp: 27800
Annual Mgmt Exp: 27300
Annual Trash Exp: 7843
Annual Wtr/Swr Exp: 6500
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 20000
Annual Other Expense: 0
Operating Exp: 242050
Other Income: 0
Vacancy Allowance: 0.1
Adjusted Gross Inc: 503691.3
Building Type
Commercial: 1
Office: 1
Business Type
Dental: 1
Service Business: 1
Medical: 1
Professional/Office: 1
Stories
3 - 4 Stories: 1
Pmt & Rate Info
Cap Rate: 7.12
Down Payment: 0
Equity: 4250000
Total Owed: 0
Assessment Balance: 0
Ceiling Height
8.1 Feet to 10 Feet: 1
Heating
Electric: 1
Heat Pump: 1
2 or More Units: 1
Other: 1
See Remarks: 1
Cooling
Central Air: 1
Office A/C: 1
Chiller System: 1
Loading Facilities
None: 1
Exterior
Corner Lot: 1
Landscaping: 1
Building Sign: 1
Monument Sign: 1
Source of Fincl Data
Owner: 1
Traffic Count
Over 200,000: 1
Fencing
Block: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Sewer - Private: 1
Parking Features
Fenced: 1
Free: 1
Electric
APS: 1
Gas
SW Gas: 1
New Financing
Cash Only: 1
1031 Exchange: 1
Existing 1st Loan
Other (See Rmks): 1
Existing 2nd Loan
Other (See Remarks): 1
Existing 3rd Loan
Other (See Remarks): 1
Reports/Disclosures
Seller Prop Disc Stm: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Sold Info
Loan Type: Conventional
Loan Years: 20
Payment Type: Other
Clsing Cost Split: Normal - N
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 100000
Seller Concession $/%: $
Remarks Misc
Cross Street: VIRGINIA & 3RD STREET
Directions: 3RD STREET AND VIRGINIA, SOUTH OF THOMAS RD.
Geo Lat: 33.47686
Geo Lon: -112.069099
Status Change Info
Off Market Date: 2018-12-15
Under Contract Date: 2018-09-25
Close of Escrow Date: 2018-12-14
Sold Price: $4,150,000
Income Expenses
Gross Annual Sch Inc: 559657
Net Operating Income: 302453
Property Features
Building Type: Commercial; Office
Business Type: Dental; Service Business; Medical; Professional/Office
Stories: 3 - 4 Stories
Construction: Stucco; Metal
Roofing: Built-Up; Foam
Floors: Other
Ceiling Height: 8.1 Feet to 10 Feet
Heating: Heat Pump; 2 or More Units; Other; See Remarks
Cooling: Central Air; Office A/C; Chiller System
Loading Facilities: None
Exterior: Corner Lot; Landscaping; Building Sign; Monument Sign
Fencing: Block
Parking Features: Fenced; Free
Electric: APS
Gas: SW Gas
Water Source: City Franchise
Sewer: Sewer - Public; Sewer - Private
New Financing: Cash Only; 1031 Exchange
Source of Fincl Data: Owner
Existing 1st Loan: Other (See Rmks)
Existing 2nd Loan: Other (See Remarks)
Existing 3rd Loan: Other (See Remarks)
Existing Othr Ln Trm: Not Applicable
Traffic Count: Over 200,000
Environmental: None
Documents
OFFERING MEMORANDUM ›
Listing Office:
Grand Canyon Realty
Last Updated: January - 14 - 2025
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