![]() The property was previously used for the Seller's law firm and is built out for general office with a reception area, a perimeter of private offices, a central conference room, multiple restrooms, and a kitchen. SVN is proud to present to the market for sale or lease this 3,433 SF office building in a prime location in Downtown Phoenix on a 8,207 SF lot. Additionally, Downtown Phoenix is home to universities such as ASU, U of A, the NAU Biomedical Campus, and the Thunderbird International School of Management. The I-10 Freeway is in close proximity and multiple Metro Light Rail stations, award winning restaurants are within walking distance. The immediate area is experiencing major redevelopment with a number of new mixed use apartment and retail complexes planned and currently under construction. The subject property is ideally located at the hard corner of 3rd Ave. With a median age of 33, Phoenix is home to a large executive and professional workforce that complements the business environment of the city High demand rental market with strong fundamentals Phoenix CBD average rent is 48 percent greater than the Metropolitan averageĮxceptional pre-lease absorption rate in Phoenix CBD which has averaged 25 units/property/month, nearly double Metropolitan average of 16 Mid-rise, podium construction with underground parkingĪdjacent to Metro Valley Light Rail, nearest station is 300 feet away Immediate submarket boasts average occupancy of 95 percent Mixed-use development with 80 luxury units and 9,100 SF of retailĮstimated $5 million tax savings from 25-year Tax Abatement (GPLET)Įffective rents are 13 percent below current asking rents asking rents are 9 percent below comparables ($1.92 vs. Newly developed, urban Class A+ luxury community 2017 construction, fully leased and stabilized Located on the southwest corner of 1st Avenue and Roosevelt Street, Union Roosevelt is positioned within a top employment corridor consisting of 120,000 jobs. The Roosevelt Row Arts District is a walkable, creative district in the urban core of downtown Phoenix that is nationally known for its arts and cultural events. Property is positioned perfectly in a revitalized area of downtown Phoenix known locally as Roosevelt Row. Union Roosevelt is a rare opportunity to acquire a core asset with a significant competitive advantage in the market place. ![]() Shortage of available land, rising construction costs and ad valorem property taxes make downtown Phoenix one of the most difficult locations to continue building. Located in an urban infill location, there are significant barriers to entry on competing multifamily within downtown Phoenix. Interior unit finishes consist of custom cabinetry with nickel finish hardware, large walk-in closets, white quartz countertops with under mount stainless steel sinks, commercial kitchen faucets, high grade Whirlpool appliances and Smart box technology wiring throughout. Condo-style quality build, featuring reinforced and insulated adjoining party walls between units, expansive floor plans, unparalleled city views, and high-grade dual pane windows to minimize transmission of sound. The five-story podium construction incorporates over 20 inches of concrete and foam to separate the parking structure from residential units, creating a superior noise reduction that is approximately twice the industry standard. The design, construction and quality finishes used to develop the property provides an opportunity to acquire a pride-of-ownership development. ![]() Visit our property website for investment details and to request the offering memorandum. Union Roosevelt offers a significant competitive advantage through its 25-year tax abatement, with an estimated $5 million in tax savings over its duration. This luxury community features premium condominium-quality finishes with attentive ground-floor retail. Union Roosevelt is a Class A+, 80-unit mid-rise development with 9,100 square feet or retail built in 2017, located in dynamic downtown Phoenix at 888 North 1st Avenue. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |