2601 N 3RD Street, Phoenix, AZ 85004 (MLS# 5811145)

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

Overview

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.

Listing Details MLS# 5811145

Location, Tax & Legal

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
Country: US
County Code: Maricopa
Subdivision: NORTH BALTIMORE HTS
Assessor Number: 118-45-016
Tax Year: 2017
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

Contract Info

Ownership: Fee Simple

General Property Description

Ttl Apx SqFt Bldg: 44309
# of Buildings: Yes
Year Built: 1987
Uncvrd Parking Spcs: 42
Zoning: R-5 COM

Remarks Misc

Cross Street: VIRGINIA & 3RD STREET
Directions: 3RD STREET AND VIRGINIA, SOUTH OF THOMAS RD.

Status Change Info

Off Market Date: 2018-12-15
Under Contract Date: 2018-09-25
Close of Escrow Date: 2018-12-14

Legal Info

Township: 2N
Range: 3E
Section: 32
Lot Number: 4

More Information

Income Expenses

Gross Annual Sch Inc: 559657
Net Operating Income: 302453

Sold Info

Loan Type: Conventional
Loan Years: 20
Payment Type: Other
Clsing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession to Buyer: 100000
Seller Concession $/%: $
Buyer Concession to Seller: 0

Construction

Stucco: Yes
Metal: Yes

Roofing

Built-Up: Yes
Foam: Yes

Floors

Other: Yes

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: Yes
Office: Yes

Business Type

Dental: Yes
Service Business: Yes
Medical: Yes
Professional/Office: Yes

Stories

3 - 4 Stories: Yes

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: Yes

Heating

Heat Pump: Yes
Electric: Yes
2 or More Units: Yes
Other: Yes
See Remarks: Yes

Cooling

Central Air: Yes
Office A/C: Yes
Chiller System: Yes

Interior Features

Finished: Yes

Loading Facilities

None: Yes

Road Surface Type

Asphalt: Yes

Exterior

Corner Lot: Yes
Landscaping: Yes
Building Sign: Yes
Monument Sign: Yes

Source of Fincl Data

Owner: Yes

Traffic Count

Over 200,000: Yes

Fencing

Block: Yes

Water Source

City Franchise: Yes

Building Features

Public Elevator(s): Yes

Sewer

Sewer - Public: Yes
Sewer - Private: Yes

Parking Features

Fenced: Yes
Free: Yes

Electric

APS: Yes

Gas

SW Gas: Yes

New Financing

Cash Only: Yes
1031 Exchange: Yes

Existing 1st Loan

Other (See Rmks): Yes

Existing 1st Loan Type

Not Applicable: Yes

Existing 1st Loan Terms

Not Applicable: Yes

Existing 2nd Loan

Other (See Remarks): Yes

Existing 2nd Loan Type

Not Applicable: Yes

Existing 2nd Loan Terms

Not Applicable: Yes

Existing 3rd Loan

Other (See Remarks): Yes

Existing 3rd Loan Type

Not Applicable: Yes

Reports/Disclosures

Seller Prop Disc Stm: Yes

Existing 3rd Loan Terms

Not Applicable: Yes

Environmental

None: Yes

Existing Othr Ln Trm

Not Applicable: Yes

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 Interior Features: Finished Exterior: Corner Lot; Landscaping; Building Sign; Monument Sign Fencing: Block Building Features: Public Elevator(s) 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 1st Loan Type: Not Applicable Existing 1st Loan Terms: Not Applicable Existing 2nd Loan: Other (See Remarks) Existing 2nd Loan Type: Not Applicable Existing 2nd Loan Terms: Not Applicable Existing 3rd Loan: Other (See Remarks) Existing 3rd Loan Type: Not Applicable Existing 3rd Loan Terms: Not Applicable Existing Othr Ln Trm: Not Applicable Road Surface Type: Asphalt Traffic Count: Over 200,000 Environmental: None

Documents

OFFERING MEMORANDUM ›

Listing Office: Grand Canyon Realty

Last Updated: January - 14 - 2025

2601 N 3RD Street, Phoenix, AZ 85004 (MLS# 5811145)