FULLY FUNCTIONAL North 12th Street Phoenix, Arizona MUSIC RECORDING STUDIO OFFERING MEMORANDUM

Transcription

1 OFFERING MEMORANDUM 4727 North 12th Street Phoenix, Arizona FULLY FUNCTIONAL MUSIC RECORDING STUDIO R. CRAIG COPPOLA CCIM, CRE, SIOR PRINCIPAL ANDREW CHENEY CCIM, CRE, SIOR PRINCIPAL GREGG KAFKA CCIM ASSOCIATE

2 BILTMORE FASHION PARK CAMELBACK RD. NOR T H BROPHY COLLEGE PREPARATORY XAVIER COLLEGE PREPARATORY 51 LIGHT RAIL INDIAN SCHOOL RD. OSBORN RD. MIDTOWN PHOENIX COUNTRY CLUB THOMAS RD NORTH 12TH STREET \ LEE & ASSOCIATES ARIZONA PHOENIX CHILDREN S HOSPITAL 24TH ST. 16TH ST. 12TH ST. STEELE INDIAN SCHOOL PARK 7TH ST. CENTRAL AVE. CENTRAL HIGH SCHOOL

3 4727 North 12th Street OFFERING MEMORANDUM Contents Executive Summary...4 Property Overview...9 Market Overview...11 R. CRAIG COPPOLA CCIM, CRE, SIOR PRINCIPAL ANDREW CHENEY CCIM, CRE, SIOR PRINCIPAL GREGG KAFKA CCIM ASSOCIATE

4 EXECUTIVE SUMMARY The Offering Lee & Associates has been retained as the exclusive representative to offer qualified Buyers the opportunity to purchase 4727 N. 12th St. in Phoenix, Arizona ( Property ). Completed in 1984, the 4727 Building, totals ±3,726 square feet. The Property is located at 4727 N. 12th St., just south of Camelback Rd. The Property boasts easy access to the SR-51, I-10 & Central Ave., and prominent frontage along 12th Street. The 4727 Building is currently being used as a music production studio but can be easily converted to retail or office. This makes the property ideal for an owner/user to occupy all of the building or a developer to reposition the property with an adaptive reuse or an investor looking for stable tenency. The current configuration of the building provides a buyer a great opportunity to own an asset in one of the most prestigous Phoenix submarkets. This opportunity is being offered on an as is basis NORTH 12TH STREET \ LEE & ASSOCIATES ARIZONA

5 EXECUTIVE SUMMARY Asset Profile Address: Sale of Interest: 4727 N. 12th Street Phoenix, AZ Fee simple Zoning: C-2 Total Size: Site Acreage: Parking: ±3,726 SF, in a one story office building (with a lower level) ±0.18 acres (±7,975 SF) ±9 spaces Year Completed: 1986 Occupancy: Vacant Offering Term Price: Terms: $170/SF Cash or cash to new mortgage 5

6 EXECUTIVE SUMMARY Investment Highlights OWNER/USER OPPORTUNITY The 4727 building offers a rare opportunity to own a fully funtioning, state of the art recording studio located along a major street. An owner/user can occupy 3,726 SF immediately. INTERIOR AND EXTERIOR IMPROVEMENTS The 4727 building has gone through extensive interior and exterior renovations and upgrades over the past couple of years to ensure the buildings pristine condition. STRATEGIC CENTRAL LOCATION The Property is located on 12th Street in Phoenix, Arizona, a midtown north/south thoroughfare with access to the SR-51 and I-10 Freeways less than 2 miles from the Property. There is a rich amenity base with many of the latest restaurant concepts located nearby as well as some of the best shopping in the state of Arizona N. 12th Street is located minutes away from the midtown and downtown submarkets which are at the center of the Valleys music scene. In close proximity to famous local venues like the Rebel lounge, The Rhythm Room, Comerica Theater, Trunk Space, Talking Stick Arena, and Symphony Hall. FLEXIBLE ZONING The 4727 Building was originally designed and built for single-tenant office use. The current C-2 zoning provides the opportunity for a developer that would allow for multiple creative uses. EXPOSURE Prominent building and monument signage along 12th Street is rare. This represents a unique opportunity to provide visibility to the over 185,000 residents that live within 2 miles of 4727 N. 12th Street. EMPLOYEE BASE/DEMOGRAPHICS Infill redevelopment opportunity with more than 10 million SF of office within 30 miles More than 100,000 daytime employees More than 185,000 residents within 2 miles 11,000 apartment units within trade area More than 30,000 vehicles per day An average household income of greater than $60,000 within 3 miles NORTH 12TH STREET \ LEE & ASSOCIATES ARIZONA

7 PROPERTY OVERVIEW Property Description ACCESS Access to the site is via a curb cut along 12th Street. The property enjoys extremely visible frontage along 12th Street, a major north/south thoroughfare conveniently connecting to State Route 51 and I-10 less than 2 miles from the Property. The Property Address: 4727 N. 12th Street City, State: Phoenix, AZ Size: Site Area: Height: Zoning: APN #: 3,726 square feet ±0.18 acres (±7,975 SF) 1 Story C-2, City of Phoenix A Year Built: 1986 Parking: ±9 spaces 7

8 PROPERTY OVERVIEW BILTMORE FASHION PARK CAMELBACK RD. NOR T H BROPHY COLLEGE PREPARATORY XAVIER COLLEGE PREPARATORY 24TH ST. 16TH ST. 12TH ST. STEELE INDIAN SCHOOL PARK 7TH ST. CENTRAL AVE. CENTRAL HIGH SCHOOL 51 LIGHT RAIL INDIAN SCHOOL RD. Drive Time Analysis 4727 OSBORN N. 12thRD. Street is geographically centered within the Phoenix metropolitan area. As a result, employers are able to draw from an MIDTOWN PHOENIX extremely large labor pool of workerscountry withinclub a 30-minute commute of the Property. Within minutes of Sky Harbor International Airport, even THOMAS the most RD.frequent business travelers and employers will find 4727 N. 12th Street alluring for its highly commutable capability, along with nearby public transportation. The Property is also located nearby to State Route 51 and I-10 with access to the Loop NORTH 12TH STREET \ LEE & ASSOCIATES ARIZONA 4727 N. 12TH STREET PHOENIX CHILDREN S HOSPITAL

9 The Market As one of the fastest growing regions in the nation for the last several decades, Phoenix now stands as the nation s fifth largest city and fourteenth largest metropolitan area. Phoenix has received numerous accolades over the last few years due to its growth, low cost of living and appealing business environment. Phoenix Business Journal reports Phoenix tied with San Francisco for #1 in job growth in the high-tech software/services industry and was top 20 for office market rent growth. Site Selection Magazine ranked Phoenix #1 in the Mountain West Region for new company facilities and expansion. Fortune ranked Phoenix as having the #5 fastest growing tech market. Forbes recognized Phoenix as a Top 10 next big boomtown in the U.S. and metropolitan Phoenix as the 11th fastest growing metro area in the country. Inc. Magazine recognized Phoenix as one of the Top 20 U.S. cities for start-up companies. Phoenix has continued to increase jobs at a faster pace than the nation at approximately 2.7% growth compared to 2.0% growth nationally and is expected to accelerate by increasing 2.9% by Metropolitan Phoenix added 48,800 jobs from the third quarter of 2014 to the third quarter of Single family permits were up 38.9% over DYNAMIC GROWTH AREA Within a five-mile radius of the Property, population grew by 5.2% between 2010 and 2015 and is expected to grow another 5.2% between 2015 and This consistent, steady growth is nearly 50% greater than that of the nation and portends a strong future business climate for the area. Generally strong growth dictates further construction, more potential customers for existing businesses and a larger employee pool from which to hire. WITHIN MINUTES OF PHOENIX S EXTENSIVE TRANSPORTATION NETWORK MARKET OVERVIEW 4727 N. 12th Street is within minutes of Phoenix s Piestawa Peak Parkway (SR-51 and I-10 Freeways) which provides easy, direct access to the rest of the metropolitan area. Also, the Property is within a short commute of Sky Harbor International Airport. Sky Harbor International Airport serves as a focal point for businesses in the area and is one of the busiest airports in the nation for passenger traffic, generating a $79 million daily economic impact for the area. 9

10 MARKET OVERVIEW User Sale Comparables Address 4516 N. 12th St N. 16th St E. Camelback Rd E. Indian School Rd. 531 E. Osborn Rd. Buyer N/A 4117 N. 16th St. LLC Whittany Griffon Ono N/A Seller Gorilla Capital Tang-Psalm Inc. David J. McHenry Family Trust Igor and Irina Grinblat 531 Properties LLC Year Built Bldg SF 2,250 SF 5,000 SF 8,192 SF 6,346 SF 1,400 SF Sale Date 6/2/ /4/2016 8/1/ /9/2016 6/5/2017 Sale Price $370,000 $795,000 $1,300,000 $1,100,000 $240,000 Price/SF $164.44/SF $159/SF $158.69/SF $173.34/SF $171.43/SF NORTH 12TH STREET \ LEE & ASSOCIATES ARIZONA

11 User Sale Comparables Map MARKET OVERVIEW BILTMORE FASHION PARK CAMELBACK RD. NOR T H BROPHY COLLEGE PREPARATORY XAVIER COLLEGE PREPARATORY 51 24TH ST. 16TH ST. 12TH ST. STEELE INDIAN SCHOOL PARK 7TH ST. CENTRAL AVE. CENTRAL HIGH SCHOOL LIGHT RAIL INDIAN SCHOOL RD. OSBORN RD. MIDTOWN PHOENIX COUNTRY CLUB THOMAS RD. PHOENIX CHILDREN S HOSPITAL 11

12 MARKET OVERVIEW Summary SALES COMPARABLES: The above mentioned sales comparables illustrate the sales taking place in the market today among properties in the East Phoenix area. Property sales ranged from $160/SF to $175/SF. The property overall has excellent visibility but the surrounding neighbors and neighborhood could be detrimental to higher disposition prices NORTH 12TH STREET \ LEE & ASSOCIATES ARIZONA

13 MARKET OVERVIEW Marketing Information: The 4727 N. 12th Street Building is located less than a couple miles from some of Arizona s best amenities, largest companies, and strongest demographics. The easy access to clientel cannot be understated. From 7th Ave to 24th St. boasts some of the most dynamic real estate development that Phoenix has seen. The redevelopment and addition of many new local restaurants make this area one of the most sought after areas in the market. 13

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15 OFFERING MEMORANDUM 4727 N. 12th Street Phoenix, Arizona Owner User Opportunity R. CRAIG COPPOLA CCIM, CRE, SIOR PRINCIPAL ANDREW CHENEY CCIM, CRE, SIOR PRINCIPAL GREGG KAFKA CCIM ASSOCIATE