value added multi-tenant retail center for sale 1337 S Gilbert Road Mesa, AZ 85204 (SEC Gilbert Rd & Southern Ave) PRICE: $4,550,000 ($115 PSF) NOW: $4,400,000 ($111 PSF) E Baseline Rd
center features 1337 S Gilbert Road Mesa, AZ 85204 The center is constructed of block with a decorative brick facade. The walkway is covered by an attractive copper colored metal roof and features a decorative bronze fascia on the underside. The property has relatively good visibility from Gilbert Rd. and features a multi-tenant monument sign on Gilbert Rd. There are 23 suites although some tenants occupy more than one suite. HIghlights 51% Leased $111 PSF 43,111 VPD on Gilbert Rd Great Value Added Potential with Current 49% Vacancy Current Capitalization Rate of 5.9% at 51% Occupancy; Potential Capitalization Rate of 11.7% at 93% Occupancy property details Attractive 39,618 SF Multi-Tenant Retail Building 3.33 Acre Parcel Constructed in 1986 Zoning: LC, City of Mesa (Formerly called C-2) Suites can be used for Retail, Office, or Medical It is in the opinion of the listing brokers that a medical office would be a great use for the property
1337 S Gilbert Road Mesa, AZ 85204 7th S Southern Ave NHAMPTON AVE GILBERT RD (43,111 VPD) Coming Soon INDIAN OVEN AUTHENTIC INDIAN CUISINE FITNESS CENTER 124 121/122 120 118/119 117 116 114/115 112 111 U.S. RENAL CARE 106-110 105A 105 UNITED BLOOD SERVICES 104 101-103 McDowell Rd University Dr Rural Rd zona Ave Country Club Mesa Dr Gilbert Rd Elliot Rd Warner Rd Ray Rd Chandler Blvd U
1337 S Gilbert Road Mesa, AZ 85204 DEMOGRAPHICS 1 Mile 3 Miles 5 Miles Population 20,622 160,074 401,372 Households 6,808 55,628 146,623 Average Age 33.0 35.2 36.5 Median HHI $51,767 $51,328 $53,841 Daytime Employees 5,799 54,788 141,056
value added multi-tenant retail center for sale 1337 S Gilbert Road Mesa, AZ 85204 PROFORMA INCOME & EXPENSE Item Annualized Amount Comments Projected 2018 Rent At Existing 51% Occupancy $392,785 Based On Lease Summary Attached On An Annualized Basis Including Cam Payments ($34,330.76/Mo X 12) Cam Reimburesment From Two Pad Buildings Under Different Ownership Projected 2018 Total Income At Existing 50.72% Occupancy $10,269 Based On Actual NNN Reimbursement 1/2017-5/2017 Annualized $403,054 Projected 2018 Expenses At Existing Occupancy $144,607 ($3.65/PSF) Based On 2016 Operating Expenses Plus 2.25% City Of Mesa Rental Tax Which Were Not Included In These Expenses Minus Interest Expense & Internal Overhead Expenses. (Note: The Expenses Shown Include A 4% Management Fee) Projected 2018 Net Operating Income At 50.72% Occupancy $258,447 5.9% Capitalization Rate At 51% Occupancy Potential Additional Income From Lease Up To 93% Occupancy $256,698 93% X 39,401 SF= 36,643 SF Occupied At 93% Occupancy 36,643 SF - 19,985 SF Currently Leased = 16,658 Additional SF to Lease For 93% Occupancy Additional 16,658 SF X ($12 NNN + $3.41 Cam) = $256,698 Additional Income At 93% Leased Potential Net Operating Income At 93% Leased $515,146 11.7% Indicated Capitalization Rate At 93% Occupancy
value added multi-tenant retail center for sale 1337 S Gilbert Road Mesa, AZ 85204 Suite breakdown, rates, & comments Lease Lease Lease Monthly $ Total Suite Tenant Start End Sq. Ft. Rent PSF Payment (w/nnn) Notes 101-103 Blood Systems, Inc. 8/1/2013 11/30/2023 5,689 $8,533.50 18.00 $10,901.38 104 Blood Systems, Inc. see above Reimburses Pro-Rata Share of CAM,Taxes,Insurance & Management 10% Admin Fee(cam,taxes,Insurance); 2 (3 yrs) Option at 2% annual increases.* Reimburses Pro-Rata Share of CAM,Taxes,Insurance & Management 10% Admin Fee(cam,taxes,Insurance); 2 (3 yrs) Option at 2% annual increases* 105A Vacant 1,623 105 Vacant 2,317 106-110 DSI Renal, Inc. 11/20/1993 6/30/2020 11,904 $13,888.00 14.00 $18,520.47 111 Vacant 2,022 112 Vacant 1,310 113 Vacant 1,310 114-115 Vacant 3,541 116 Vacant 1,617 117 Vacant 1,632 118-119 Vacant 1,611 120 Vacant 811 121-122 Vacant 1,622 124 Active Bodies 10/9/2008 10/31/2018 2,392 $2,328.47 11.68 $3,310.23 Reimburses Pro-Rata Share of CAM,Taxes,Insurance; 4% Mgmt Fee. 10% Admin Fee(CAM) Reimburses Pro-Rata Share of CAM,Taxes,Insurance & Management 5% of Gross Income. No Admin Fee. TOTALS: $ 24,749.97 14.86 $32,732.00 TOTAL LEASED 19,985 (51%) TOTAL VACANT 19,416 (49%) BLDG TOTAL: 39,401 (100%) * Note: Tenant signed a 5 year, 4 month renewal in April 2018 with 4 months free rent and a tenant improvement allowance of $20,000. The rent is $18.00 PSF NNN during the renewal period.