Listed by CBRE - Phoenix
$5,000,000
341-345 W Van Buren Ave
Details
APN 112-20-086A
Property Type Retail
Square Footage 13,968
Cap Rate 6.03%
NOI $361,840
Occupancy 100%
Price per SqFt $430
Year Built 1927
Year Renovated 2017
Acreage 0.480
Zoning DTC-VAN, City of Phoenix
Parking Spaces 25 spaces
Parking per 1,000 SqFt 1.79
Retail | 6.03% CAP | 13,968 SqFt
Marketing description
CBRE is pleased to exclusively offer for sale The Welnick Marketplace (“the Property”), a 100% occupied, multi-tenant retail development located in Downtown Phoenix. The Welnick Marketplace is ±13,968 rentable square feet located in the City of Phoenix Entertainment District.
The brothers, Leo and Ed Welnick, built Welnick Bros Marketplace in 1927. The adjacent Liefgreen Seed building make up the entire adaptive reuse project ±13,968 SF. In August of 2016 the property was placed on the National Register of Historic Places by the United Stated Department of Interior.
Between 2015-2016 Developer Ownership spent over $2.0 million on all new roof, HVAC, structural, life safety, electrical and plumbing.
Tenants are State 48 Brewery, Gus’s World Famous Fried Chicken, and Quartz Cocktail Bar. There will not be any Tenant rollover until 2031.
Welnick Marketplace presents a rare opportunity for an Investor to acquire a100% leased retail development located in Downtown Phoenix Entertainment District.
Investment highlights
- Premier Downtown Phoenix location.
- 100% Occupied
- No Lease Rollover until 2031.
- Downtown Phoenix is an area of increased MultiFamily Development with ±3,500 new units under construction, with another ±2,500 units in pre-development.
- No landlord responsibilities, all Leases absolute NNN.
- Located near city, state and county goverment buildings.
- On-site Parking (25 total spaces).
Listing Contacts
Listed by CBRE - Phoenix
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$361,840.00
$30,153.33/mo
Valuation Metrics
0
DSCR
7.24%
Cap Rate
7.24%
ROI
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