330 N 24th St, Phoenix, AZ 85008

Lee & Associate of Ariz is pleased to present the opportunity to acquire an ent property in Phoenix. The tenant, Enterprise Truck Rental, executed a 10-year lease commencing January 12, 2020, with two (5-year) renewal options. The lease includes 3% annual rental increases throughout the initial term and option periods, providing investors with steadily increasing NOI and an effective hedge against inflation. In place rents are 50% of today's value, and sales price works out to 25% below market comps just on the land.

Enterprise has invested over $700,000 of its own capital into construction and site improvements, underscoring its long-term commitment to the location.

The property is situated at the signalized, hard-corner intersection of Van Buren Street and 24th Street, offering visibility to more than 40,000 vehicles per day. This infill location is less than one mile from the full diamond interchange at 24th Street and Loop 202, providing convenient access to Interstate 10, Interstate 17, and Arizona State Route 51. Additionally, the award-winning Phoenix Sky Harbor International Airport, which serves more than 50 million annual visitors, is located just under one mile to the south.

Originally constructed in 1994, the property underwent an extensive remodel in 2020, with Enterprise making significant capital improvements to meet current operational efficiency and corporate property standards.