Grove Parkway Court
1553 W Todd Dr, Tempe, AZ 85283
Marketing description
Grove Parkway Court located at 1553 West Todd Drive is a 31,242 square foot, two-story professional office building fully occupied by 12 stable tenants at the northwest corner of Elliot Road and Priest Drive in Tempe, Arizona. The asset is offered at $7,950,000 ($254 PSF) at a 6.85% cap rate, with a strong in-place NOI of $544,737 and a weighted average lease term of 5.87 years, providing investors with immediate, stabilized cash flow and minimal near-term rollover risk.
The property sits on 2.61 acres with a 4:1,000 parking ratio and a cross-access easement, accommodating a diverse tenant base that includes a federal government agency, an energy infrastructure company, an engineering firm, a law firm, a medical clinic, and several professional services tenants. This mix of recession-resistant, service oriented occupiers has historically produced low turnover and consistent performance.
Located just 13 minutes from Phoenix Sky Harbor International Airport with direct access to Interstate 10, the US-60, and Loop 202, the property is ideally positioned within Tempe's high-demand office submarket, where rents trade approximately 15% above the Phoenix average. Ownership has recently completed capital improvements including new lighting and exterior paint upgrades, and the surrounding amenity base with over 50 restaurants and extensive retail further supports tenant retention. Combined with its location in one of the nation's most educated and fastest-growing labor markets, Grove Parkway Court offers investors a turnkey, income-producing asset in a premier Arizona submarket.
Investment highlights
- 100% Occupied, Stabilized Asset With Long-Term Tenancy This 31,242 Sf, 12-Suite Professional Office Building Is Fully Occupied With Stable In-Place Tenants Historically Known For Low Turnover, Offering A Weighted Average Lease Term Of 5.87 Years And A Strong In-Place NOI Of $544,737.
- Attractive Pricing & Returns Offered At $7,950,000 ($254 Psf) With A 6.85% Cap Rate, This Asset Provides Investors An Attractive Entry Point Into One Of The Phoenix Metro's Most Sought-After Office Submarkets.
- Prime Tempe Location With Superior Connectivity Located At The Northwest Corner Of Elliot Road And Priest Drive, The Property Offers Easy Access To Interstate 10, The Us-60, And Loop 202, And Is Just 13 Minutes From Phoenix Sky Harbor International Airport.
- High-Demand Tempe Submarket Tempe Is A Nationally Recognized Submarket For Technology And Finance Companies, Commanding Office Rents Approximately 15% Above The Phoenix Average, Driven By Demand From Arizona State University, Tempe Town Lake, And A Best-In-Class Tenant Base.
- Functional Building With Abundant Parking The Two-Story Building Sits On 2.61 Acres And Features A 4:1,000 Parking Ratio With A Cross-Access Easement In Place, Accommodating Tenants With Heavier Parking Requirements And Adding Long-Term Operational Flexibility.
- Amenity-Rich Surroundings The Property Is Surrounded By Extensive Retail, Entertainment, And Over 50 Restaurants, Providing The Neighborhood Center Atmosphere That Professional Tenants Value And Contributing To Strong Tenant Retention.
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Similar Properties
Additional Information
Is there information that looks off?
