702 West Dunlap Avenue, Phoenix, AZ 85021 For Sale

702 West Dunlap is an amazing commercial kitchen / office investment property, offered below replacement cost. The property is located at the north end of the coveted North Central Phoenix submarket, at the intersection of two major arterial streets, approximately two miles to the I-17 freeway to the west, and about three miles to the SR-51 Freeway to the east. If you want to be centrally located to everything in the Phoenix area, North Central Phoenix is the place to be. Beautiful, historic streets are lined with mature trees, adding shade and a southwestern feeling unique to this desert metropolis. Central Avenue, a half mile east of the property, is laced with historic sites, carves throughout the area giving residents easy access to just about anywhere else in the city. The walkable, quaint lifestyle beckons to those looking for city amenities but suburban life. From the farmers market, to the miles of hiking paths running right through the center of town, it is clear why North Central Phoenix is one of the fastest growing parts of town. The property is a solidly constructed, ±10,120 square foot building (buyer to verify), built in 1976 and upgraded over time. The property features two existing retail spaces, four kitchen and preparation areas, two public restrooms, and two private restrooms on the ground floor, providing flexibility for a variety of commercial uses including retail, catering, food production, or specialty service businesses. The second floor includes four private offices and an additional private restroom. Recent upgrades include the addition of a third commercial kitchen and prep space, all new commercial grade Trane air conditioning units (replaced in 2020), 1200 AMP three-phase electrical, and newer roof. The property sits on over a half acre of land. The original intent was for the property to be a mid-rise building, so the building was “overbuilt” with CMU block construction, etc. It is a very solidly constructed building and the offering price is well below replacement cost. The building currently benefits from two established tenants who are willing to modify leases to fit the needs of a buyer, generating immediate rental income or allowing an end user to step in. Existing tenants include a wholesale candy distributor and a retail candy store that has recently undergone significant upgrades and improvements. Additional highlights include excellent visibility, strong street presence, easy access, and abundant covered and uncovered parking for customers, employees, and tenants. The corner location offers outstanding exposure in one of North Phoenix’s most recognizable commercial corridors.