Listed by Colliers - Phoenix, Arizona, Colliers - Los Angeles - Orange County, California
$7,500,000
Marriott Hotel
Details
Property Type Retail
Sub Type Freestanding
Square Footage 81,357
Cap Rate 3.53%
NOI $265,000
Tenancy Single
Brand/Tenant Marriott Hotels
Lease Type NNN
Lease Term 98.7
Lease Expiration 03/30/2120
Remaining Term 93.9
Price per SqFt $92
Stories 4
Acreage 2.660
Lease Commencement 08/01/2021
Rare Hotel Ground Lease
Marketing description
We are pleased to offer to qualified investors an opportunity to purchase a brand new construction single tenant absolute NNN leased Marriott Hotel on a 99 year ground lease. Located within 1.5 miles of Arizona State University, this trophy location is positioned directly across from the regions dominant shopping and entertainment destination (Tempe Marketplace) and further benefits from its proximity to Loop 202 & Loop 101. Additionally, the subject property is located less than a mile from the recently renovated Riverview Baseball Complex and Sloan Park which is home to the Chicago Cubs Spring Training Facility.
This offering is a part of a larger mixed-use development that includes 6 freestanding retail buildings providing synergies to each use as well as complementing the surrounding exiting developments with the Arizona State University, Tempe Marketplace and the Chicago Cubs Spring Training Facility. This is a rare opportunity to purchase a trophy investment on generational quality real estate, providing 99 years of passive income with 2% annual increases and zero landlord obligations.
Investment highlights
- STNL Marriott Flag Hotel (Ground Lease) – Brand New Construction - 99 Year Ground Lease
- Trophy Location – Near Arizona State University & Tempe Marketplace & Chicago Cubs Spring Training Facility
- Positioned on Rio Salado Pkwy – Just off Loop 101 and Loop 202 - Exceptional Location
- Absolute NNN Lease – Zero Landlord Responsibilities – Ideal 1031 Exchange
- Part of a Larger Mixed-Use Development Including 6 Freestanding Retail Buildings
- Large 2.66 Acre Lot – 4 Story Hotel – 148 Rooms – Approx. 81,357 Building SF
- Less than 1.5 Miles from Arizona State University – Over 119,950 Students (53,286 Students Attend the Tempe Campus)
- Over 53,500 Incoming First Year Students Applied to ASU for the Fall 2020 Semester
- Directly Across from Tempe Marketplace – 1.3 Million SF Outdoor Retail Center with 100+ Shops & 300+ Events a Year
- Nearby Retailers: Target, Ross, Best Buy, Ulta Beauty, Michaels, Cost Plus World Market
- Highly Trafficked Corridor – Over 133,900 VPD at Loop 101 & Rio Salado Pkwy - Over 160,900 VPD at Loop 202 & McClintock Dr
- Strong Demographics – Population of 377,400+ within a 5 Mile Radius
- Average Household Income of $68,800+ within a 5 Mile Radius
Listing Contacts
Listed by Colliers - Phoenix, Arizona, Colliers - Los Angeles - Orange County, California
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$265,000.00
$22,083.33/mo
Valuation Metrics
0
DSCR
3.53%
Cap Rate
3.53%
ROI
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