5040 N 15TH AVE Phoenix AZ 85015

Assumable Loan @ 3.75% Fixed ($6.5m)

List Price/SF ($204.52/ft.) is well below average price/sf of other comparable Medical Office sales comps.

List Price is now $2m below original list price of $11.5m.

7.1% CAP based on current in-place rents

14.3% Total Return on Investment (including loan principal reduction)

Main Tenant is US Govt (VA), currently at well-below Market Rents.

Medical Office properties continue to out-perform traditional office.

Situated on a 2.93-acre site, the Camelback Medical Plaza is a 46,425-square foot, four-story, medical office building, located along the Camelback Corridor and close to the Central Avenue Business District. The property also benefits from being adjacent to the METRO Light Rail Line.

The property was constructed in 1982 and underwent a $2m-plus major renovation in 2015, after which the Veteran's Administration (VA) Clinic began occupying majority of top three floors (63%) of the building.

In 2021 the VA further committed to the property by agreeing to convert to a "firm" guaranteed Lease, that runs thru 12/27/26. in addition, the second largest tenant in building, Spooner Physical Therapy, just extended through to 1/31/2030.

Additional renovations that were conducted in 2019 and 2021, included a new roof, HVAC Cooling Tower, and several upgrades to the interior and Common Areas.

The Carl T. Hayden VA Medical Center is just 2.5 miles away; and five other major Valley Hospitals are also within just a five (5) mile radius of property. They are: Phoenix Children's, St. Joseph's, Phoenix Baptist, Good Samaritan-Banner and John C Lincoln.

Across Metro Phoenix, the Medical/Office leasing market has outperformed other Office sub-categories for the last few years - and those fundamentals still appear to be trending upwards. The property is currently 95% leased.

• 7.1% CAP on ACTUAL 2024 Income

• 14.3% Total Return on Investment (including loan principal reduction)

• Assumable $6.5m Loan @ 3.75% Fixed Rate

• Federal Govt (Veteran’s Administration) guaranteed, “firm” lease on 63% of the property @ below-market rent

• Located along Camelback Corridor

• Central Avenue Business District nearby

• Metro Light Rail Line adjacent to Property