19509 N Sunrise Blvd, Surprise, AZ 85374
Description
19509 N Sunrise Blvd, Surprise, AZ 85374
Retail Sold - Surprise AZ
OFFERING SUMMARY
- 19509 N Sunrise Blvd, Surprise, AZ 85374
- Property Type: Retail
- Asking Price: $3,200,000
- Cap Rate: 7.18%
- NOI: $229,695.66
- Lease Type: NNN
- Tenancy: Multi
- Square Footage: 8,764
- Price/Sq Ft: $365.13
- Occupancy: 100%
- Year Built: 2001
- Buildings: 1
- Stories: 1
- Zoning: PAD
- Parking Spaces: 103
- APN: 232-32-970
Property Highlights:
Retail Investment in Surprise AZ in a retirement community called Sun City Grand.
For Sale at $3.2M at a 7.18% cap. The seller just reduced the sales price to offset the short lease term & lease rate with Coldwell Banker (CB).
Property Management for this project has reached out to CB regarding renewing their lease. CB doesn’t normally address renewals until 6 months before expiration. We’ve requested they let us know sooner, still waiting to hear back. Seller lowered the sales price down to $3.2M so if a new tenant comes in at $25.00/sf NNN which is market rate for this area the cap rate would be 6.5%. If CB renews at their current lease rate the cap is 7.18%.
- Eight (8) suites total with four (4) tenants. **Note – CVS is the anchor but not part of the sale
- Project is in the middle of the retirement community Sun City Grand, approx.. 1.4 miles away from the closest retail competitor
- Long-term tenants, two have been here over 20 years, the newest was 6 years ago. There has only been one (1) vacancy in the past 10 years. It was 6 years ago and it leased up within 2 months
- Edward Jones just renewed their lease for another 5 years
- Coldwell Banker (CB) has 1 ½ year left on their lease. Property Management is in talks with corporate on their renewal. CB typically wait until a year out to determine renewal status
Sunrise Plaza is seated in the heart of Del Webb’s Sun City Grand, a master-planned community just Northeast of Bell Road and Loop 303 Freeway. Sun City Grand spans across 4,000 acres and houses more than 20,000 residents. Sunrise Plaza remains the only retail strip in all of Sun City Grand and shares the CVS pad on the corner of W Clearview & N Sunrise Blvd.
Property Features
- Retail
- About
