19509 N Sunrise Blvd, Surprise, AZ 85374

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.​