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    2942 24Th St Phoenix, AZ 85016

    Sponsored
    For Sale
    $4,256,775

    18,919 SF Office Building, Excellent Leaseback Opportunity

    Property size:
    18,919 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional investment opportunity presents the Biltmore Office Plaza, a Class B office building located at 2942 N 24th St, Phoenix, AZ 85016, in Maricopa County. The property boasts 18,919 square feet and is zoned C-2. Originally constructed in 1974, the building underwent renovations in 2006. The asking price is $4,256,775, translating to $225 per square foot. Currently occupied by Plaza Executive Suites, a well-established operator of executive suites with a strong track record (ranked #7 in Ranking Arizona: Office Business Centers in 2022), a seven-year triple net leaseback with 3% annual increases is available upon closing. This presents a compelling opportunity for investors seeking a stable, long-term income stream in a prime Phoenix location. The tenant's portfolio includes multiple locations across the Phoenix MSA, demonstrating their established presence and operational expertise. The property's APN is 119-17-031. This is a traditional office building offering a unique combination of immediate income and future appreciation potential. The leaseback agreement provides a secure investment with built-in growth.

    Property Features for 2942 24Th St

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    18,919 SF
    Class
    B

    Building Details

    Year Built/Renovated
    1974/2006

    HighLights

    • Class B office building, 18,919 square feet, located at 2942 N 24th St, Phoenix, AZ 85016.
    • Zoned C‑2, built in 1974, renovated in 2006.
    • Asking price: $4,256,775 ($225/SF).
    • Seven‑year triple net leaseback to Plaza Executive Suites (ranked #7 in Ranking Arizona: Office Business Centers in 2022), with 3% annual rent increases.
    • APN: 119‑17‑031.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commission Express of Phoenix Real Estate Agents Meade Electric Co. Electrician Shipley and Sons Cabinet Maker Phoenix Embroidered Polo ... Embroidery Shop Magical Marketing Solution Marketing Agency

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.0309761
    Latitude
    33.4818914

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    FAQs

    What type of property is this?
    Office Property / Space - 18,919 SF Office Building, Excellent Leaseback Opportunity
    Where is this office property / space located?
    The property is located at 2942 24Th St Phoenix, AZ.
    What is the asking price?
    The asking price for this property is $4,256,775.
    What are key features of this property?
    This property features: Class B office building, 18,919 square feet, located at 2942 N 24th St, Phoenix, AZ 85016.; Zoned C-2, built in 1974, renovated in 2006.; Asking price: $4,256,775 ($225/SF).
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2942 24Th St Phoenix, AZ 85016
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