Property Details for 341-345 Van Buren Ave

Year built

1927

Lot size

0.48 lot acres

Property size

13,968 SF

Property type

Retail properties & Spaces

Description

This exceptional retail investment opportunity presents a 13,968 square foot, multi-tenant property located in the heart of Phoenix's vibrant downtown entertainment district. Boasting a 6.03% cap rate and a strong NOI of $361,840, this fully occupied asset offers significant returns. The property, built in 1927 and extensively renovated in 2017, features a mix of established tenants including State 48 Brewery, Gus's World Famous Fried Chicken, and Quartz Cocktail Bar, with no lease rollover until 2031. The $2 million renovation encompassed a new roof, HVAC system, structural improvements, life safety upgrades, and complete electrical and plumbing overhauls. Situated on a 0.48-acre lot with 25 on-site parking spaces, the property benefits from its prime location near city, state, and county government buildings. The property is zoned DTC-VAN, City of Phoenix, and enjoys a prestigious listing on the National Register of Historic Places. The surrounding area is experiencing significant growth, with approximately 3,500 new multifamily units under construction and another 2,500 in pre-development, promising continued future appreciation. All leases are absolute NNN, eliminating landlord responsibilities. This is a rare chance to acquire a high-performing, historically significant retail property in a rapidly developing downtown location. The asking price is $6,000,000, representing a price per square foot of $429.55. The APN is 112-20-086A.

Location Insight

City

Phoenix

County

Maricopa

State

Arizona

Longitude

-112.079

Latitude

33.4511