Current Use by Public Records
- Sel / Restaurant
Property Details for 7044 Main St
- Year built
- 1955
- Property type
- Shopping centers
- Property subtype
- Retail properties & Spaces
Description
This exceptional investment opportunity presents a 3,866 square foot retail property situated in the heart of Old Town Scottsdale, Arizona. The property, known as Plaza De Los Garcias, is located at 7044 & 7046 E Main St, 85251, and boasts a strong 5.29% cap rate with a Net Operating Income (NOI) of $153,487. Currently 100% occupied by two tenants – a high-end American restaurant and a salon suite complex – the property offers a stable and attractive investment profile. Both tenants are on NNN leases with 3% annual rent bumps, mitigating inflation risk. The leases include option periods, providing long-term income security. The property features a 7,805 square foot lot and is zoned C-2. Built in 1955, the building is well-maintained and benefits from a prime location within a thriving entertainment district, surrounded by numerous bars, restaurants, and art galleries. The area experiences high foot traffic, both day and night, with a workday population exceeding 50,000 within a one-mile radius. Strong demographics, including an average household income over $121,000 within a one-mile radius and over 1.4 million annual visitors to nearby retail stores, further enhance the property's value. Planned developments, including the Kimsey Project, promise continued growth and increased consumer spending in the area. This is a rare opportunity to acquire a well-positioned, high-performing retail asset in one of Arizona's most desirable locations. The asking price is $2,900,000, representing a price per square foot of $750.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Scottsdale
- County
- Maricopa
- State
- Arizona
- Longitude
- -111.929
- Latitude
- 33.4933
