700 Campbell Ave Phoenix, AZ 85013
- Lifestyle centers
- 14,918 SF
- 1.77 lot acres
Current Use by Public Records
- The Worx Salon / Hair Salon
- De's International Hair-Port / Hair Salon / Beauty Salon
- Ez Radiance / Eyelash Salon
- troyshelp / Alternative Medicine Practitioner
- InclusiCare Medical / Medical Clinic / Doctor
Property Details for 700 Campbell Ave
- Year built
- 1960
- Lot size
- 1.77 lot acres
- Property size
- 14,918 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional 14,918 square foot shopping center in Phoenix, Arizona's desirable Melrose District presents a compelling investment opportunity. Boasting a 7.45% cap rate and a strong NOI of $222,325, this multi-tenant property features 12 tenants occupying 94% of the space. Built in 1960 and renovated in 1990, the single-story building sits on a 1.77-acre lot and includes 18 units. Recent capital improvements include a new roof and foam insulation, exterior painting, and parking lot sealing and striping. The property benefits from high traffic counts (approximately 24,400 VPD on West Campbell Ave and 28,800 VPD on North 7th Ave), excellent demographics (approximately 179,792 residents within a 3-mile radius with an average household income of $94,064), and the popular Melrose Vintage Market held on-site. Significant value-add potential exists through leasing a vacant 890 square foot suite, converting leases to Triple-Net (NNN) to increase reimbursement revenue (currently 30% of total operating expenses), and the potential for future multifamily development on the 1.77-acre C-Zone lot. Almost all tenants have a 60-day termination clause, offering flexibility for a new owner. The asking price is $2,983,450, translating to $199.99 per square foot.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Phoenix
- County
- Maricopa
- State
- Arizona
- Longitude
- -112.084
- Latitude
- 33.5037
