700 Campbell Ave Phoenix, AZ 85013

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.