10117 92nd St Ste, Unit 101 Scottsdale, AZ 85258-4555

Property Details for 10117 92nd St Ste

Year built

2003

Construction

STEEL FRAME

Lot size

0.06 lot acres

Property size

10,800 SF

Zone code

C-O

Property type

Office buildings

APN

217-74-012

APU

21774012

Description

This exceptional Class A medical office building, totaling 4,934 square feet, presents a compelling investment opportunity. Located at 10117 N 92nd St, Scottsdale, AZ 85258, in a prime medical corridor adjacent to HonorHealth's Scottsdale Shea Medical Campus, this single-tenant property boasts a strong 100% occupancy rate. The property is currently leased to Desert Vista Surgical Center, LLC, under a Net Lease agreement with a remaining term of approximately 7.8 years, commencing September 1, 2022, and expiring August 31, 2032. The lease includes two five-year renewal options, with rent increases during renewals based on the greater of the previous year's rent or 95% of fair market value, including 3% annual increases. Built in 2003 and extensively renovated in 2020 with a $2 million investment, the building features a state-of-the-art facility. The property is zoned C-O and offers a compelling 6.11% cap rate with a Net Operating Income (NOI) of $219,936 and an asking price of $3,600,000 ($729.63/sq ft). Desert Vista Surgical Center, majority-owned by Banner Atlas (a joint venture between Banner Health and Atlas Healthcare Partners), provides a variety of surgical services, including cardiovascular disease, general surgery, and orthopedics. This presents a rare opportunity to acquire a high-quality, stable investment in a thriving medical market.

Location Insight

City

Scottsdale

County

Maricopa

State

Arizona

Longitude

-111.88

Latitude

33.5782

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments