111 Monroe St Phoenix, AZ 85003-1742

Property Details for 111 Monroe St

Year built

1964

Construction

STEEL FRAME

Lot size

0.74 lot acres

Property size

270,905 SF

Zone code

DTC-BCORE

Property type

Office buildings

APN

112-21-050H

APU

11221050H

Description

This exceptional 19-story, Class A office tower, located at 111 W Monroe St in Phoenix, Arizona, presents a compelling value-add investment opportunity. Boasting 256,682 square feet, the property features a 31% occupancy rate and offers multiple avenues for value creation. Originally constructed in 1964 and extensively renovated in 2018/2019, the building includes a subterranean parking garage and benefits from a recently completed capital improvement program. Upgrades encompass ground-floor retail amenities, a fitness center with showers and lockers, an updated lobby, a modern tenant lounge and conference center, improved elevator lobbies, and a highly appointed spec suite program. The building also offers bike storage and onsite security. The flexible Downtown Core (DC) zoning allows for diverse uses, including office, residential, or mixed-use development. The property's ideal rectangular floorplates, approximately 14,719 square feet each, are well-suited for small to mid-size office tenants or conversion to a boutique residential high-rise. Its prime location in the heart of downtown Phoenix offers proximity to the Van Buren/1st Avenue Metro Valley Light Rail station and the ASU Downtown Campus. The asking price is $22,000,000, translating to $85.71 per square foot. This presents a unique chance to capitalize on the high demand for residential units and the limited supply of upscale hotels in the area, potentially leveraging federal and local tax credits to offset repositioning costs. The property's current vacancy allows for immediate value-add through lease-up or conversion.