2800 Central Ave Phoenix, AZ 85004-1007

Property Details for 2800 Central Ave

Year built

1988

Construction

CONCRETE

Lot size

2.57 lot acres

Property size

382,845 SF

Zone code

P-2

Property type

Office buildings

APN

118-43-150A

APU

11843150A

Description

This exceptional 20-story, 370,736 square foot office tower presents a compelling value-add investment opportunity in Phoenix's thriving Medical Quarter. Currently 60% occupied, the building boasts a strong income stream anchored by long-term tenants (average lease duration of 15.1 years, with 56% of occupied space committed for 15-40 years). Recent renovations (2021-2024) include a state-of-the-art amenity and conference center, a fully renovated main lobby, and upgraded elevator lobbies and bathrooms on numerous floors, including those with spec suites currently under construction. These improvements, coupled with robust leasing activity, position the property for significant occupancy and income growth. The building's prime location at 2800 N Central Ave, Phoenix, AZ 85004, offers unparalleled access to the city's extensive transportation network, including a nearby light rail station and proximity to major freeways and Phoenix Sky Harbor International Airport. Situated within the rapidly expanding Phoenix Medical Quarter, the property benefits from significant recent capital investment ($3.5 billion in the last three years) and a vibrant surrounding ecosystem of healthcare, bioscience, and medical education institutions. The immediate area also features abundant retail and restaurant amenities. The asking price is $32,250,000 ($86.99/sq ft), and the seller will consider financing options for qualified buyers. This presents a unique opportunity to acquire a high-quality asset with significant upside potential in a dynamic and rapidly growing market. The 2.57-acre lot houses a building constructed in 1988.