3131 E Thunderbird Rd Phoenix, AZ 85032

Property Details for 3131 E Thunderbird Rd

Year built

1988

Construction

CONCRETE

Lot size

10.89 lot acres

Property size

27,255 SF

Zone code

C-2

Property type

Strip malls

Property subtype

Neighborhood centers

APN

166-04-002G

APU

16604002G

Description

This exceptional Phoenix, Arizona shopping center, Mountainview Marketplace, presents a compelling investment opportunity. Boasting 122,697 square feet on a 9.97-acre lot, this multi-tenant retail property is strategically located at 3131 E Thunderbird Rd, 85032, offering excellent freeway access and strong demographics. Currently 91.89% occupied, the center generates a substantial net operating income (NOI) of $1,658,564, representing a 7.50% capitalization rate at an asking price of $22,115,000 ($180.24/sq ft). Built in 1988 and extensively renovated in 2020, the property features a robust tenant mix, including a Vasa Fitness and Dollar Tree, along with several other established businesses. Recent leasing momentum has added over 34,000 square feet of new tenants. Significant capital improvements include a new roof (approximately 90% of gross leasable area), exterior painting, landscaping enhancements, upgraded LED lighting, and parking lot improvements. The center benefits from a synergistic tenant mix, long-term occupancy history, and a pattern of tenant renewals, including multiple recent long-term extensions. With 154 parking spaces, this well-maintained, daily-needs-oriented shopping center offers a stable and attractive investment prospect in a prime Phoenix location.