6245 Cave Crk Rd Cave Creek, AZ 85331-8714

Property Details for 6245 Cave Crk Rd

Year built

1963

Construction

STEEL FRAME

Lot size

1.97 lot acres

Property size

936 SF

Zone code

C-T

Property type

Retail space

APN

211-10-026B

APU

21110026B

Description

This exceptional 16,333 square foot shopping center in Cave Creek, Arizona, presents a compelling value-add opportunity. Boasting 100% occupancy across 12 tenants on a triple-net lease, the property generates a current NOI of $510,375, with a 6.38% cap rate. Significant upside potential exists, with a pro-forma NOI projected at $738,555 and a pro-forma cap rate of 9.23%. Situated on a 6.02-acre lot with 664 feet of frontage on Cave Creek Road, the property offers substantial expansion possibilities. The 12 single-story buildings, constructed in 1971 or later, are situated on three parcels (APN: 211-10-026B, 211-10-027A, 211-10-004A) and include 400 parking spaces. The property benefits from a prime location near Scottsdale and Phoenix, surrounded by established businesses and new residential developments. Rent bumps are in place, and the current lease terms have one year remaining. The property's history includes hosting numerous national events, and it is currently under consideration as a filming location for a Food Network show. This presents a unique chance to acquire a landmark property with substantial growth potential in a thriving Arizona community. The permitted zoning is TCC, allowing for a variety of uses. The asking price is $8,000,000. All tours are by appointment only.

Location Insight

City

Cave Creek

County

Maricopa

State

Arizona

Longitude

-111.946

Latitude

33.8315

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments