7000 East Shea Blvd Scottsdale, AZ 85254
Property profile & analytics
7000 East Shea Blvd Scottsdale, AZ 85254
- Retail space
- 3,956 SF
Property ID
US07-0618769
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Location Intelligence
Current Use by Public Records
- DaySmart / (Bike/Boat/Book/etc) Store / Corporate Office
- MTI Tech Products Inc / (Bike/Boat/Book/etc) Store / Corporate Office
- Sweet Sunshine Nails LLC / Nail Salon
- Randy L Smith Kind Family Dentistry / Dental Office
- Fitness 4 Home Superstore / Gym & Fitness Center / (Bike/Boat/Book/etc) Store
Property Details for 7000 East Shea Blvd
- Year built
- 2021
- Property size
- 3,956 SF
- Property type
- Retail space
- APN
- 175-42-141
- APU
- 17542141
Description
This exceptional mixed-use property, located at 7000 E Shea Blvd in Scottsdale, Arizona, presents a compelling investment opportunity. The 85,839 square foot development comprises seven buildings and a two-level subterranean parking garage. Constructed in 1994, it underwent a significant $12 million renovation in 2019 and 2020, resulting in a high-quality, Class A asset. Currently boasting 97% occupancy, the property features a synergistic mix of retail (53%) and office (47%) tenants. The tenant roster includes a diverse range of businesses, including restaurants and creative office spaces. Significant below-market rents offer substantial upside potential, particularly considering the exceptionally low vacancy rates (1.7% retail, 1.7% office within a 3-mile radius). The 4.44-acre lot is zoned C-2 and provides 5.5 parking spaces per 1,000 square feet. The property's strategic location in Scottsdale, near Paradise Valley, caters to a highly affluent demographic. Future income potential exists through monetizing the parking garage. This well-stabilized asset is offered at a price significantly below replacement cost and comparable properties, presenting a rare opportunity in a thriving market. The property's strong performance following the recent renovations, with three-fourths of the space leased in 14 transactions, underscores its appeal and potential for continued growth. The asking price is $22,700,000, with a pro-forma cap rate of 7.30%. Rent bumps are included in the lease agreements.
Value Estimations
based on Realmo’s proprietary methodology
-
AI approach
- Method
- Estimation
- Statistic approach
- $2,545,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $2,414,000
- AI Estimate
- $2,286,000
Market price range: $1.03M - $3.11MMarket price range: $933k - $3.08M -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $1,820,000 Current use
- COMMERCIAL (GENERAL)
- $1,935,000 Change: +6% Conversion: Easy
- AUTO REPAIR, GARAGE
- $1,630,000 Change: -11% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Scottsdale
- County
- Maricopa
- State
- Arizona
- Longitude
- -111.929
- Latitude
- 33.5832
- CBSA code
- 38060
- CBSA name
- PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$0.00
$0.00
$0.00
$247,812
-
$1,091,300
$410,593
$1,501,893
