$1,825,000
Prescott, AZ 86305
MLS# 1047714
Status: Closed
11854 sqft
1 / 13
Property Description
Exceptional Retail Investment Opportunity For Sale in Prescott Arizona. This multi-tenant retail center offers great exposure and monument signage along Iron Springs Road. The single-story retail center is comprised of 2 separate free-standing buildings totaling +/-11,854 sf and 6 separate suites. Situated on .86 acres, the buildings are located on 4 separate parcels that are split zoned with both Business Regional (BR) & Industrial Transition (IT) zoning allowing for many commercial uses. The Center is anchored by a Prescott's Abbey Flooring & Design which recently renewed their lease. Currently there is 1 vacancy of +/-2,288 sf. The property is being offered for sale at $1,825,000 or $153.96/sf with a going in CAP rate of 5.7% and a proforma CAP rate of 8.4% assuming the one vacancy is l
Details
Maps
Contract/Address/Legal
Original List Price: 1825000
Listing Date: 2022-05-02
Status: Closed
Listing Price: 1825000
List Price/SqFt: 154
Street #: 1239&1241
Direction: W
Street Name: Iron Springs
St Suffix: Road
City/Township: Prescott
State: AZ
Zip Code: 86305
County: Yavapai
Comm Type: Retail
Zoning: BR & IT
Tax Parcel: 115-08-079A & 079B, 115-09-039C & 039D
REO/Short Sale: Not Applicable
Legal: AN IRREG PCL IN THE W2SE4 THE NE COR BEING THE N COR LOT 1 OF HIN MAN TRACT CONT .15 AC
General Property Description
Lot Size: 37462
Aprx Acres: 0.86
Buildings: 2
Total Liveable SqFt: 11854
Source of Measuremnt: Owner
Stories: 1
Parking Spaces: 33
Year Built: 1998
Management: Owner
Vac Rate %: 19.3
Gross Vol/Yr $: 147290
NOI $: 104646
Cap %: 6.8
CAM $: 42643
Baths - Full: 6
GRM: 10.9
Property Use: Vacant/Owner Users
Construction Status: Existing
Space Available: Yes
Date Available: 2022-05-01
Tax Info
Taxes: 10648
Tax Year: 2021
Remarks & Misc
Directions: Head West on Iron Springs Road. Property on left just before Gail Gardner Way. Located adjacent to Rilibertos Fresh Mexican food and across the street from Canyon Auto & Truck Repair.
Office/Member Info
Compensation: 2
Compensation Type: %
Status Change Info
Under Contract Date: 2022-10-11
Sold Date: 2022-11-18
Sold Price: $1,400,000
Sold Price/SqFt: 118
Financing: Conventional
Property Features
Bathrooms: Interior; Unisex
Building Type: 5+ Units; Indust - Showroom; Retail - Free Stand; Retail - Shopping Center
Business Location: Commercial Strip; Freestanding Bldg; Office/Professional
Commercial Amenities: Grade Level; Roll-Up Door(s); Ceiling Ht. Under 12; Ceiling Ht. 12-15; Overhead Door(s); Other - See Remarks
Construction: Frame - Steel; Stucco
Cooling: Central Air; Gas Pack
External Amenities: Handicap Access; Landscaped; Paved Parking
Flooring: Carpet; Concrete; Tile; Vinyl
Heating: Electric; Natural Gas; Natural Gas
Internal Amenities: Bathroom; Mezzanine; Security/Alarm
Parking: On-Site
Possession: At Recordation
Records Available: Other - See Remarks
Road Responsibility: City Maintained Road; Paved
Roof: Rolled/Hot Mop
Terms & Conditions: Conventional
Utilities Installed: Electricity; Individual Meter; Master Meter; Natural Gas; Security System; Telephone; Underground; Water - City; WWT - City Sewer
Supplements
Exceptional Retail Investment Opportunity For Sale in Prescott Arizona. This multi-tenant retail center offers great exposure and monument signage along Iron Springs Road. The single-story retail center is comprised of 2 separate free-standing buildings totaling +/-11,854 sf and 6 separate suites. Situated on .86 acres, the buildings are located on 4 separate parcels that are split zoned with both Business Regional (BR) & Industrial Transition (IT) zoning allowing for many commercial uses. The Center is anchored by a Prescott's Abbey Flooring & Design which recently renewed their lease. Currently there is 1 vacancy of +/-2,288 sf. The property is being offered for sale at $1,825,000 or $153.96/sf with a going in CAP rate of 5.7% and a proforma CAP rate of 8.4% assuming the one vacancy is leased at market rents. Upside potential includes renegotiating several month-to-month leases that are under market. There are 18 on-site parking spaces. Parking lot improvements are planned for this year. Current financials and pro-forma available with a signed NDA.
Listing Office: Better Homes And Gardens Real Estate Bloomtree Realty
Last Updated: November - 30 - 2022
The listing broker’s offer of compensation is the dollar amount or percentage of sale price the listing broker offers to pay a broker who (a) participates in the multiple listing service where the listing broker filed the listing and (b) procures the buyer for a successful transaction.
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