46th St & Shea 4530 E Shea Blvd Bureau 3 835 m² 88 % Loué À vendre Phoenix, AZ 85028

88% LEASED MEDICAL OFFICE BUILDING IN AFFLUENT PARADISE VALLEY, AZ
* The building has been meticulously maintained over the years which has resulted in a very loyal tenant base – evident by the ±94% average occupancy rate over the past 5 years.

* Leased to a diverse mix of local, regional, and national medical and professional office users, the building offers new ownership recession proof stability. Furthermore, the building's 4.75/1,000 parking provides an exceptional upside opportunity to convert to 100% medical. Presently, the tenant mix consists of approximately 51% medical and 49% office, creating a diverse rent roll.

* In-place lease rates currently average ±11% below market. There is attractive upside by increasing the in-place lease rates. Cash on cash return can be further increased to 9%.

* The property features a timeless design, natural desert landscapes, exceptional glass line fronting north and south and an impressive lobby entrance providing a Class A atmosphere with a highly desired “Garden Style” ease of access.

EXCEPTIONALLY STRONG MARKET FUNDAMENTALS
* Medical office leasing has continued to perform well throughout the pandemic, evidenced by the 11.5% vacancy rate and 512K SF of net absorption over the past 12 months across Metro Phoenix. The subject property provides buyers a rare, stable medical office investment with tremendous upside as medical/office fundamentals trend upwards (Costar).

* Arizona house prices increased the most out of all states in 2021. The one-year change in house price appreciation for Arizona in the fourth quarter of 2021 was 27.4 percent, outpacing Utah at 27.1 percent and Idaho at 27.0 percent (Federal Housing
Finance Agency).

* Recent announcements of the estimated $35B Taiwan Semiconductor Manufacturing Co. and $20B Intel chip plants highlight Arizona’s continued ability to attract top tier talent while offering affordable housing and a great quality of life.

* 4530 E Shea is in the heart of Paradise Valley allowing immediate access to top tier area hotels, museums, theaters, restaurants, and other amenities. The property
is located within 10 miles of Scottsdale Airport, Old Town Scottsdale, Scottsdale Quarter, Scottsdale Fashion Square, and much more.