FOUNTAIN HILLS BUSINESS CENTER
16929 E. Enterprise Dr.
Fountain Hills, AZ
|Land Area||0.787 Acres|
|Price Per SF||$130.25|
The subject property is an attractive office building that was built in 1976. The buildings are configured in a “U” shape with two freestanding suites located in the central courtyard that have their own private restrooms. There are two public restrooms on each floor. There are a number of small suites that are usually hard to find and lease at a higher rate per square foot since the dollar amount of the rent is a pretty low number.
The design lends itself to a low-cost renovation that could easily increase the marketability of the vacant space and maximize the lease rates. Please contact the listing agent for details on the benefits and cost of this type of refresh and before & after photos of many other completed projects he has been involved with.
The property could be ideal for an owner/user with some rental income if use of the entire building is not needed. All but one of the occupied suites are on month to month. The entire second floor (7,852 sq. ft.) could be available immediately. The current lease rates are ridiculously low. Please refer to the rent comps for a better idea of the market lease rates for this building.
The property is zoned C-3, which allows a broad range of uses and many higher intensity uses than are allowed in C-2. All the allowed uses can be found on this web page: https://fountainhills.town.codes/ZO/12.02. The zoning map for Fountain Hills can be found by clicking HERE. This zoning may allow conversion of the building to something other than offices.
After a down payment of $665,000 (35%), Seller shall carry a first loan of $1,234,000 at 7.0% interest with monthly interest only payments of $7,198.33. All unpaid principal shall be due five (5) years after close of escrow. There shall be no prepayment penalty. Seller reserves the right to approve the creditworthiness of the buyer.