EMERALD DESIGN CENTER

8425 S. Emerald Drive #103
Tempe, AZ

Price $603,500
Building Area 2,976 SF
Land Area 0.068 Acres
Price per SF $202.79
Occupancy 100%
Cap Rate (Actual) 7.61
Cap Rate (Proforma) 7.12
Year Built 2007

The subject property is an attractive and modern high visibility, high traffic retail condominium that was built in 2007. The property is in a prime location directly across the street from the only IKEA store in Metro Phoenix, which is a major shopping destination. Other major retailers nearby are Costco, Walmart, Total Wine, Guitar Center, Ashley Homestore and the huge Tempe Autoplex with many car dealerships.
Average income in a 3-mile radius is $93,526. The 3-mile population is 107,626 with 41,802 households. There are 5,016 businesses in a 3-mile radius with 69,607 employees.
The property is leased at a conservative $15.52/SF lease rate. Many of the retails condos in the area are owned by owner/users so the limited availability of a unit for lease should enable the owner to continue to raise rents over time. The existing lease provides for 3% annual rent increases.

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