%%%% SALE DESCRIPTION

The Felix Plaza has a diverse mix of units and a history of strong occupancy with long-term, month-to-month tenants. Many tenants offer compatible and complimentary services providing synergistic business opportunities within the plaza.

Location Description:

%%%% LOCATION DESCRIPTION

Located in the Grand Avenue Industrial District on the northwest corner of 39th Ave & Grand Ave, this strip mall is easily accessible from downtown Phoenix, I-10, and I-17. With 620' feet of frontage on Grand Avenue, the site has great visibility to 43,000 vehicles per day. The City of Phoenix previously expressed a willingness to install a new traffic light at this intersection when the current owner inquired a few years ago.

On May 20, 2016, the adjacent, 20% occupied 182-unit apartment community sold. The new owner has a budget of $5.5MM for planned capital improvements to bring it to full occupancy. Interior and exterior rehab is nearing completion.

Additionally, this location is <1 mi from Grand Canyon University which is investing $100MM to expand their campus from 179AC to 400AC and new development is already heavily underway.

Highlights:

>> %%%% SELLER FINANCING: Low Interest Rate, Long Term

>> VALUE-ADD REPOSITIONING OPPORTUNITY

>> IMPROVING AREA: Newly rehabbed 182-unit MF next door, GCU <1 mi

>>

$1,750,000 cash, new loan or seller will finance with $200,000 down for 10 years at 6%

Sales Info:

>> Cap rate: 7.39%

>> Commision split: 1.0%

>> NOI: $129288