Midtown Phoenix Office Building for Sale or Lease

531 E. Thomas Rd. Phoenix, AZ 85012

531 E. Thomas Rd., Phoenix, AZ, 85012
531 E. Thomas Rd., Phoenix, AZ, 85012
FOR SALE FOR LEASE
Property Type:
Multi Tenant Office
Amount:
$1,585,000
Last Verified:
Feb 25, 2020

Highlights


Description

SVN is pleased to present to the market the sale or lease of 531 E. Thomas Rd, a ±10,925 SF multi tenant office building. Currently, the Seller occupies ±6,500 SF with other suites in the building leased out to various other law firms. With the Seller downsizing within the building, there is opportunity for an owner user to occupy the majority of the property while collecting supplemental income from the tenants. Alternatively, the vacancy and below market rents lends itself nicely to an investor looking for a value add-opportunity.

The building consist of seven AC units, all of which have been replaced no earlier than 2011. The AC system as well as all other major components of the building continue to receive regular preventative maintenance including a regular service contract with for the roof.

SVN is pleased to present to the market the sale or lease of 531 E. Thomas Rd, a ±10,925 SF multi tenant office building. Currently, the Seller occupies ±6,500 SF with other suites in the building leased out to various other law firms. With the Seller downsizing within the building, there is opportunity for an owner user to occupy the majority of the property while collecting supplemental income from the tenants. Alternatively, the vacancy and below market rents lends itself nicely to an investor looking for a value add-opportunity.

The building consist of seven AC units, all of which have been replaced no earlier than 2011. The AC system as well as all other major components of the building continue to receive regular preventative maintenance including a regular service contract with for the roof.

The subject property is located just west of the SWC of 7th St. and Thomas Rd. in Midtown Phoenix. It is conveniently located minutes from the Light Rail, 51 and I-10 Freeways, and an abundance of amenities along the Central Corridor and in Downtown Phoenix. The submarket is currently experiencing a wave of new developments primarily driving by brand new upscale apartment developments. The 7th Street corridor is continuing its expansion with an influx of new restaurants being introduced to the submarket.

Building Size: 10925.0sq ft
Building Class: B
Lot Size: 0.5 acres

Units for Lease

531 E Thomas Rd. #102
Space Available: 6458 SF
Lease Type: Full Service

Price Per Sqft/Year: $19.0

Map of 531 E. Thomas Rd., Phoenix, AZ, 85012

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

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