Jag Center 1427 N 3rd St 13,604 SF 100% Leased Office Building Phoenix, AZ 85004 $2,744,000 ($201.71/SF) 7.63% Cap Rate

1427 N 3rd Street presents a rare opportunity to acquire a strategically positioned urban infill asset within the Downtown Phoenix market, directly adjacent to the rapidly expanding Midtown corridor. The property offers investors a compelling blend of existing cash flow and long-term redevelopment potential in one of Phoenix’s most active urban growth markets. Flexible lease termination structures create significant optionality for an owner-user, investor, or developer seeking to reposition the asset over time while maintaining interim income and downside protection.
The property’s DTC-Townsend Park zoning provides a wide range of potential future development opportunities, including higher-density residential, mixed-use, once, and adaptive reuse concepts, subject to City of Phoenix development standards and approvals. City zoning standards for the district allow for increased urban intensity,
pedestrian-oriented development, and a variety of building typologies consistent with the continued evolution of Downtown and midtown Phoenix. Whether viewed as a covered land play, long-term speculative investment, or future redevelopment opportunity, the asset covers a unique chance to capitalize on the continued densification and investment momentum occurring throughout the Downtown Phoenix market.
Located in the Townsend Park district of Downtown Phoenix, just north of the deck park tunnel, 1427 N 3rd Street covers a highly accessible location just south of McDowell Road and immediately adjacent to the Midtown corridor. The property provides excellent connectivity to Interstate 10, State Route 51, and Interstate 17, allowing convenient access throughout the Phoenix metro area, including Sky Harbor International Airport, Tempe, Scottsdale, and the Northwest Valley. The site also benefits from close proximity to the Valley Metro Light Rail system, enhancing accessibility for employees, visitors, and commuters.
The surrounding area is anchored by a strong mix of once, medical, educational, and governmental users, positioning the property for a variety of commercial uses. Nearby amenities and demand drivers include the Phoenix Biomedical Campus, Banner – University Medical Center Phoenix, Roosevelt Row, and Downtown Phoenix’s expanding collection of restaurants, multifamily developments, and entertainment venues. The property’s location within Downtown Phoenix zoning, combined with its proximity to Midtown amenities, creates a unique opportunity for owner-users, investors, or redevelopment-focused buyers seeking a central urban Phoenix location.
Land can also be purchased as a Developable Piece.