Jag Center 1427 N 3rd St 13,604 SF 100% Leased Office Building Phoenix, AZ 85004 $2,944,000 ($216.41/SF) 5.98% 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 o?ers 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, o?ce, 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 o?ers 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 deckpark tunnel, 1427 N 3rd Street o?ers 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 o?ce, 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.