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Grove Parkway Court 1553 W Todd Dr 31,242 SF 100% Leased Office Building Tempe, AZ 85283 $7,950,000 ($254.47/SF) 6.85% Cap Rate
Investment Highlights
- 100% Occupied, Stabilized Asset w/ Long-Term Tenancy; 31,242 SF, 12-suite professional office building is fully occupied with stable, in-place tenants
- Prime Tempe Location w Superior Connectivity; located at the NWC Elliot Rd & Priest Dr, the property offers easy access to I-10, US-60 & Loop 202
- Functional Building w/Abundant Parking; 4:1,000 parking ratio with cross-access easement in place, accommodating tenant w/heavier parking requirements
- Attractive Pricing & Returns; this asset provides investors an attractive entry point into one of Phoenix Metro's most sought-after office submarkets
- High-Demand Tempe Submarket; Tempe is a nationally recognized submarket for technology & finance companies w/rents 15% above PHX avg
- Amenity-Rich Surroundings; property is surrounded by extensive retail, entertainment & over 50 restaurants, providing a neighborhood center atmosphere
Executive Summary
Grove Parkway Court located at 1553 West Todd Drive is a 31,242 square foot, two-story professional office building fully occupied by 12 stable tenants at the northwest corner of Elliot Road and Priest Drive in Tempe, Arizona. The asset is offered at $7,950,000 ($254 PSF) at a 6.85% cap rate, with a strong in-place NOI of $544,737 and a weighted average lease term
of 5.87 years, providing investors with immediate, stabilized cash flow and minimal near-term rollover risk.
of 5.87 years, providing investors with immediate, stabilized cash flow and minimal near-term rollover risk.
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
31,242 SF
Building Class
B
Year Built
1999
Price
$7,950,000
Price Per SF
$254.47
Cap Rate
6.85%
NOI
$544,737
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
15,500 SF
Slab To Slab
11’
Building FAR
0.27
Lot Size
2.61 AC
Zoning
PCC-1, Tempe - PCC, Commercial / Office/Medicial
Parking
126 Spaces (4.02 Spaces per 1,000 SF Leased)
Amenities
- 24 Hour Access
- Bus Line
- Courtyard
- DDA Compliant
- Natural Light
- Air Conditioning
- Balcony
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Services
- -
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$9.99
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Lorem Ipsum
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Jan 0000
The Laborers' International Union of North America (LiUNA!) began in 1903 when local construction unions united against unfair labor practices. Today it operates in both the United States and Canada, with a significant presence in Virginia through its Mid-Atlantic region activities. LiUNA! provides training programs, safety initiatives, and collective bargaining for members in various sectors including infrastructure, environmental work, and healthcare services. The organization serves over half a million members across multiple industries and continues expanding its training facilities and partnerships.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
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Services | - | $9.99 | Lorem Ipsum | Jan 0000 |
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Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 301-41-779 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $419,597 |
Property Taxes
Parcel Number
301-41-779
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$419,597
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