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2333 E University Dr 28,132 SF 100% Leased Industrial Building Phoenix, AZ 85034 $8,100,000 ($287.93/SF) 6.65% Cap Rate
Investment Highlights
- New 10 Year Lease Renewal | Fully Leased to Alliance Ambulance of Arizona, LLC (a Global Medical Response Company) through 10/31/2036
- Seller to Credit Buyer Year 1 Rent Differential at COE
- Prime Infill Airport Location | Immediately South of Phoenix Sky Harbor International Airport
- $538,980 Year 2 NOI | 6.65% Cap Rate
- Rare A-2 Location Zoning
- Neighboring Corporate Tenants Include Amazon, DHL, Iron Mountain, Fastenal, Sundt
Executive Summary
Rein & Grossoehme is pleased to present the sale of a ±28,132 SF single-tenant industrial property on ±2.36 acres in Phoenix's premier Sky Harbor Airport submarket. Offered at $8,100,000 representing a 6.65% cap rate, the property is fully leased to Alliance Ambulance of Arizona, LLC — a Global Medical Response company and parent of AMR — on a new 10-year NNN lease extension through October 2036 with ~2.2% annual rent escalations and two 5-year renewal options at fair market value.
The site consists of two buildings: Building A at 2336 E Magnolia St (±18,400 SF) featuring six grade-level doors ideal for fleet and warehouse operations, and Building B at 2333 E University Dr (±8,700 SF) with private offices, bullpen area, three restrooms, and a break room. The fully asphalt-paved, low-coverage site is zoned A-2 Heavy Industrial by the City of Phoenix, allowing for a wide range of uses including fleet operations, warehousing, manufacturing, and outdoor storage.
Located immediately south of Phoenix Sky Harbor International Airport, the property is surrounded by institutional industrial tenants including Amazon, DHL, Iron Mountain, Fastenal, and Sundt with immediate access to I-10 and Loop 202. The infill airport submarket continues to benefit from strong demand and limited supply of heavy industrial zoned land. Over $1.15M in planned capital improvements will further enhance the property's value and long-term appeal.
Structured as a true NNN lease, landlord responsibilities are limited to roof and structure only. The tenant — an essential-use, recession-resistant emergency medical services operator — covers all property taxes, insurance, utilities, HVAC, parking areas, and general maintenance, providing investors with a low-management, stabilized income stream backed by a nationally recognized operator.
The site consists of two buildings: Building A at 2336 E Magnolia St (±18,400 SF) featuring six grade-level doors ideal for fleet and warehouse operations, and Building B at 2333 E University Dr (±8,700 SF) with private offices, bullpen area, three restrooms, and a break room. The fully asphalt-paved, low-coverage site is zoned A-2 Heavy Industrial by the City of Phoenix, allowing for a wide range of uses including fleet operations, warehousing, manufacturing, and outdoor storage.
Located immediately south of Phoenix Sky Harbor International Airport, the property is surrounded by institutional industrial tenants including Amazon, DHL, Iron Mountain, Fastenal, and Sundt with immediate access to I-10 and Loop 202. The infill airport submarket continues to benefit from strong demand and limited supply of heavy industrial zoned land. Over $1.15M in planned capital improvements will further enhance the property's value and long-term appeal.
Structured as a true NNN lease, landlord responsibilities are limited to roof and structure only. The tenant — an essential-use, recession-resistant emergency medical services operator — covers all property taxes, insurance, utilities, HVAC, parking areas, and general maintenance, providing investors with a low-management, stabilized income stream backed by a nationally recognized operator.
Property Facts
| Price | $8,100,000 | Rentable Building Area | 28,132 SF |
| Price Per SF | $287.93 | No. Stories | 1 |
| Sale Type | Investment | Year Built | 1971 |
| Cap Rate | 6.65% | Parking Ratio | 6.79/1,000 SF |
| Property Type | Industrial | No. Drive In / Grade-Level Doors | 6 |
| Building Class | B | Opportunity Zone |
Yes
|
| Lot Size | 2.36 AC | ||
| Zoning | A-2, Phoenix - Industrial | ||
| Price | $8,100,000 |
| Price Per SF | $287.93 |
| Sale Type | Investment |
| Cap Rate | 6.65% |
| Property Type | Industrial |
| Building Class | B |
| Lot Size | 2.36 AC |
| Rentable Building Area | 28,132 SF |
| No. Stories | 1 |
| Year Built | 1971 |
| Parking Ratio | 6.79/1,000 SF |
| No. Drive In / Grade-Level Doors | 6 |
| Opportunity Zone |
Yes |
| Zoning | A-2, Phoenix - Industrial |
Amenities
- Air Conditioning
1 1
Somewhat walkable
30/100
Exceptionally drivable
100/100
Some public transit
50/100
Moderately bikeable
70/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $27,467 | Total Assessment | $187,910 |
Property Taxes
Parcel Numbers
Land Assessment
$27,467
Improvements Assessment
$0
Total Assessment
$187,910
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Mia Moilanen -
Max Schumacher, SIOR -
Patrick Sheehan -
Jack Hansen -
Rein & Grossoehme
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