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330 N 24th St
Phoenix, AZ 85008
Drive Time · Flex Property For Sale
Investment Highlights
- Absolute NNN lease with tenant responsible for taxes, utilities, and maintenance.
- Enterprise invested over $700,000 in site and building improvements in 2020.
- Less than one mile to Loop 202 and under one mile to Phoenix Sky Harbor International Airport.
- 10-year lease term with two five-year renewal options and 3% annual rent escalations.
- Located at a signalized hard-corner intersection with strong traffic counts and visibility.
- In-place rents approximately 50% below current market rates; sale price 25% below land comps.
Executive Summary
This offering presents an opportunity to acquire a single-tenant, absolute NNN leased property in Phoenix, Arizona, occupied by Enterprise Truck Rental. The tenant executed a 10-year lease commencing January 12, 2020, with two five-year renewal options and 3% annual rental increases, ensuring predictable income growth and a hedge against inflation. Current in-place rents are approximately 50% below today’s market value, and the listed sale price is estimated at 25% below comparable land values, creating a compelling investment scenario.
Enterprise has demonstrated a strong commitment to this location, investing over $700,000 in capital improvements, including new HVAC units, lighting, roof upgrades, and expanded overhead doors. The property sits on a signalized hard-corner intersection at Van Buren Street and 24th Street, offering excellent visibility to more than 40,000 vehicles daily. Its infill location provides immediate access to Loop 202, Interstate 10, and State Route 51, and is less than one mile from Phoenix Sky Harbor International Airport, which serves over 50 million annual travelers.
With a corporate-backed tenant, long-term lease structure, and significant tenant investment, this asset offers stable cash flow and long-term value in a high-demand urban corridor.
Enterprise has demonstrated a strong commitment to this location, investing over $700,000 in capital improvements, including new HVAC units, lighting, roof upgrades, and expanded overhead doors. The property sits on a signalized hard-corner intersection at Van Buren Street and 24th Street, offering excellent visibility to more than 40,000 vehicles daily. Its infill location provides immediate access to Loop 202, Interstate 10, and State Route 51, and is less than one mile from Phoenix Sky Harbor International Airport, which serves over 50 million annual travelers.
With a corporate-backed tenant, long-term lease structure, and significant tenant investment, this asset offers stable cash flow and long-term value in a high-demand urban corridor.
Property Facts
| Sale Type | Investment NNN | No. Stories | 1 |
| Cap Rate | 5.50% | Year Built/Renovated | 1994/2020 |
| Property Type | Flex | Tenancy | Single |
| Property Subtype | Light Distribution | Parking Ratio | 10/1,000 SF |
| Building Class | C | No. Drive In / Grade-Level Doors | 2 |
| Lot Size | 2.08 AC | Opportunity Zone |
Yes
|
| Rentable Building Area | 5,000 SF | ||
| Zoning | C-3, Phoenix - C-3 General Commercial | ||
| Sale Type | Investment NNN |
| Cap Rate | 5.50% |
| Property Type | Flex |
| Property Subtype | Light Distribution |
| Building Class | C |
| Lot Size | 2.08 AC |
| Rentable Building Area | 5,000 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1994/2020 |
| Tenancy | Single |
| Parking Ratio | 10/1,000 SF |
| No. Drive In / Grade-Level Doors | 2 |
| Opportunity Zone |
Yes |
| Zoning | C-3, Phoenix - C-3 General Commercial |
Amenities
- Bus Line
- Signage
- Smoke Detector
Utilities
- Lighting
- Water
- Sewer
Property Taxes
| Parcel Number | 116-02-039E | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $262,701 |
Property Taxes
Parcel Number
116-02-039E
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$262,701
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