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Fairmount Place 4001 N 3rd St 87,030 SF 100% Leased Office Building Phoenix, AZ 85012 $13,250,000 ($152.25/SF) 8.76% Cap Rate
EXECUTIVE SUMMARY
Four (4) story, multi-tenant garden office building totaling ±87,030 SF
100% leased to a diversified tenant mix with an average size of ±2,800 SF
Freshly renovated with ±$2.20 million invested in capital improvements from 2022 to 2024 which entailed the renovation and/or construction of new ‘spec’ tenant suites for all suites except for one
Ideal combination of stability and upside potential with a ±1.9-year WALT and market rent for the property that is ±8.1% higher than the average in-place rent. The competitive set rental rates are ±42% higher than the average in-place rent for the property
Fairmount Place’s face rates on new leases increased ±6.85% in the 18 month period between September 2023 and the last lease signed in March 2025. Rates are continuing to increase in the face of a dwindling supply of move-in-ready small office suites
Exceptional small tenant configuration, coupled with private entrances, shaded breezeways, a large central courtyard, secure outdoor spaces, and a generous ±3.94/1,000 parking ratio perfectly position the property to take advantage of the area’s highly active small tenant market
Over ±1,863,000 SF have been leased in 336 transactions within a three (3)-mile radius from Fairmount Place from 2024 to the 1st quarter of 2025 at an average tenant size of ±5,545 SF
Office buildings in metro Phoenix that cater to small tenants are enjoying robust demand and a low vacancy rate of just ±7.6%—vacancy has not reached double digits since 2017
Transit-oriented location within walking distance of the Metro light rail, four (4) freeways within four (4) miles, and 12-minutes from Sky Harbor Airport
Situated within Central Phoenix’s dense and rapidly growing urban sprawl—an amenity-rich 24/7 live-and-play hotspot full of restaurants, coffee shops, bars, and newly developed residential
Surrounded by historic and affluent neighborhoods of Encanto, Willo, and Phoenix Country Club, in which home values typically range from $500,000 to an excess of $3 million
100% leased to a diversified tenant mix with an average size of ±2,800 SF
Freshly renovated with ±$2.20 million invested in capital improvements from 2022 to 2024 which entailed the renovation and/or construction of new ‘spec’ tenant suites for all suites except for one
Ideal combination of stability and upside potential with a ±1.9-year WALT and market rent for the property that is ±8.1% higher than the average in-place rent. The competitive set rental rates are ±42% higher than the average in-place rent for the property
Fairmount Place’s face rates on new leases increased ±6.85% in the 18 month period between September 2023 and the last lease signed in March 2025. Rates are continuing to increase in the face of a dwindling supply of move-in-ready small office suites
Exceptional small tenant configuration, coupled with private entrances, shaded breezeways, a large central courtyard, secure outdoor spaces, and a generous ±3.94/1,000 parking ratio perfectly position the property to take advantage of the area’s highly active small tenant market
Over ±1,863,000 SF have been leased in 336 transactions within a three (3)-mile radius from Fairmount Place from 2024 to the 1st quarter of 2025 at an average tenant size of ±5,545 SF
Office buildings in metro Phoenix that cater to small tenants are enjoying robust demand and a low vacancy rate of just ±7.6%—vacancy has not reached double digits since 2017
Transit-oriented location within walking distance of the Metro light rail, four (4) freeways within four (4) miles, and 12-minutes from Sky Harbor Airport
Situated within Central Phoenix’s dense and rapidly growing urban sprawl—an amenity-rich 24/7 live-and-play hotspot full of restaurants, coffee shops, bars, and newly developed residential
Surrounded by historic and affluent neighborhoods of Encanto, Willo, and Phoenix Country Club, in which home values typically range from $500,000 to an excess of $3 million
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Building Size
87,030 SF
Building Class
B
Year Built/Renovated
1984/2002
Price
$13,250,000
Price Per SF
$152.25
Cap Rate
8.76%
NOI
$1,160,700
Percent Leased
100%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
21,758 SF
Slab To Slab
12’
Building FAR
0.67
Lot Size
2.96 AC
Zoning
C-2, Phoenix - Commercial
Parking
302 Spaces (3.94 Spaces per 1,000 SF Leased)
AMENITIES
- Bus Line
- Courtyard
- Air Conditioning
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- CONDITION
- AVAILABLE
› Major common area renovations
| Space | Size | Space Use | Condition | Available |
| 1st Fl-Ste 115 | 2,988 SF | Office | Full Build-Out | Now |
| 4th Fl-Ste 460 | 2,627 SF | Office | Full Build-Out | Now |
1st Fl-Ste 115
| Size |
| 2,988 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
4th Fl-Ste 460
| Size |
| 2,627 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
1 of 5
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1st Fl-Ste 115
| Size | 2,988 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
› Major common area renovations
1 of 1
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
4th Fl-Ste 460
| Size | 2,627 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
1 1
PROPERTY TAXES
| Parcel Number | 118-24-004A | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $607,080 |
PROPERTY TAXES
Parcel Number
118-24-004A
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$607,080
CONTACTS
-
Eric Wichterman -
Michael Coover -
Christopher Toci -
Stephanie Adams -
Diana Hernandez -
Cushman & Wakefield
1 of 16
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1 of 1
Presented by
Fairmount Place | 4001 N 3rd St
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