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Loft 401 401 S Mill Ave 9,313 SF 100% Leased Office Building Tempe, AZ 85281 $7,450,000 ($799.96/SF) 6.10% Cap Rate
EXECUTIVE SUMMARY
• Trophy historical property with highly functional, modern improvements in an irreplaceable location.
• Rare opportunity to acquire a 100% occupied building—listed on the National Register of Historic Places—in an exceptional and nationally-renown walkable/infill location.
• Two thriving tenants occupy the building; Devil’s Hideaway, a bar/restaurant concept on the ground floor and Serenity Wellness on the second floor.
• Located in Tempe’s Mill Avenue Entertainment District, one of the Valley’s hottest infill locations.
• Adjacent to the nation’s largest university, Arizona State University (ASU).
• The combination of this prime location at the center of Downtown Tempe’s walkable Mill Avenue Entertainment District, serving ASU, and coupled with its first-class status as a business address, provide unparalleled long-term investment viability.
• North Tempe is a flourishing office market commands the 2nd highest rental rates in metro Phoenix and packed with major corporations such as State Farm, Microsoft, KPMG, Amazon, NortonLifeLock, Carvana, Deloitte and ADP.
• Highly desirable ‘transit’ location within walking distance to a Metro Light Rail station and the Tempe Streetcar stop at 3rd Street and Mill Avenue.
• Downtown Tempe is land locked with limited develop-able sites (most are planned for residential towers). Office and retail demand currently exceeds supply and upward pressure on lease rates is expected to persist long-term.
• Rare opportunity to acquire a 100% occupied building—listed on the National Register of Historic Places—in an exceptional and nationally-renown walkable/infill location.
• Two thriving tenants occupy the building; Devil’s Hideaway, a bar/restaurant concept on the ground floor and Serenity Wellness on the second floor.
• Located in Tempe’s Mill Avenue Entertainment District, one of the Valley’s hottest infill locations.
• Adjacent to the nation’s largest university, Arizona State University (ASU).
• The combination of this prime location at the center of Downtown Tempe’s walkable Mill Avenue Entertainment District, serving ASU, and coupled with its first-class status as a business address, provide unparalleled long-term investment viability.
• North Tempe is a flourishing office market commands the 2nd highest rental rates in metro Phoenix and packed with major corporations such as State Farm, Microsoft, KPMG, Amazon, NortonLifeLock, Carvana, Deloitte and ADP.
• Highly desirable ‘transit’ location within walking distance to a Metro Light Rail station and the Tempe Streetcar stop at 3rd Street and Mill Avenue.
• Downtown Tempe is land locked with limited develop-able sites (most are planned for residential towers). Office and retail demand currently exceeds supply and upward pressure on lease rates is expected to persist long-term.
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Property Subtype
Building Size
9,313 SF
Building Class
B
Year Built/Renovated
1900/2000
Price
$7,450,000
Price Per SF
$799.96
Cap Rate
6.10%
NOI
$454,450
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
4,802 SF
Building FAR
0.15
Lot Size
1.39 AC
Zoning
C-C
AMENITIES
- Restaurant
- Signage
- Outdoor Seating
1 1
Walk Score®
Walker's Paradise (90)
Bike Score®
Biker's Paradise (95)
CONTACTS
-
Eric Wichterman -
Michael Coover -
Stephanie Adams -
Diana Hernandez -
Cushman & Wakefield
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VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
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Loft 401 | 401 S Mill Ave
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