4801 E McDowell Rd
Phoenix, AZ 85008
McDowell East Office Building · Office/Medical Property For Lease · 9,681 SF

FORTY EIGHT 01 presents a rare opportunity to acquire a fully renovated, multi-tenant medical office condominium in the heart of Phoenix, Arizona. This ±21,884 SF two-story building underwent a $1.5 million renovation in 2023, including new HVAC systems, roof replacement, tenant improvements, and a refreshed parking lot. The property’s timeless mid-century modern architecture features expansive glass lines, steel walkways, and metal accents, complemented by contemporary landscaping. Strategically located at the intersection of 48th Street and McDowell Road, the site offers exceptional visibility and signage along one of Phoenix’s major thoroughfares. Its proximity to Camelback Corridor, Downtown Tempe, and Old Town Scottsdale places it at the convergence of three of the Valley’s most desirable office submarkets. The building benefits from a transit-oriented location with access to seven freeways within a 10-minute drive and near-immediate airport connectivity via SR-143. The ±1.07-acre site includes 66 on-site parking spaces and an additional 35 spaces via a parking easement valid through December 2037, resulting in a robust ±4.75/1,000 parking ratio. The floor plates average ±3,126 SF, ideal for small tenants, which enhances income stability and reduces tenant improvement costs. With six hospitals located within six miles, the property aligns with the hub-and-spoke healthcare delivery model, making it highly attractive to medical users. This asset is well-positioned for investors seeking stable returns or owner-users looking to establish a presence in a high-demand medical corridor.