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Broadway Star 7507-7575 E Broadway Blvd 23,658 SF Retail Building Tucson, AZ 85710 $4,400,000 ($185.98/SF) 7.14% Cap Rate



INVESTMENT HIGHLIGHTS
- National and Regional Brand Tenancy – leased to a synergistic mix of internet resistant tenancy with national and regional credit
- Improving Returns – (NOI) is projected to increase approximately $125,500 (40%) over the projected 10-year hold period
- Growing, Infill Tucson Demographics – sits within a populated, residential pocket of Tucson with more than 126,500 residents (AHI: $80,300)
- Established Tenancy – The property enjoys extremely stable and well-seasoned tenancy with over 59% of the in-place GLA
- Dominant Retail Hub – This location sits along Broadway Blvd. (±50,081 CPD), one of Tucson’s major retail corridors
EXECUTIVE SUMMARY
* National and Regional Brand Tenancy – Broadway Star is leased to a synergistic mix of internet resistant tenancy with national and regional credit focusing on food, health, services and home-improvement goods
* Dunn-Edwards is one of the nation’s leading manufacturers and distributors of paint supplies, operating over 170 company stores across the United States and over 250 dealer locations internationally - Dunn-Edwards just extended its lease for 5 years at Broadway Star
* Embrace Life Services provides a range of in-home care, communication, and advocacy services through its 8 locations across Arizona.
* Boxing, Inc. offers martial arts focused health and fitness classes overseen by its 28 expert instructors at both locations in Northside and Eastside Tucson.
* Bakery Outlet is owned and operated by Bimbo Bakeries part of Grupo Bimbo, the largest baking company in the world supplying baked goods across the United States from its 55 bakeries to supply its over 700 sale centers.
* Liberty Tax provides Americans tax consultations, in-office and online tax prep and a variety of other services through its 2,200+ retail locations across the United States and Canada.
* Established Tenancy – The property enjoys extremely stable and well-seasoned tenancy with over 59% of the in-place GLA operating at the center for over 20 years and Bakery Outlet since 1992 (Over 30 Years!)
* Improving Returns – Due lease-up of the existing vacancy (10%), embedded rental increases, and below market rents rolling to market, the Net Operating Income (NOI) is projected to increase approximately $125,500 (40%) over the projected 10-year hold period. Additionally, a 15,140 SF pad parcel fronting Broadway Blvd. is available to be purchased individually or collectively
* Dominant Retail Hub – This location sits along Broadway Blvd. (±50,081 CPD), one of Tucson’s major retail corridors, neighboring popular destinations like Tucson’s Park Place Mall and other notable tenants within a half-mile; Sprouts, The Home Depot, Kohl’s, CVS, PetSmart, La-Z-Boy, Ashley Furniture Store, Michaels, DSW, Floor & Décor, Ross, Homegoods, Starbucks, In-N-Out Burger, and Carl’s Jr.
* Growing, Infill Tucson Demographics – Broadway Star sits within a populated, residential pocket of Tucson with more than 126,500 residents (AHI: $80,300) in a 3-mile radius. Furthermore, over the last 5 years, average home values have increased 53% within Broadway Star’s 85710 zip code. Developers have capitalized on this growth with 1,200 units of housing currently in development
* Dunn-Edwards is one of the nation’s leading manufacturers and distributors of paint supplies, operating over 170 company stores across the United States and over 250 dealer locations internationally - Dunn-Edwards just extended its lease for 5 years at Broadway Star
* Embrace Life Services provides a range of in-home care, communication, and advocacy services through its 8 locations across Arizona.
* Boxing, Inc. offers martial arts focused health and fitness classes overseen by its 28 expert instructors at both locations in Northside and Eastside Tucson.
* Bakery Outlet is owned and operated by Bimbo Bakeries part of Grupo Bimbo, the largest baking company in the world supplying baked goods across the United States from its 55 bakeries to supply its over 700 sale centers.
* Liberty Tax provides Americans tax consultations, in-office and online tax prep and a variety of other services through its 2,200+ retail locations across the United States and Canada.
* Established Tenancy – The property enjoys extremely stable and well-seasoned tenancy with over 59% of the in-place GLA operating at the center for over 20 years and Bakery Outlet since 1992 (Over 30 Years!)
* Improving Returns – Due lease-up of the existing vacancy (10%), embedded rental increases, and below market rents rolling to market, the Net Operating Income (NOI) is projected to increase approximately $125,500 (40%) over the projected 10-year hold period. Additionally, a 15,140 SF pad parcel fronting Broadway Blvd. is available to be purchased individually or collectively
* Dominant Retail Hub – This location sits along Broadway Blvd. (±50,081 CPD), one of Tucson’s major retail corridors, neighboring popular destinations like Tucson’s Park Place Mall and other notable tenants within a half-mile; Sprouts, The Home Depot, Kohl’s, CVS, PetSmart, La-Z-Boy, Ashley Furniture Store, Michaels, DSW, Floor & Décor, Ross, Homegoods, Starbucks, In-N-Out Burger, and Carl’s Jr.
* Growing, Infill Tucson Demographics – Broadway Star sits within a populated, residential pocket of Tucson with more than 126,500 residents (AHI: $80,300) in a 3-mile radius. Furthermore, over the last 5 years, average home values have increased 53% within Broadway Star’s 85710 zip code. Developers have capitalized on this growth with 1,200 units of housing currently in development
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Building Size
23,658 SF
Building Class
B
Year Built/Renovated
1980/2005
Price
$4,400,000
Price Per SF
$185.98
Cap Rate
7.14%
NOI
$314,054
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.15
Lot Size
3.71 AC
Zoning
C-1, Tucson - Local Business
Parking
295 Spaces (10 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Bus Line
- Pylon Sign
- Signage
Bike Score®
Very Bikeable (82)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 133-23-110J | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $312,729 |
PROPERTY TAXES
Parcel Number
133-23-110J
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$312,729
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Broadway Star | 7507-7575 E Broadway Blvd
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