Retail Space - For Sale
3131 East Thunderbird Road Phoenix, AZ 85032
Details & Description
Price: $18,184,000
  • Property Type Retail for Sale : Shopping Center
  • Lot Size Acres 10.550
  • Building Sq Ft 128,097
  • Building Price per Sq Ft $141.95
  • Land Sq Ft 459,558
  • Land Price per Sq Ft $39.57
  • CAP Rate % 7.50
Mountainview Marketplace is an established, leading community shopping center that has served the trade area for over 20 years.This daily-needs center is anchored by Walgreens, and a brand-new, state-of-the-art Vasa Fitness co-anchor which just entered into a 15-year lease.The asset features long term historical occupancy and an excellent pattern of tenant renewal for established tenants.Within the past 12 months the center has undergone a major renovation and substantial capital improvements. Major improvements on the physical plant include a new roof on approximately 90% of the GLA, high impact new exterior painting, new landscaping elements, upgraded LEED lighting in the common areas, extensive parking lot improvements including slurry and stripping, and numerous HVAC units.233 basis points (9.75% proforma capitalization rate) of upside achievable on lease up of the currently vacant space including all costs to reach full occupancy (budgeted leasing commissions/TIA/Tenant improvements)Unlevered IRR on a 10-year hold equals 11.43% ; Levered IRR on a 10-year hold equals 20.40% (Argus model available. Please contact Agent for details)Void analysis /market studies/ and below market occupancy rates indicate excellent prospects for lease up of vacant suites
Property Highlights
 Array
Listing Agents
Chris Kostanecki
Capital Pacific
O: 415-274-2701
ck@capitalpacific.com
While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

3131 East Thunderbird Road

Phoenix, AZ 85032

Listing ID: 259237
$18,184,000
For Sale
  • Property Type Retail for Sale : Shopping Center
  • Lot Size Acres 10.550
  • Building Sq Ft 128,097
  • Building Price per Sq Ft $141.95
  • Land Sq Ft 459,558
  • Land Price per Sq Ft $39.57
  • CAP Rate % 7.50
  • 3131 East Thunderbird Road Phoenix, AZ 85032 | for Sale | Photo 1
  • 3131 East Thunderbird Road Phoenix, AZ 85032 | for Sale | Photo 2
3131 East Thunderbird Road | for Sale | Thumbnail 1
3131 East Thunderbird Road | for Sale | Thumbnail 2
Property Highlights
 80 occupied center priced on in-place income at a 7.50 capitalization rate
 Throughout the Coronavirus Pandemic, this project has maintained rental collections of 90 with 10 deferrals
 End cap assemblage potential for credit tenant with high visibility and dedicated parking
 Offered free and clear of debt. Long term debt and bridge financing options available contact Agent for details
Description

Mountainview Marketplace is an established, leading community shopping center that has served the trade area for over 20 years.

This daily-needs center is anchored by Walgreens, and a brand-new, state-of-the-art Vasa Fitness co-anchor which just entered into a 15-year lease.

The asset features long term historical occupancy and an excellent pattern of tenant renewal for established tenants.

Within the past 12 months the center has undergone a major renovation and substantial capital improvements. Major improvements on the physical plant include a new roof on approximately 90% of the GLA, high impact new exterior painting, new landscaping elements, upgraded LEED lighting in the common areas, extensive parking lot improvements including slurry and stripping, and numerous HVAC units.

233 basis points (9.75% proforma capitalization rate) of upside achievable on lease up of the currently vacant space including all costs to reach full occupancy (budgeted leasing commissions/TIA/Tenant improvements)

Unlevered IRR on a 10-year hold equals 11.43% ; Levered IRR on a 10-year hold equals 20.40% (Argus model available. Please contact Agent for details)

Void analysis /market studies/ and below market occupancy rates indicate excellent prospects for lease up of vacant suites

Attachments & Files

Listing Demographics for 3131 East Thunderbird Road Phoenix, AZ 85032

All information based on the most recently available data (updated annually) and is provided in 1-mile, 3-mile, and 5-mile radii (radiuses) of the property location.

1-Mile 3-Miles 5-Miles
Total Population13,702120,088288,777
Population Median Age404140
Population by Age0-9 Yrs1385 (10%)13090 (10%)33998 (11%)
10-19 Yrs1431 (10%)13506 (11%)31287 (10%)
20-29 Yrs1675 (12%)14694 (12%)37839 (13%)
30-39 Yrs2348 (17%)17399 (14%)42107 (14%)
40-49 Yrs1749 (12%)15691 (13%)36328 (12%)
50-59 Yrs2065 (15%)17466 (14%)40427 (13%)
60-69 Yrs1887 (13%)15144 (12%)35503 (12%)
70+ Yrs1162 (8%)13098 (10%)31287 (10%)
Median HH Income$72,438$65,093$66,482
Total Household Income< 24K613 (11%)7841 (16%)19787 (16%)
25-49K1101 (21%)10590 (22%)24828 (21%)
50-74K919 (17%)8604 (17%)19894 (17%)
75-99K945 (18%)7067 (14%)16201 (13%)
100-199K1360 (26%)10410 (21%)25658 (22%)
200K+171 (3%)3454 (7%)10190 (8%)
Highest Education LevelNo Diploma1119889719842
Diploma or GED21541709441206
Some College23752091848943
Assoc. Degree914783016888
Bachelors Degree21611993849379
Higher Degree11881201630752
Total Housing Units5,32451,472126,218
--Owner-Occupied3,82630,54270,572
--Renter-Occupied1,28317,42545,987
Owner-Occupied Values< 100K17624326496
100-199K668480411257
200-299K1945883017989
300-399K756729814372
400-499K16437918323
500K+117338612136
Total Working Age Population11,50299,048235,365
In Work Force8,10666,636158,126
Not In Work Force3,39632,41377,238
Workforce Employed7,80663,915151,371
Workforce Unemployed2992,7136,721
Civlian Workforce8,10666,628158,092
Military Workforce0835
Total Households5,10947,967116,559
Family Households3,32929,25269,825
Non-Family Households1,77918,71546,734
Married Couple2,30021,25950,664
Other Family1,0297,99319,161
Married w/Child6747,45118,776
Single Male w/Child811,3353,293
Single Female w/Child2312,3375,887

Population Change Last Two Decades - Plus Projection

2000%2010%2020%2030
Arizona5,130,632+256,392,017+147,286,100+148,284,900
Maricopa County3,072,149+243,817,117+164,436,900+155,107,700

No part of this information may be copied, reproduced, repurposed, or screen-captured for any commercial purpose without prior written authorization from MyEListing.

While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

Listing Location & Map Views
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Closest Commercial Airports
Airport Distance (mi)
Phoenix Sky Harbor International Airport (PHX) 12
Tucson International Airport / Morris Air National Guard Base (TUS) 121
McCarran International Airport (LAS) 246
Listing Agent
Chris Kostanecki  - CRE Agent at Capital Pacific

Chris Kostanecki

Capital Pacific
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