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Carefree Office Center - Carefree AZ 7518 E Elbow Bend Rd

15,888 SF 75% Leased Office Building Carefree, AZ 85377 $2,210,000 ($139/SF) 5.47% Cap Rate

Investment Highlights

  • The nicest multi-tenant office building in Carefree Town Center.
  • Always professionally managed and leased.
  • The building is in a growing market with easy access to a strong employment base.
  • Virtually no deferred maintenance and alway well maintained by current ownership.
  • Tenants tend to be long term throughout the history of current ownership.
  • No loans. Property is free and clear of debt.

Executive Summary

Cap Rate based on 2024 Budget with no further lease up or rollovers. With lease up at rental rates to 100% occupancy less a 7% vacancy factor will produce a Cap rate between 7.75% - 8% conservatively. See "COC Sale OM" for details.

Attachments

COC Sale OM

Property Facts

Sale Type
Investment
Property Type
Office
Building Size
15,888 SF
Building Class
B
Year Built/Renovated
1987/2020
Price
$2,210,000
Price Per SF
$139
Cap Rate
5.47%
NOI
$120,900
Percent Leased
75%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
7,944 SF
Building FAR
0.38
Land Acres
0.96 AC
Zoning
C - Commercial, Carefree AZ
Parking
64 Spaces (5.3 Spaces per 1,000 SF Leased)

Amenities

  • Signage
  • Central Heating
  • Air Conditioning

Space Availability

  • Space
  • Size
  • Space Use
  • Condition
  • Available
  • 1st Fl-Ste B-3
  • 1,301 SF
  • Office
  • Full Build-Out
  • Now
  • 1st Fl-Ste B-4
  • 1,640 SF
  • Office
  • Shell Space
  • Now

Space was recently opened up and is in vanilla shell condition and ready for new fit & finishes for the right tenant that is there for the long haul with ideally a 5 year lease commitment. See current floor plan in the leasing brochure. Contact listing agent for more details and to schedule a tour.

  • 2nd Fl-Ste B-6
  • 1,091 SF
  • Office
  • Spec Suite
  • Now

15,734 SF Class A Garden-Style Office Building with a 4 to 1 parking ratio and excellent local amenities that include retail and restaurants in the Center of Town. Value Priced at $17/SF FS Net Electric & Janitorial.

Space Size Space Use Condition Available
1st Fl-Ste B-3 1,301 SF Office Full Build-Out Now
1st Fl-Ste B-4 1,640 SF Office Shell Space Now
2nd Fl-Ste B-6 1,091 SF Office Spec Suite Now

1st Fl-Ste B-3

Size
1,301 SF
Space Use
Office
Condition
Full Build-Out
Available
Now

1st Fl-Ste B-4

Size
1,640 SF
Space Use
Office
Condition
Shell Space
Available
Now

2nd Fl-Ste B-6

Size
1,091 SF
Space Use
Office
Condition
Spec Suite
Available
Now

1st Fl-Ste B-4

Size 1,640 SF
Space Use Office
Condition Shell Space
Available Now

Space was recently opened up and is in vanilla shell condition and ready for new fit & finishes for the right tenant that is there for the long haul with ideally a 5 year lease commitment. See current floor plan in the leasing brochure. Contact listing agent for more details and to schedule a tour.

2nd Fl-Ste B-6

Size 1,091 SF
Space Use Office
Condition Spec Suite
Available Now

15,734 SF Class A Garden-Style Office Building with a 4 to 1 parking ratio and excellent local amenities that include retail and restaurants in the Center of Town. Value Priced at $17/SF FS Net Electric & Janitorial.

PROPERTY TAXES

PROPERTY TAXES

Parcel Numbers
Multiple
  • 216-83-060
  • 216-83-057
  • 216-83-059
  • 216-83-058
  • 216-83-061
  • 216-83-056
Land Assessment
$59,173
Improvements Assessment
$0
Total Assessment
$277,838
  • Listing ID: 29524126

  • Date on Market: 9/14/2023

  • Last Updated:

  • Address: 7518 E Elbow Bend Rd, Carefree, AZ 85377

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