Four-Story Building in Phoenix Medical Market

40 E Indianola Ave Phoenix, AZ 85012

  • 73,196 Square Feet
  • Healthcare-Medical Office Land
  • For Sale

Summary Description

40 East Indianola is a four-story building totaling ±73,196 square feet on ±1.88 acres (±82,083 square feet), located just off Central Avenue in Phoenix, Arizona. The offering includes an additional ±0.48 acre parcel of land (±20,987 square feet), zoned C-2, located at the northeast corner of 3rd Street and Clarendon Avenue. The building was constructed in 1982, and renovated in 1992. Building is vacant.

Contact Todd Noel to request the offering memorandum. Asking sale price is $7.5 million.

The property was previously occupied by a 70-bed, long-term acute care hospital and contains 48 patient rooms (including 28 single rooms and 20 double rooms), dining rooms, physical therapy rooms, administrative offices, and a commercial grade kitchen. 40 East Indianola will be delivered vacant, lending itself well to investors looking for a prime, transit-oriented development in a thriving submarket.

The presence of the St. Joseph’s Hospital and the renowned Barrow Neurological Institute makje the Downtown North/Midtown submarket a natural landing spot for healthcare-oriented tenants.

Dignity Health and CIGNA Medical have large offices in the submarket, as does Banner Health, the largest private employer in the State of Arizona. Banner Health leased more than 260,000 square feet in two buildings in the submarket in late-2015.

The Greater Phoenix area continues to attract new residents and businesses, while healthcare employment is growing rapidly. During the 12-month period ending in the second quarter of 2017, more than 10,000 jobs have been added in the healthcare sector, representing a gain of more than 4 percent.

Price: $7,500,000.00

Area Available: 73,196 Square Feet

Building Size

±73,196 SF

Land Area

±102.980 SF (±1.88 acres & ±0.48 acreS)

Year Built/Renovated

1982, 1992

Zoning

R-5

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