- For sale
Single-tenant medical office condo investment or owner/user sale opportunity. This ±2,683-usable-square-foot medical office condo is located at 13634 N 93rd Avenue, Suite 200, in Peoria, Arizona. The property is currently leased by Dipti Patel, PLLC, dba Digestive Health Clinic, through December 31, 2021.
Offering price is $699,000 ($260.53 per square foot). Initial Cap rate is 8.84 percent. Year One NOI is $61,800.
The property is in the Arrowhead submarket, which extends as far north as Lake Pleasant, although the majority of office product is clustered near Loop 101 in the Arrowhead area of Glendale and Peoria.
The proximity to elder populations in the Sun City and Surprise areas has made Arrowhead popular with medical tenants, as over half of Arrowhead’s office stock is medical space. Arrowhead has been a relatively liquid submarket and prices have risen to all-time highs.
There are numerous hospital systems surrounding the Arrowhead area. The closest to the subject property is Banner Boswell, which has 501 beds, including those within Banner Boswell Rehabilitation Center.
Banner Thunderbird is the next closest, just five miles east of the subject property. This hospital opened in 1983 as a non-profit and currently has 555 beds and growing. They recently completed a $290 million expansion project which added numerous amenities as well as an additional 200-bed patient tower.
Abrazo Arrowhead Hospital is approximately six miles away. It opened in 1988. and has changed ownership a few times over the years. It currently is a 262-bed short term acute care hospital.