The subject property is an attractive and modern high visibility, high traffic retail condominium that was built in 2007. The property is in a prime location directly across the street from the only IKEA store in Metro Phoenix, which is a major shopping destination. Other major retailers nearby are Costco, Walmart, Total Wine, Guitar Center, Ashley Homestore and the huge Tempe Autoplex with many car dealerships.
Average income in a 3-mile radius is $93,526. The 3-mile population is 107,626 with 41,802 households. There are 5,016 businesses in a 3-mile radius with 69,607 employees.
The property is leased at a conservative $15.52/SF lease rate. Many of the retails condos in the area are owned by owner/users so the limited availability of a unit for lease should enable the owner to continue to raise rents over time. The existing lease provides for 3% annual rent increases.