3550 N Central Avenue, Phoenix, AZ 85012

$5,100,000

Property Type: Comm/Industry Sale Square Footage: 284,709 Lot Size (sq. ft.): 192,305 Status: Closed

Current Price: $5,100,000 List Date: 10/04/2021 Last Modified: 3/24/2025

Overview

Description

Rare opportunity to acquire a ground lease in the heart of mid-town Phoenix. With 140 years remaining, here is your chance to acquire a passive income investment. Improvements not included in the sale comprise a 20-story office building with 284,709 rentable square feet and a three-level parking structure. 3550 N Central Avenue is located 2 miles North of Downtown Phoenix in the vibrant mid-town neighborhood. And located just a block north of the redeveloping Park Central mixed-use project, this opportunity is hard to pass on.

Listing Details MLS# 6282464

Location, Tax & Legal

Map Code/Grid: P34
House Number: 3550
Compass: N
Street Name: Central
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85012
County Code: Maricopa
Subdivision: LANE SUB
Assessor Number: 118-32-028-A
Tax Year: 2020
Assessor's Map #: 32
Legal Description (Abbrev): LOT 10 LANE SUB MCR 3/21 EX W 393.93F & EX COM AT INT OF CENTRAL AVE & COLUMBUS AVE(EAST) TH S 16.14
Assessor's Parcel #: 28
Assessor Parcel Ltr: A
Add'l Parcels: No
Tax Municipality: Phoenix
Census Tract: 110501
Taxes: 248937
Legal: LOT 10 LANE SUB MCR 3/21 EX W 393.93F & EX COM AT INT OF CENTRAL AVE & COLUMBUS AVE(EAST) TH S 16.14

Contract Info

Ownership: Leasehold

General Property Description

Ttl Apx SqFt Bldg: 284709
# of Buildings: Yes
Year Built: 1958
Zoning: PUD
Uncvrd Parking Spcs: 0

Remarks Misc

Cross Street: N Central Ave. & W Osborn Rd.

Status Change Info

Off Market Date: 2021-12-10
Under Contract Date: 2021-10-07
Close of Escrow Date: 2022-01-06

Legal Info

Township: 2N
Range: 3E
Section: 29
Lot Number: 10

More Information

Sold Info

Loan Type: Other
Payment Type: Other
Clsing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Buyer Concession to Seller: 0
Seller Concession to Buyer: 0

Construction

Other: Yes

Roofing

Other: Yes

Floors

Other: Yes

Income & Expenses

Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 248937
Other Income: 0
Vacancy Allowance: 0
Adjusted Gross Inc: 0

Building Type

Commercial: Yes
Office: Yes

Business Type

Other: Yes

Stories

11+ Stories: Yes

Pmt & Rate Info

Equity: 4900000
Total Owed: 0

Showing Notification Methods

Text: Yes
Email: Yes
Phone Call: Yes

Lockbox Type

None: Yes

Ceiling Height

8.1 Feet to 10 Feet: Yes

Heating

Other: Yes

Cooling

Central Air: Yes
Other: Yes

Interior Features

Other (See Remarks): Yes

Loading Facilities

Other (See Remarks): Yes

Road Surface Type

Asphalt: Yes

Exterior

Building Sign: Yes
Sidewalk(s): Yes

Source of Fincl Data

Other (See Remarks): Yes

Fencing

Other: Yes

Water Source

City Franchise: Yes

Freeway/Highway

2.1 - 5 Miles: Yes

Sewer

Sewer - Public: Yes

Parking Features

Other: Yes

Electric

Other (See Remarks): Yes

Gas

Other (See Remarks): Yes

New Financing

Other (See Remarks): Yes

Special

Court Approval Required: Yes

Reports/Disclosures

None: Yes

Environmental

None: Yes

Property Features

Building Type: Commercial; Office Business Type: Other Stories: 11+ Stories Construction: Other Roofing: Other Floors: Other Ceiling Height: 8.1 Feet to 10 Feet Heating: Other Cooling: Central Air; Other Loading Facilities: Other (See Remarks) Interior Features: Other (See Remarks) Exterior: Building Sign; Sidewalk(s) Fencing: Other Parking Features: Other Electric: Other (See Remarks) Gas: Other (See Remarks) Water Source: City Franchise Sewer: Sewer - Public New Financing: Other (See Remarks) Showing Notification Methods: Text; Email; Phone Call Lockbox Type: None Special: Court Approval Required Source of Fincl Data: Other (See Remarks) Road Surface Type: Asphalt Environmental: None

Listing Office: R.O.I. Properties

Last Updated: March - 24 - 2025