Description

Union Hills Village is a retail property for sale at 18631 North 19th Avenue in Phoenix, AZ, in the Deer Valley submarket. Its 110,188 SF of gross leasable area gives buyers a substantial retail asset with an established occupancy profile.

The property is 95% occupied, with 5,133 SF of gross leasable area on offer. That distinction matters to a buyer: the occupied space supports the current income, while the space on offer creates a defined leasing opportunity within the existing property. Traffic count is 58,100 AADT, a useful measure for retail tenants weighing exposure. Parking totals 557 spaces, with a ratio of 5.1 per 1,000 SF, giving occupiers a clear measure of customer access. The NNN lease structure and $5.08/SF/year in operating expenses are relevant to underwriting the property's tenant costs alongside its rental income.

The asking price is $21,300,000, or $193.31 PSF. In-place NOI of $1,437,004 corresponds to an in-place cap rate of 6.75%, while stabilized NOI of $1,504,453 corresponds to a stabilized cap rate of 7.06%. A 5.8 years WALT gives investors a measure of the existing lease term, and in-place rents of $13.28 provide another reference point for the income stream. For a retail investor, the purchase pairs current occupancy and income with the specific task of leasing the 5,133 SF on offer, making the path from in-place to stabilized performance central to the opportunity.