3102-3104 e indian school road phoenix, arizona ...... j.t. taylor o: 480.868.2671 c: 480.225.6484...

www.orionprop.com

J.T. TAYLORO: 480.868.2671C: [email protected]

THEHERITAGEMEDICAL PLAZA

3102-3104 E INDIAN SCHOOL ROAD PHOENIX, ARIZONA | 85016


EXECUTIVE SUMMARY

• Multi-Tenant MOB Investment Located in Prestigious Arcadia/Biltmore

• Fully Stabilized with Additional Upside through Rent Increases

• Located in a Land Restricted Submarket with Strong Tenant Demand

• Easy Access to SR-51, Banks, Retail, and Restaurant Amenities

• Highly Visible Location with Prominent Monument Signage and Over 300' of Frontage on busy Indian School Rd (61,828 VPD)

• Parked at 4.19 / 1,000 SF with Covered and Uncovered Parking

SALE PRICE $3,795,000

NOI $232,073

PRICE/SF $233

OCCUPANCY 100%

BUILDING SIZE 16,289 SF

LAND SIZE 1.10 Acres

YEAR BUILT 1984

ZONING C-1, Phoenix

PARKING RATIO 4.19/1,000

MAJOR CROSS STREETS 31st Street & Indian School Road

TRAFFIC COUNT ±61,828 VPD


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AERIAL VIEWSNorth South

East West

Midtown PhoenixScottsdale

Phoenix Skyharbor AirportCamelback Mountain

Indian School Road

Indian School Road

Indi

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INVESTMENT HIGHLIGHTS

• Rare opportunity to acquire irreplaceable infill real estate in Arcadia/Biltmore area operating as a stabilized multi-tenant MOB with NOI +/- $232,073.

• Heritage Medical Plaza is a great opportunity for an investor to increase gross rents going forward and significantly add value to the investment.

• Heritage Medical Plaza’s current average rental rate is $24.42 psf and is poised for significant growth going forward. Peer MOBs in this submarket have asking $30-$32 psf with vacancy at +/- 5%.

• Heritage Medical Plaza completed major capital improvements in the last 2 years. All suites and common areas received upgrades exceeding $400,000 - with some improvements coming from tenants. This property is like new from the inside out.

• Heritage Medical Plaza is in a restricted/fully built-out submarket with strong tenant demand. This has been amplified by the recent demolition announcement of Camel Square Offices on 44th St & Camelback Rd in 2021 which leased to many of the sub-market's medical tenants.

• COVID resistant, stabilized MOB investment with specialty medical practices with all tenants paying rent!

Exceptional Market Fundamentals with Strong Projected Income Growth and Stability

9 MILES5 MILES 6 MILES5 MILES 6 MILES 9 MILES

BUILDING PHOTOS

OBLIQUE VIEW


CAMELBACK MOUNTAIN

INDIAN SCHOOL ROAD

INDIAN SCHOOL ROAD

PARCEL #:TAXES 2019:

LOT SIZE:

163-01-039A$46,968.161.10 Acres

PARCEL MAP

163-01-039A

Indian School Road: 37,130 VPD

31st Street

Camelback CorridorCamelback Corridor

Arcadia contains well-kept homes on large lots; these homes command relatively high property values (as the neighborhood is adjacent to the upscale suburbs of Paradise Valley, the Biltmore area, Scottsdale and north Phoenix). Built on former citrus groves, Arcadia is known for well-irrigated, mature landscaping. Arcadia is frequently listed as the top place to live in all of Phoenix Metro due to its ideal location for both work and fun, vibrant food / culture, walk-ability, and plush landscape. It is also just south of the desired hiking destinations of Camelback Mountain and Piestewa Peak. Much of Phoenix’s cycling scene pedals through this neighborhood, as Campbell / Lafeyette is one of the main Phoenix cycling corridors. As one of the most dynamic markets in Metro Phoenix, the area has attracted numerous redevelopments and adaptive reuse commercial projects, which have become home to some of the most trendy eateries and gathering spots.


AERIAL VIEW

The Biltmore Fashion Park is a luxury outdoor retail and dining plaza located in the Biltmore District of Phoenix, Arizona, along the prestigious stretch of East Camelback Rd. The recently renovated and expanded mid-century plaza is the city of Phoenix’s premiere address for high-end retail. The Biltmore Fashion Park, as well as the surrounding business and residential district, are named after the historic, Arizona Biltmore Hotel, nearby. Major tenants include Saks Fifth Avenue, Ralph Lauren, MAC, Macy’s, Coach, Origins, Williams & Sonoma, J. Crew, Pottery Barn, and more.

Phoenix is the capital of the southwestern U.S. state of Arizona. Known for it's year-round sun and warm temperatures, it anchors a sprawling, multicity metropolitan area known as the Valley of the Sun. With a population of 1.66 million people, Phoenix is known for high-end spa resorts, Jack Nicklaus-designed golf courses, and vibrant nightclubs. Other highlights include the Desert Botanical Garden and the Phoenix Zoo. More than 22 million people visit metropolitan Phoenix each year. Greater Phoenix is home to nearly 200 golf courses and consistently ranks among the nation's top cities in the number of Five Diamond and Four Diamond and Five Star and Four Star resorts.

Phoenix Sky Harbor International Airport is Arizona’s largest and busiest airport, and among the largest commercial airports in the United States. In 2017, the airport served 43,921,670 passengers, making it the forty-first busiest airport in the world. It handles more than 1,200 aircraft operations a day, 120,000 passengers, and more than 800 tons of cargo.

Old Town Scottsdale, also known as Downtown Scottsdale, is home to the Southwest's largest retail destination, Scottsdale Fashion Square, Old Town's Entertainment District, the Fifth Avenue Shops, world renowned restaurants, and plenty more. Old Town offers boutique shopping featuring souvenirs, jewelry and art with a Southwestern flair, or luxury shopping. A density of bars, lounges, restaurants and clubs offer myriad dining and nightlife opportunities within short distance of each other. Art fans can peruse the galleries of Main Street and visit the district's contemporary and western museums.

2019 SUMMARY (SOURCE: ESRI) ONE MILE THREE MILE FIVE MILE

DAYTIME POPULATION 31,549 249,782 580,786

POPULATION 21,718 158,431 304,467

AVERAGE HOUSEHOLD SIZE 2.17 2.43 2.24

AVERAGE HOUSEHOLD INCOME $71,079 $79,298 $85,951

MEDIAN AGE 38.9 34.7 36.5

DEMOGRAPHICS

AVERAGE HOUSEHOLD

INCOME$85,951*5 Mile Radius

AGE34.7*3 Mile Radius

DAYTIME POPULATION

580,786*5 Mile Radius

MEDIAN

Arizona Facial Plastics practice provides solutions to people who seek relief from ear, nose, or throat problems, as well as those who want to undergo skin rejuvenation and plastic or reconstructive surgical procedures to enhance their appearance. They have two locations and offer a full range of laser solutions to resurface the skin, reverse sun damage, and help achieve a more even skin tone. Injectables like Botox, Restalyne, Juvederm, Xeomin, and Radiesse help add volume and erase fine lines and wrinkles. Dr. Taghizadeh has performed more than 8,000 in-office procedures, and we have registered nurses on staff to assist him in every office-based procedure.

Western Dermatology is the largest dermatology provider in the Western United States with 57 locations across AZ, CA, and NA. Western Dermatology integrates comprehensive medical science with professional, compassionate healthcare in a warm environment that provides the effective, customized dermatology solutions you deserve. We treat everything from acne and rashes to skin cancer to a wide array of cosmetic concerns and leads the industry in skincare.

HearingLife has 13 locations in Phoenix and about 500 locations nationally. Hearing Life is part of Demant and is the largest hearing related health provider in the United States and offers solutions and services to help people with hearing loss connect and communicate with the world around them. Demant employs more than 14,000 staff in more than 30 countries and distributes hearing healthcare and intelligent audio solutions to people in more than 130 countries.

Dr. Sebastian Ruggeri, MD is an orthopedic surgery specialist in Phoenix, AZ and has been practicing for 40 years. He specializes in orthopedic surgery and orthopedic hand surgery. The practice is dedicated to navigating the shoals of modern medicine for the benefit of the patients. His manifold duties include reconstruction of the hand, wrist, elbow, and shoulder.

TENANT PROFILES

Arya Foot and Ankle is an experienced Podiatric Physician based in the Phoenix area, Dr. Arya’s patients appreciate the warmth, professional integrity, and open communication that she defines in her medical practice. She takes pride in dealing with all foot and ankle issues, injuries, gait problems, diabetic care, toenail problems and other skin concerns. Dr. Arya does in office procedures, injections, aspirations, skin & nail biopsies, custom orthotic molding, and specializes in non-surgical management of foot and ankle problems.

Clinica Medica Hispana has two Phoenix locations providing primary medical care to many patients in the community. Clínica Médica Hispana was established in 1998 by Francisco Hernandez, M.D., General Physician. Dr. Hernandez had a vision of creating a doctor owned medical practice that treats every patient with dignity and first-rate medical care.

All materials and information received or derived from ORION Investment Real Estate its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.

Neither ORION Investment Real Estate its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. ORION Investment Real Estate will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. ORION Investment Real Estate makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. ORION Investment Real Estate does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by ORION Investment Real Estate in compliance with all applicable fair housing and equal opportunity laws.

J.T. TAYLORO: 480.868.2671C: [email protected]


3102-3104 e indian school road phoenix, arizona ...... j.t. taylor o: 480.868.2671 c: 480.225.6484...

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