501 Gateway Center LLC Acquires 102305 Square Foot Office Building In Phoenix For $18 Million
501 North 44th Street
$18,000,000
$175/SF
Building Size
102,305 SF
Asset Type
Office
Closing
Dec 18, 2024
About this deal
AI
501 Gateway is a multi-tenant office building located at 501 North 44th Street, Phoenix, AZ. The asset has a sale price of $18,000,000 and encompasses 102,305 square feet, which results in a price per square foot of $176. The property is currently 82% leased and features a four-story parking garage.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $18,000,000
- Buyer: 501 Gateway Center LLC
- Brokerage Firm: Cushman & Wakefield
- Brokers: Christopher "Chris" Toci, Eric Wichterman & Mike Coover
- Market: Phoenix, AZ
- Square Footage: 102,305
- Price per Square Foot: $176
- Leased Percentage: 82%
The sale was facilitated by Cushman & Wakefield, representing the interests of the buyer, 501 Gateway Center LLC, which is a group of private investors from Washington. The seller is an undisclosed firm based in the Midwest. The property showcases strong leasing activity despite ongoing market challenges.
On the Map
$18,000,000
$175/SF
Office
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Players
Phoenix Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93