North Creek LLC Acquires Retail Property From Michael H. Mugel In Phoenix For $1.6M
12831 North Cave Creek Road & 12839 North Cave Creek Road
$1,600,000
$143/SF
Building Size
11,174 SF
Asset Type
Retail
Closing
Mar 5, 2024
AI
The retail property located at 12831-12839 North Cave Creek Road in Phoenix, AZ, was sold for $1.6 million. The asset spans 5,587 square feet and was fully occupied by four tenants at the time of the transaction.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $1,600,000
- Buyer: North Creek LLC
- Seller: Michael H. Mugel - Red Mountain Group
- Broker: Jonathan Selznick - Lee & Associates
- SF: 5,587
- Price per Square Foot: $286
- Address: 12831-12839 North Cave Creek Road, Phoenix, AZ
- Market: Phoenix, AZ
The sale of the shopping center was facilitated by Jonathan Selznick of Lee & Associates, representing the seller, Red Mountain Group based in Orange County, California.
Phoenix Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
9.91%
Cash-on-Cash
-2.83%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93