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CBRE Brokers $6.1M Sale Of Chick-fil-A Ground Lease At 819 North 7th Avenue In Phoenix
SOLD
$6,100,000
Arizona
See Similar DealsRetail5,388 SF
Sold 10/12/2023
SOLD
CBRE Brokers $6.1M Sale Of Chick-fil-A Ground Lease At 819 North 7th Avenue In Phoenix
819 North 7th Avenue
See Similar DealsRetail5,388 SF
Sold 10/12/2023
Summary
ARIZONA
Asset Type:Retail
Price Per Square Foot:$1,132
Total Square Footage:5,388 SF
Transaction Type:Sale
A new Chick-fil-A ground lease in downtown Phoenix has been sold for $6.1 million at 819 North 7th Avenue. The retail property spans 1.45 acres and consists of a 5,388 square foot building. The price per square foot was approximately $1,132.
Summary of transaction details
- Property Type: Retail
- Sale Price: $6,100,000
- Address: 819 North 7th Avenue
- Market: Phoenix, AZ
- Asset Type: Retail
- Acres: 1.45
The sellers involved in this transaction were Mark Davis of 48 Development and Benjamin Gutkin & Allan Gutkin of Jag Development Phoenix. The sale was brokered by CBRE agents Benjamin Farthing and Joseph Compagno.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$325,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$21,672.03
Cash-on-Cash Return-1.27%
Monthly Debt Service$28,917.11
Annual Debt Service$347,005.34
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