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2145 E Baseline Rd 45,918 SF 100% Leased Office Building Tempe, AZ 85283 $24,179,411 CAD ($526.58 CAD/SF) 6.25% Cap Rate
Executive Summary
2145 E Baseline Road is a single-tenant medical office
building used for administrative offices and an
approximately 3,000 SF urgent care clinic. Situated on
4.61 acres in Tempe, Arizona, the property is 100%
leased to NextCare Arizona LLC. NextCare has invested
approximately $4 million in tenant improvements and
operates under a double-net lease through August 31,
2033. The lease structure requires the tenant to pay all
operating expenses, while the landlord is responsible
only for the roof (which is new and under warranty)
and ordinary structural maintenance. The property
offers long-term stable cash flow with a weighted
average lease term of 7.58 years and a corporate
guaranty from NextCare Inc and CellTower income
from T-Mobile.
INVESTMENT HIGHLIGHTS
100% leased to NextCare through August 31, 2033.
Updated to 46,928 SF including ±3,000 SF urgent care and
administrative offices.
Double net lease: tenant pays operating expenses (utilities, HVAC,
repairs); landlord responsible only for roof (new and under warranty).
Five-year step-up: $21.50/PSF ($1,008,952 annual) through August 31,
2026; $23.50/PSF ($1,102,808 annual) thereafter.
Two five-year renewal options with 2% annual increases.
Tenant improvements ±$4M; includes $2M improvement allowance.
4.61-acre site
Corporate guaranty by NextCare Inc.
Annual cell tower income: $11,595.72 with T-Mobile West LLC
building used for administrative offices and an
approximately 3,000 SF urgent care clinic. Situated on
4.61 acres in Tempe, Arizona, the property is 100%
leased to NextCare Arizona LLC. NextCare has invested
approximately $4 million in tenant improvements and
operates under a double-net lease through August 31,
2033. The lease structure requires the tenant to pay all
operating expenses, while the landlord is responsible
only for the roof (which is new and under warranty)
and ordinary structural maintenance. The property
offers long-term stable cash flow with a weighted
average lease term of 7.58 years and a corporate
guaranty from NextCare Inc and CellTower income
from T-Mobile.
INVESTMENT HIGHLIGHTS
100% leased to NextCare through August 31, 2033.
Updated to 46,928 SF including ±3,000 SF urgent care and
administrative offices.
Double net lease: tenant pays operating expenses (utilities, HVAC,
repairs); landlord responsible only for roof (new and under warranty).
Five-year step-up: $21.50/PSF ($1,008,952 annual) through August 31,
2026; $23.50/PSF ($1,102,808 annual) thereafter.
Two five-year renewal options with 2% annual increases.
Tenant improvements ±$4M; includes $2M improvement allowance.
4.61-acre site
Corporate guaranty by NextCare Inc.
Annual cell tower income: $11,595.72 with T-Mobile West LLC
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
45,918 SF
Building Class
B
Year Built
2019
Price
$24,179,411 CAD
Price Per SF
$526.58 CAD
Cap Rate
6.25%
NOI
$1,511,213 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
22,959 SF
Building FAR
0.20
Lot Size
5.18 AC
Zoning
PCC-1, Tempe - Planned Commercial Center Neighborhood
Parking
344 Spaces (7.49 Spaces per 1,000 SF Leased)
Amenities
- Signage
- High Ceilings
- Partitioned Offices
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 301-01-993 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $1,357,048 CAD |
Property Taxes
Parcel Number
301-01-993
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$1,357,048 CAD
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2145 E Baseline Rd
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