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9590 E Ironwood Square Dr - Bldg A 7,784 SF Office/Medical Condo Unit Offered at $4,117,964 CAD in Scottsdale, AZ 85258
INVESTMENT HIGHLIGHTS
- Tenant has been in place since 2016
- Tenant modified and extended lease to September 2028
- Tenant reimburses for CAM, Insurance, Taxes, and Management (Up to 4%)
- 4C Medical Group was bought out by Optum Inc in 2019
- Tenant just finished Tenant Improvements to property, at their own cost and expense
EXECUTIVE SUMMARY
Located off of Ironwood Square Dr., at the crossroads of E Mountainview Rd and N 96th St, this ±7,784 SF condo is easy to get to from anywhere in the valley and is located just east of the Loop-101 in Scottsdale, Arizona. Within immediate proximity of the property are a variety of retail amenities such as Scottsdale Fiesta Shopping Center anchored by Fry's, Sprouts, and The Home Depot. Additionally, the property's location and cross streets place multiple retail lifestyle centers within a ten-minute drive, including, Fashion Square Mall, Scottsdale Pavilions at Indian Bend Rd, Scottsdale Quarter and Kierland Commons. Additionally, the property is walking distance from the HonorHealth Scottsdale Shea Medical Center in the medically dense Ironwood Courtyard development and directly adjacent to Ironwood Village and Ironwood Office Suites, both of which contain multiple similar medical tenants.
PROPERTY FACTS
| Total Building Size | 40,283 SF | Typical Floor Size | 950 SF |
| Property Type | Office (Condo) | Year Built | 2004 |
| Property Subtype | Medical | Lot Size | 0.60 AC |
| Building Class | B | Parking Ratio | 3.72/1,000 SF |
| Floors | 2 | ||
| Zoning | C-O, Scottsdale - Commercial C-O | ||
| Total Building Size | 40,283 SF |
| Property Type | Office (Condo) |
| Property Subtype | Medical |
| Building Class | B |
| Floors | 2 |
| Typical Floor Size | 950 SF |
| Year Built | 2004 |
| Lot Size | 0.60 AC |
| Parking Ratio | 3.72/1,000 SF |
| Zoning | C-O, Scottsdale - Commercial C-O |
AMENITIES
- 24 Hour Access
- Courtyard
- Wheelchair Accessible
- Natural Light
- Air Conditioning
- Smoke Detector
1 UNIT AVAILABLE
Unit 120/125
| Unit Size | 7,784 SF | Sale Type | Investment |
| Price | $4,117,964 CAD | Cap Rate | 5.77% |
| Price Per SF | $529.03 CAD | NOI | $237,571.63 CAD |
| Condo Use | Office/Medical | APN/Parcel ID | 217-53-967, 217-53-968 |
| Unit Size | 7,784 SF |
| Price | $4,117,964 CAD |
| Price Per SF | $529.03 CAD |
| Condo Use | Office/Medical |
| Sale Type | Investment |
| Cap Rate | 5.77% |
| NOI | $237,571.63 CAD |
| APN/Parcel ID | 217-53-967, 217-53-968 |
DESCRIPTION
SVN Desert Commercial Advisors is pleased to present, on behalf of the owner this leased investment opportunity located at 9590 E Ironwood Square Dr #120/125. Currently leased to Optum Care on an initial 5-year MG lease, this property is a perfect investment for any investor wanting a quality tenant, in a highly desirable location with potential long-term capabilities and a strong value add component. Currently priced below replacement cost this condo is leased to Optum Care, which is a part of Optum, Inc. a subsidiary of United Health Group, one of the world's largest healthcare organizations. Optum who has occupied the space since 2016 was as 4C Medical Group and at lease renewal converted to a modified Gross style lease. The landlord gets reimbursed for CAM fees, Insurance, and Taxes. The Tenant, also at lease renewal, deployed their own capital to renovate parts of the property and modernize the space. Further, from a value add standpoint, the lease is currently only observing the property's net square footage, effectively lowering the rent to well below market for a medical property in this part of town and allowing any investor to apply the gross square footage at least renewal and increase the rents to market standards and observe a significant increase in net operating income.
SALE NOTES
- Value Add investment in Scottsdale, Arizona near HonorHealth Scottsdale Shea. A major hospital is in the immediate area.
- Extremely Strong Tenant with almost a decade of historical lease term at the property and a lease that expires in late 2028
- Optum Care is a division of the UnitedHealthcare network. One of America's largest integrated healthcare providers
- The tenant just finished their own TI's in the space after the most recent lease renewal, showing their commitment to the space long term.
- Office condo property alleviates all exterior maintenance (handled by association) for both the tenant as well as the owner, making this an impeccably maintained investment
- Tenant leases on the usable square footage, not the rentable square footage, providing an owner upside at lease renewal to recapture that unrealized difference.
NNN TENANT INFORMATION
| TENANT | SF OCCUPIED | LEASE END DATE |
|---|---|---|
| Optum Care |
6,843 SF
|
October 2028
|
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9590 E Ironwood Square Dr - Bldg A
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