westwood business center - loopnet

WESTWOOD BUSINESS CENTER2222-2228 West Nor thern Avenue, Phoenix, AZ 85021

Offering Memorandum

NON-ENDORSEMENT & DISCLAIMER NOTICECONFIDENTIALITY & DISCLAIMERThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by

the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of

Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to

establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due

diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the

income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the

property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal

regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s

plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained

from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained

herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever

regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the

information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc.

© 2017 Marcus & Millichap. All rights reserved.

NON-ENDORSEMENT NOTICEMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this

marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or

endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of

Marcus & Millichap, and is solely included for the purpose of providing tenant lessee

information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.

PLEASE CONSULT YOUR MARCUS & MILL ICHAP AGENT FOR MORE DETAILS.

WESTWOOD BUSINESS CENTER2 2 2 2 - 2 2 2 8 W E S T N O R T H E R N A V E N U E

P H O E N I X , A Z 8 5 0 2 1

EDWARD J. NELSONFirst Vice President Investments

Sacramento OfficeCell 916.425.9179

Office [email protected]

License CA 01452610

EXCLUSIVELY L ISTED BY

O F F I C E S N A T I O N W I D E A N D T H R O U G H O U T C A N A D A

WWW.MARCUSMILLICHAP.COM

BURGER KING

MC DONALD’S

01 23

07 33

15

EXECUTIVE SUMMARYSECTION 1 Investment Overview • Investment Highlights Summary of Terms

COMPETITIVE COMPARABLESSECTION 4 Sales Comparables • Lease Comparables

PROPERTY DESCRIPTIONSECTION 2 Property Details • Regional Map

MARKET OVERVIEWSECTION 5 Location Overview • Location Highlights Demographics

FINANCIAL ANALYSISSECTION 3 Pricing Details • Operating Data • Rent Roll

TABLE OF CONTENTS

EXCLUSIVELY LISTED BY:

WESTWOOD BUSINESS CENTERP H O E N I X , A R I Z O N A

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, as-sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate

Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Z0030279

$5,800,000OFFERING PRICE

1

WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

E

XE

CU

TI

VE

S

UM

MA

RY

EXECUTIVESUMMARY

WESTWOOD BUSINESS CENTER

WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

E

XE

CU

TI

VE

S

UM

MA

RY

2

OFFERING HIGHLIGHTS

2222-2228 West Northern Avenue, Phoenix, AZ 85021

OFFERING PRICE

$5,800,000

VITAL DATA

Price $5,800,000

Cap Rate - Current 6.01%

Cap Rate - Proforma 11.71%

Price/SF $63.45

Gross Square Feet 91,405 SF

Occupancy 71.65%


15 MINUTE COMMUTE FROM DOWNTOWN PHOENIX

IMMEDIATE ACCESS FROM INTERSTATE 17

WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

E

XE

CU

TI

VE

S

UM

MA

RY

3

WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

E

XE

CU

TI

VE

S

UM

MA

RY

4

INVESTMENT OVERVIEWThe offering consists of a 91,405-square foot professional office park referred to as Westwood Business Center located in Phoenix, Arizona. More specifically, the property is located in the Black Canyon Corridor of Phoenix at the signalized corner of West Northern Avenue and North 23rd Avenue, approximately 1/8 mile east of Interstate-17. Comprised of four separate buildings, Westwood Business Center, is situated on 5.40 acres of commercially zoned land (one parcel). Currently 71.65% occupied, the property offers substantial upside upon lease up.

Constructed in 1984, Westwood Business Center’s four buildings range from one to three stories with an attractive interior courtyard including a large koi pond. The property contains 37 total suites of which 15 are currently vacant. The vacant suites range from 570 to 7,265-square feet. The remaining 22 suites are occupied by a range of professional office tenants at market rents. The property offers an ample parking ratio of four spaces per 1,000-square feet (374 total spaces of which 137 are covered). The owner has kept the interior and exterior of the property in excellent condition with currently no deferred maintenance.

Westwood Business Center’s immediate Interstate-17 location (one of the valley’s two major corridors) enjoys traffic counts in excess of 228,000 vehicles per day. Tenants and visitors of Westwood enjoy a short 15 minute commute to Downtown Phoenix and a 15 minute commute to Phoenix Sky Harbor Airport. Furthermore, Interstate-17 links both Interstate-10 and the Loop 101 freeways, providing access to a large labor pool. The Black Canyon Corridor is home to major corporations including Hartford Insurance, Bank of America, Wells Fargo, American Express, Arizona Public Service, USAA, Farmers Insurance, Safeway, Cox Communications, Discover Card, Blue Cross Blue Shield, Pet Smart and Allstate Insurance. Conveniently adjacent to the subject property is a 2012 construction 51,000-square foot LA Fitness offering a wide range of exercise options to the tenants of the subject property.

Listed for $6,090,000 or $63.45-per square foot, Westwood Business Center is being offered well-below replacement cost. The offering allows an investor the opportunity to acquire a “turn key” professional office building well-located in Phoenix, Arizona with a significant amount of upside potential.

► Immediate Access From Interstate 17 (228,000 Vehicles per Day)

► Excellent Visibility Along Northern Avenue

► Well Below Replacement Cost ($63.45 Per Square Foot)

► Currently 71.65% Occupied (Upside In Lease Up)

► Within One Mile of Metrocenter Mall and Numerous

Surrounding Retail Centers

INVESTMENT HIGHLIGHTS

WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

E

XE

CU

TI

VE

S

UM

MA

RY

6

SUMMARY OF TERMSINTEREST OFFEREDMarcus & Millichap has been selected to exclusively market for sale Westwood Business Center located in Phoenix, Arizona.

TERMS OF SALEWestwood Business Center is offered is offered at $5,800,000 based on a $63.45 Price Per Square Foot. The net operating income figures for the

Property assume a fiscal year starting 7/1/2018. Historical operating documentation, third party reports and Argus model can be found in the online

document data portal.

PROPERTY TOURSProspective purchasers are encouraged to visit the subject property prior to submitting offers. However, all property tours must be arranged with the

Marcus & Millichap listing agents. Please do not contact the tenants, on-site management or staff without prior approval.property tours must be arranged

with the Marcus & Millichap listing agents. At no time shall the tenants, on-site management or staff be contacted without prior approval.

DOWNTOWN PHOENIXNORTHERN GARDENS APARTMENTSROYAL PALM

CONDOMINIUMS

NORTHERN BUSINESS CENTER

PROPOSED APARTMENTS

PROPOSED APARTMENTS

7

9

WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

P

RO

PE

RT

Y

DE

SC

RI

PT

IO

N

PROPERTYDESCRIPTION


10

PROPERTY DETAILS


Property Address2222-2228 West Northern Avenue

Phoenix, AZ 85021

Property TypeMulti-Tenant Professional

Office Building

Year Built 1984

Rentable Area 91,405

Number of Floors 3

Size Area 5.40 acres

Zoning C-O

Parking374 Total Spaces

(137 Covered, 5 Handicapped)

Parking Ratio 4.00 per 1,000 Square Feet

Landscaping Well Maintained Trees, Lawn and Shrubs

Topography Flat

Number of tax parcels

1

APN 158-06-018

Construction Type Masonry and Wood Framing

FoundationPoured foundation wall with a concrete stem on a

concrete footing with a 4" ABC base for the entire structure.

Exterior Walls Steel frame construction (with stucco and wood facia)

RoofReplaced in 2011;

Flat steel deck with built up insulated foam cover

HVAC Seven roof-mounted packaged units

Fire Protection All buildings are fully sprinklered

PlumbingEach floor has a common area men's and women's restrooms

Elevator Two hydraulic passenger elevators

UtilitiesTo Site (600-1000 amp 120/208volt 3 phase 4 wire supply electrical system)

Walls Painted, taped and textured drywall

CeilingMetal grid ceiling system with lay-in

acoustical panels and the ceiling height is 9 feet

Floor CoveringThe first floor is concrete slab and the second and

third floors are metal decking.

WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

P

RO

PE

RT

Y

DE

SC

RI

PT

IO

N

10


WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

P

RO

PE

RT

Y

DE

SC

RI

PT

IO

N

11



6.01% 11.71%CAP RATE PROFORMA CAP RATE

13

WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

F

IN

AN

CI

AL

A

NA

LY

SI

S

FINANCIALANALYSIS


PR

OP

ER

TY

N

AM

E

HE

RE

//

F

IN

AN

CI

AL

A

NA

LY

SI

S

17

PROPERTY INFORMATION

*Loan information is subject to change. Contact your Marcus and Millichap Capital Corporation representative.

PRICE $5,800,000

Down Payment $2,131,500

Current Cap Rate 6.01%

Year 1 Cap Rate 11.71%

Date of Analysis (Acquisition Date) 8/1/2018

Year Built/Renovated 1984

Type of Ownership Fee Simple

Lot Size (Acres) 5.40 Acres

Gross Leasable Area 91,405

Number of Units 34

Price Per SF $63.45

Parking Ratio 4.00 per 1,000 Square Feet

ACQUISITION FINANCING

Acquisition Financing Type Financed

Loan Type New Loan

Loan Amount $3,770,000

Loan to Value Ratio 65.0%

Interest Rate 5.07%

Term (Years) 5 Years

Amorization Period (Years) 30 Years

Loan Constant 6.49%

Annual Debt Service Payment ($244,797)

Maturity Date 8/1/2023

Outstanding Loan Balance at Maturity $3,465,366

WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

F

IN

AN

CI

AL

A

NA

LY

SI

S

14

OPERATING DATA - INCOME

INCOME CURRENT PRO FORMA

Scheduled Base Rental Income $1,044,432 $1,407,228

Expense Reimbursement Income $41,734 $58,664

Total Other Income $18,540 $25,000

Potential Gross Revenue $1,104,706 $1,490,892

Less: General Vacancy $104,362

Effective Gross Income $1,104,706 $1,386,530

Less: Expenses ($756,234) ($707,225)

Net Operating Income $348,472 $679,305

Cash Flow $348,472 $679,305

Debt Service ($244,797) ($244,797)

Debt Service Coverage Ratio 1.42 2.77

Net Cash Flow After Debt Service $103,675 $434,508

Principal Reduction

Total Return $103,675 5.11% $434,508 21.40%

WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

F

IN

AN

CI

AL

A

NA

LY

SI

S

15

OPERATING DATA - EXPENSESOPERATING EXPENSES CURRENT PRO FORMA

Real Estate Taxes $113,231 $113,231

Insurance $14,021 $14,021

Utilities - Electric $236,358 $240,000

Utilities - Water $32,791 $33,000

Garbage $3,861 $3,861

Repairs & Maintenance $80,154 $50,000

Telephone / Internet CAM $5,199 $5,199

Security Service / Fire Control $49,272 $49,272

Cleaning Janitorial $83,614 $86,000

Management Fees $44,188 $55,462

Pest Control $3,617 $3,617

Landscaping $33,562 $33,562

HVAC $56,366 $20,000

Total Expenses $756,234 $707,225

Expenses Per SF

% of EGI 68.46% 51.01%


TENANT SUITE SF % OF TOTAL SF

LEASE COMMENCE LEASE EXPIRE MONTHLY

RENT RENT/ SF OPTIONS/TERMS

RESolutions Education Service Provider, Inc A110 6,098 6.67% 9/1/2011 6/30/2022 $8,131 $1.33

Fletcher Companies B101 3,997 4.37% 4/1/2018 3/31/2021 $3,997 $1.00

Aerobiology Lab Associates B110 1,833 2.00% 6/1/2013 7/31/2019 $2,520 $1.37

Allied International Credit Corp B202 4,258 4.66% 12/1/2007 8/31/2018 $6,564 $1.54

Mi Casa Su Casa, LLC B210 5,993 6.55% 1/1/2016 6/30/2021 $6,742 $1.12

Southwest Financial Planning Corporation, Inc. B214 1,495 1.64% 2/1/2009 2/28/2019 $1,869 $1.25

RENT ROLL

WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

F

IN

AN

CI

AL

A

NA

LY

SI

S

16


TENANT SUITE SF % OF TOTAL SF LEASE COMMENCE LEASE EXPIRE MONTHLY

RENT RENT/ SF OPTIONS/TERMS

RGIS, LLC C110 1,529 1.67% 7/1/2011 10/31/2019 $2,039 $1.35

Publishers Management Corporation C120 & C140 4,428 4.84% 9/1/2017 9/30/2020 $6,130 $1.37 1/3

Bud Industries, Inc. C130 1,630 1.78% 2/1/2010 1/31/2019 $2,173 $1.33

Tricia Hammond C201 1,370 1.50% 3/1/2016 5/31/2019 $1,713 $1.25

D&G Arizona Enterprises, Inc. C205 932 1.02% 9/1/2011 8/31/2019 $1,282 $1.38

U.S. Security Associates, Inc. C212 3,989 4.36% 2/1/2011 6/30/2019 $6,448 $1.62

Healthcare Collections-I, LLC. D100 7,634 8.35% 1/1/2014 5/31/2023 $8,906 $1.17 1/5

Paid in Full, Inc. D101 2,682 2.93% 2/1/2016 2/28/2019 $2,906 $1.08

Kaleidoscope Family Solutions, Inc D207 1,156 1.26% 1/1/2016 3/31/2019 $1,421 $1.23

Xcellent Accounting Options, LLC D208 891 0.97% 9/1/2017 11/30/2020 $1,040 $1.17 1/2

Care Givers of Arizona, Inc. D240 3,006 3.29% 8/1/2018 7/31/2022 $3,570 $1.19 2/3

Arizona Skin & Laser Institute, LTD. D300 12,570 13.75% 10/1/2007 5/31/2022 $19,585 $1.56

Vacant A100 7,265 7.95% $0.00

Vacant B100 1,152 1.26% $0.00

Vacant B102 3,010 3.29% $0.00

Vacant B120 923 1.01% $0.00

Vacant B212 570 0.62% $0.00

Vacant C100 2,304 2.52% $0.00

Vacant C200 1,856 2.03% $0.00

Vacant C203 1,276 1.40% $0.00

Vacant C208 1,254 1.37% $0.00

Vacant D209 1,698 1.86% $0.00

Vacant D250 767 0.84% $0.00

Vacant D260 770 0.84% $0.00

Vacant D265 738 0.81% $0.00

Vacant D270 1,413 1.55% $0.00

TOTAL AVAILABLE 25,914 28.35%

TOTAL OCCUPIED 65,491 71.65% $87,036

TOTAL 91,405 100% $87,036

RENT ROLL CONT'D

WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

F

IN

AN

CI

AL

A

NA

LY

SI

S

17



$63.45PRICE PER SQUARE FOOT

19

WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

C

OM

PA

RA

BL

E

PR

OP

ER

TI

ES

COMPARABLEPROPERTIES


PROPERTY NAME SALES DATE YEAR BUILT/RENOVATED PRICE RENTABLE

SFCAP RATE PARKING RATIO

Westwood Business Center 2222-2228 West Northern Ave, Phoenix, AZ 1984 $5,800,000 91,405 6.01% 4.0 per 1,000 SF

3333 E Camelback Road, Phoenix, AZ 12/19/2017 1984 $21,250,000 96,248 5.2 per 1,000 SF

2222 W Dunlap Avenue, Phoenix, AZ 1/1/2018 1998 $9,500,000 138,430 6.0 per 1,000 SF

1221-1313 E Osborn Road, Phoenix, AZ 3/29/2018 1987 $9,750,000 89,214 7.90% 3.5 per 1,000 SF

5150 N 16th Street, Phoenix, AZ 4/11/2018 1975 $6,000,000 53,417 4.0 per 1,000 SF

6245 N 24th Street, Phoenix, AZ 2/17/2017 1980 $7,075,000 44,174 6.50% 4.5 per 1,000 SF

SALES COMPARABLES – SUMMARY

WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

C

OM

PA

RA

BL

E

PR

OP

ER

TI

ES

20

4

5

1

2

3


WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

C

OM

PA

RA

BL

E

PR

OP

ER

TI

ES

21

3333 E CAMELBACK ROAD3333 E Camelback Road, Phoenix, AZ 85018

WESTWOOD BUSINESS CENTER2222-2228 West Northern Avenue, Phoenix, AZ 85021

1

SALES COMPARABLES

SALES PRICE $5,800,000

Price/Rentable SF $63.45

Rentable SF 91,405


CAP Rate 6.01%

Occupancy 71.65%

SOLD PRICE $21,250,000


Rentable SF 96,248


Occupancy 95.60%

COMMENTS

95.6% leased at time of sale.

WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

C

OM

PA

RA

BL

E

PR

OP

ER

TI

ES

22

THE ASHBY ON OSBORN1221-1313 E Osborn Road, Phoenix, AZ 85014

CONCORDE COMMERCE CENTER2222 W Dunlap Avenue, Phoenix, AZ 85021

32



Rentable SF 138,430


Occupancy 13%



Rentable SF 89,214


CAP Rate 7.90%

Occupancy 80%

COMMENTS

13% leased at time of sale.

COMMENTS

80% leased at time of sale.

WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

C

OM

PA

RA

BL

E

PR

OP

ER

TI

ES

23

BILTMORE 246245 N 24th Street, Phoenix, AZ 85016

WILLOWICK SQUARE5150 N 16th Street, Phoenix, AZ 85016

54



Rentable SF 53,417


Occupancy 74.70%



Rentable SF 44,174


CAP Rate 6.50%

Occupancy 64.10%

COMMENTS


COMMENTS


SALES COMPARABLES

WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

C

OM

PA

RA

BL

E

PR

OP

ER

TI

ES

24

PROPERTY NAME SQUAREFEET OCCUPANCY AVAILABLE

SF ASKING RENT LEASE TYPE

Westwood Business Center2222-2228 West Northern Avenue, Phoenix, AZ 85021 91,405 71.65% 25,914 Full Service

Northwest Business Center II 9201 N 25th Avenue, Phoenix, AZ 85021

57,058 33.20% 38,095 $1.63 Full Service

The Corporate Center 9630 N 25th Avenue, Phoenix, AZ 85021

116,813 51.50% 56,616 $1.67-$1.83 Full Service

Concorde Commerce Center 2222 W Dunlap Avenue, Phoenix, AZ 85021

138,430 12.20% 121,482 $2.00 Full Service

Crescent Corporate Center 2400 W Dunlap Avenue, Phoenix, AZ 85021

108,451 55% 58,143 $1.33-$1.38 Full Service

Park North 1717 W Northern Avenue, Phoenix, AZ 85021

62,938 35.40% 40,690 $1.25 Full Service

LEASE COMPARABLES – SUMMARY

WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

C

OM

PA

RA

BL

E

PR

OP

ER

TI

ES

26

PR

OP

ER

TY

N

AM

E

HE

RE

//

C

OM

PA

RA

BL

E

PR

OP

ER

TI

ES

4

5

3

1

2


WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

C

OM

PA

RA

BL

E

PR

OP

ER

TI

ES

27

NORTHWEST BUSINESS CENTER I I9201 N 25th Avenue, Phoneix, AZ 85021

WESTWOOD BUSINESS CENTER2222-2228 West Northern Avenue, Phoenix, AZ 85021

1

LEASE COMPARABLES

Rentable SF 91,405

Occupancy 71.65%

Year Built 1984

Available SF 25,914

Lease Type Full Service

Rentable SF 57,058

Occupancy 33.20%

Year Built 1983

Rent/SF $1.63

Available SF 38,095


WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

C

OM

PA

RA

BL

E

PR

OP

ER

TI

ES

28

CONCORDE COMMERCE CENTER2222 W Dunlap Avenue, Phoenix, AZ 85021

THE CORPORATE CENTER9630 N 25th Avenue, Phoenix, AZ 85021

32

Rentable SF 138,430

Occupancy 12.20%

Year Built 1998

Rent/SF $2.00

Available SF 121,482


Rentable SF 116,813

Occupancy 51.50%

Year Built 1982

Rent/SF $1.67 - $1.83

Available SF 56,616


WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

C

OM

PA

RA

BL

E

PR

OP

ER

TI

ES

29

PARK NORTH1717 W Northern Avenue, Phoenix, AZ 85021

CRESCENT CORPORATE CENTER2400 W Dunlap Avenue, Phoenix, AZ 85021

54

Rentable SF 62,938

Occupancy 35.40%

Year Built 1985

Rent/SF $1.25

Available SF 40,690


Rentable SF 108,451

Occupancy 55.00%

Year Built 1987

Rent/SF $1.33 - $1.38

Available SF 58,143


LEASE COMPARABLES

WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

C

OM

PA

RA

BL

E

PR

OP

ER

TI

ES

30



440,294TOTAL POPULATION WITHIN 5-MILE RADIUS

33

WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

M

AR

KE

T

OV

ER

VI

EW

MARKETOVERVIEW


LOCATION OVERVIEWThe Phoenix metro is often referred to as the Valley of the Sun and consists of Maricopa and

Pinal counties. The region is hemmed in by mountains to the north and east. American Indian

reservations to the east and south limit development in those directions, leaving the southeastern

corridor and western half of the metro as the primary growth areas. The most populous city is

Phoenix, which encompasses about 520 square miles, is the capital city and boasts a population

of nearly 1.6 million. Interstate 10 is a major trucking route directly connecting the region to

Southern California, which is supporting a growing distribution industry. Various rail and air lines

connect the metro to cities around the world.

Phoenix offers a lower cost of living than other metros its size, a moderate climate and a variety

of recreational and cultural options. In addition to outdoor activities, sports enthusiasts can enjoy

one of the most complete lineups of major-league teams found in any city, including teams in all

four major sports. The Cactus League holds spring training baseball throughout the Valley, and the

area has numerous golf courses and tennis courts. Phoenix is home to the world-famous Heard

Museum and Frank Lloyd Wright’s Taliesin West. Music venues include Phoenix Symphony Hall

and the Orpheum Theatre. Higher-education institutions include Arizona State University, Grand

Canyon University and community colleges.

WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

M

AR

KE

T

OV

ER

VI

EW

34

► Phoenix claims multiple Fortune 500 headquarters, including Freeport-

McMoRan, Republic Services, Insight Enterprises and Avnet.

► The construction, high-tech manufacturing, healthcare and tourism industries

dominate the Phoenix economy.

► Healthcare is a critical industry, with around 20 hospitals and the UA medical

school located in the metro. Also, the Mayo Clinic has added multiple facilities

located throughout the Valley

WESTWOOD BUSINESS CENTERP H O E N I X , A Z

LOCATION HIGHLIGHTS

WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

M

AR

KE

T

OV

ER

VI

EW

35

DEMOGRAPHICS HIGHLIGHTS

440,294

164,507 $60,114

TOTAL POPULATION WITHIN 5-MILES

TOTAL HOUSEHOLDS WITHIN 5-MILES

AVERAGE HOUSEHOLD INCOMEWITHIN 5-MILES

WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

M

AR

KE

T

OV

ER

VI

EW

36

UNIT TYPE 1 MILE 3 MILES 5 MILES

2022 ProjectionTotal Population

21,658 176,888 431,594

2017 EstimateTotal Population

21,754 180,223 440,294

2010 CensusTotal Population

20,288 167,258 407,963

2000 CensusTotal Population

20,811 172,734 428,986

Daytime Populations2017 Estimate

25,759 191,971 485,180

HOUSEHOLDS 1 MILE 3 MILES 5 MILES

2022 ProjectionTotal Households

8,975 66,818 166,507

2017 EstimateTotal Households

8,830 66,067 164,893

2010 CensusTotal Households

8,283 62,172 154,485

2000 CensusTotal Households

8,993 66,471 165,238

HOUSEHOLDS BY INCOME 1 MILE 3 MILES 5 MILES

2017 Estimate

$200,000 or More 2.52% 3.11% 2.99%

$150,000 - $199,999 1.32% 2.19% 2.41%

$100,000 - $149,000 7.43% 8.41% 8.71%

$75,000 - $99,999 6.61% 8.34% 9.28%

$50,000 - $74,999 15.13% 17.07% 17.69%

$35,000 - $49,999 16.83% 15.54% 15.24%

$25,000 - $34,999 13.17% 12.01% 12.39%

$15,000 - $24,999 16.78% 15.25% 14.33%

Under $15,000 19.99% 18.49% 17.83%

Average Household Income $52,159 $59,059 $60,114

Median Household Income $34,840 $38,977 $40,842

Per Capita Income $21,254 $21,799 $22,664

POPULATION PROFILE 1 MILE 3 MILES 5 MILES

Population By Age

2017 Estimate Total Population 21,754 180,223 440,294

Under 20 27.51% 28.02% 27.53%

20 to 34 Years 26.18% 22.28% 22.43%

35 to 39 Years 6.96% 6.70% 6.77%

40 to 49 Years 12.97% 13.14% 13.26%

50 to 64 Years 16.68% 17.21% 17.80%

Age 65+ 9.69% 12.65% 12.21%

Median Age 32.59 34.8 35.03

Population 25+ by Education Level

2017 Estimate Population Age 25+ 13,890 116,879 287,961

Elementary (0-8) 5.36% 6.71% 6.90%

Some High School (9-11) 10.38% 10.39% 10.09%

High School Graduate (12) 29.94% 29.24% 27.97%

Some College (13-15) 23.94% 23.55% 24.05%

Associate Degree Only 8.64% 7.87% 7.89%

Bachelors Degree Only 13.45% 12.53% 13.53%

Graduate Degree 6.58% 7.99% 7.96%

Population by Gender

2016 Estimate Total Population 00,000 00,000 00,000

Male Population 00.00% 00.00% 00.00%

Female Population 00.00% 00.00% 00.00%

WE

ST

WO

OD

B

US

IN

ES

S

CE

NT

ER

//

M

AR

KE

T

OV

ER

VI

EW

37

E X C L U S I V E LY L I S T E D B Y


EDWARD J. NELSONFirst Vice President Investments

Sacramento OfficeCell 916.425.9179

Office [email protected]

License CA 01452610

westwood business center - loopnet

Documents