NOT LISTED FOR SALE

3550 N Central Ave Phoenix, AZ 85012

Midtown Phoenix Neighborhood
Studio
-- Bath
284,709 Sq Ft
4.41 Acres

Last Sold January 06, 2022

Last sale price $5,100,000 $18 Per Sq Ft

48 Days on Market

Highlights

  • 4.41 Acre Lot
  • 3-minute walk to Osborn/Central Ave
  • Heating Available
  • Phoenix Coding Academy Rated A
  • Central Air

About This Home

As of January 2022

Rare opportunity to acquire a ground lease in the heart of mid-town Phoenix. With 140 years remaining, here is your chance to acquire a passive income investment. Improvements not included in the sale comprise a 20-story office building with 284,709 rentable square feet and a three-level parking structure. 3550 N Central Avenue is located 2 miles North of Downtown Phoenix in the vibrant mid-town neighborhood. And located just a block north of the redeveloping Park Central mixed-use project, this opportunity is hard to pass on.

Last Agent to Sell the Property

Beth Jo Zeitzer

R.O.I. Properties License #BR044331000 Listed on: 10/04/2021

Co-Listed By

Jason Butler

R.O.I. Properties License #BR545613000

Last Buyer's Agent

Non-MLS Agent

Non-MLS Office

Property Details

Property Type

  • Other

Year Built

  • Built in 1958

Lot Details

  • 4.41 Acre Lot
  • Property is zoned PUD

Home Design

  • 284,709 Sq Ft Home

Parking

  • 1,105 Parking Spaces
  • 1,105 Covered Spaces

Utilities

  • Central Air
  • Heating Available

Community Details

  • Lane Sub Subdivision
  • Operating Expense $248,937

Listing and Financial Details

  • Tax Lot 10
  • Assessor Parcel Number 118-32-028-A

Property Details

Property Type

Other

Year Built

Built in 1958

Lot Details

0

Listing Details

  • Cross Street: N Central Ave. & W Osborn Rd.
  • Legal Info Range: 3E
  • Property Type: Comm/Industry Sale
  • Zoning: PUD
  • Number Of Buildings: 1
  • Ownership: Leasehold
  • Year Built: 1958
  • Tax Year: 2020
  • Lot Size Acres: 4.41
  • Road Surface Type: Asphalt, Sidewalk(s)
  • Co List Office Mls Id: roip01
  • Co List Office Phone: 602-319-1326
  • Subdivision Name: LANE SUB
  • Structure Type: Commercial, Office
  • Tax Parcel Letter: A
  • Water Source City Franchise: Yes
  • Special Features: None
  • Property Sub Type: Other

Interior Features

  • Flooring: Other
  • Living Area: 284709.0

Exterior Features

  • Fencing: Other
  • Disclosures: None
  • Construction Type: Other
  • Roof: Other
  • Construction:Other (See Remarks)23: Yes

Garage/Parking

  • Total Covered Spaces: 1105.0
  • Parking Features: Other
  • Attached Garage: No
  • Total Parking Spaces: 1105.0
  • General Property Description:Covered Parking Spcs: 1105.0
  • General Property Description:Total Parking Spcs: 1105.0

Utilities

  • Electric: Other (See Remarks)
  • Cooling: Central Air, Other
  • Heating: Other
  • Cooling Y N: Yes
  • Heating Yn: Yes
  • Water Source: City Franchise
  • Main Cooling Other: Yes

Lot Info

  • Lot Size Sq Ft: 192305.0
  • Parcel #: 118-32-028-A

Multi Family

  • Annual Operating Expense: 248937.0

Tax Info

  • Tax Annual Amount: 248937.0
  • Tax Book Number: 118.00
  • Tax Lot: 10
  • Tax Map Number: 32.00

Ownership History

Date Name Owned For Owner Type

Purchase Details

Closed on
Oct 30, 2018
Sold by
P6 North Central Apartments Llc
Bought by
Re Ii Office Iii Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$22,000,000
Outstanding Balance
$19,150,165
Interest Rate
4.7%
Mortgage Type
Commercial

Purchase Details

Closed on
May 14, 2012
Sold by
Wbcmt 2005 C21 North Central Tower Llc
Bought by
P6 3550 North Central Llc

Purchase Details

Closed on
Mar 20, 2006
Sold by
3350 N Central Avenue Llc
Bought by
City Of Phoenix

Purchase Details

Closed on
Feb 10, 2006
Sold by
First Interstate Bank Of Arizona Na
Bought by
Laird Mitchell C and Doyle Family Trust

Purchase Details

Closed on
Mar 25, 1998
Sold by
Fides Interstate Corporate Center Ii Inv
Bought by
Valley Frontier Llc

Purchase Details

Closed on
Oct 31, 1995
Sold by
3550 North Central Corp
Bought by
Fides Interstate Corporate Center Ii Inv

Purchase Details

Closed on
Jan 9, 1995
Sold by
Whitehead Milton J and Whitehead Larae J
Bought by
Shumard Thomas J
Source: Public Records
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Re Ii Office Iii Llc $14,650,000 Commonwealth Title
P6 3550 North Central Llc $6,400,000 Old Republic Title Agency
City Of Phoenix -- None Available
Laird Mitchell C -- None Available
Valley Frontier Llc $18,750,000 Chicago Title Insurance Co
Fides Interstate Corporate Center Ii Inv $9,825,000 Chicago Title Insurance Co
Shumard Thomas J -- --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Re Ii Office Iii Llc $22,000,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
01/06/2022 01/06/22 Sold $5,100,000 +4.1% $18 / Sq Ft
10/07/2021 10/07/21 Pending -- -- --
10/04/2021 10/04/21 For Sale $4,900,000 -3.9% $17 / Sq Ft
10/03/2021 10/03/21 Off Market $5,100,000 -- --
08/20/2021 08/20/21 For Sale $4,900,000 -- $17 / Sq Ft
Source: Arizona Regional Multiple Listing Service (ARMLS)

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $13,430 $103,416 -- --
2024 $13,321 $101,570 -- --
2023 $13,321 $511,020 $495,720 $15,300
2022 $13,636 $392,508 $382,725 $9,783
2021 $14,264 $404,388 $393,660 $10,728
2020 $13,903 $310,374 $299,520 $10,854
2019 $13,300 $289,854 $279,936 $9,918
2018 $12,860 $179,424 $170,298 $9,126
2017 $11,806 $154,449 $138,302 $16,147
2016 $12,072 $154,449 $138,302 $16,147
Source: Public Records

Agents Affiliated with this Home

  • B

    Seller's Agent in 2022

    Beth Jo Zeitzer

    R.O.I. Properties

    Section Image
  • Jason Butler

    Seller Co-Listing Agent in 2022

    Jason Butler

    R.O.I. Properties

    (602) 288-6959

    2 in this area

    33 Total Sales

    Jason Butler
    Section Image

  • N

    Buyer's Agent in 2022

    Non-MLS Agent

    Non-MLS Office

See All Agents

Map

Source: Arizona Regional Multiple Listing Service (ARMLS)

MLS Number: 6282464

Arizona Regional Multiple Listing Service (ARMLS)

APN: 118-32-030B

Arizona Maricopa County Phoenix 85012 Midtown Phoenix

3550 N Central Ave, Phoenix, AZ

Not Listed for Sale

Other

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Arizona Regional Multiple Listing Service (ARMLS) All information should be verified by the recipient and none is guaranteed as accurate by ARMLS

Listing Information presented by local MLS brokerage: Ten-X, local REALTOR®- Arlene Richardson - (888)-952-6393

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