2932 N 14th St

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Address: 2932 N 14th St, Phoenix, Arizona, US
Created date: February 20, 2024
Date last updated: February 20, 2024
  • Cap Rates: 7.15%, 7.56%, 8.0% for 2024, 2025, 2026
  • Lease in Place through 9/30/26
  • Landlord Responsible for Prop Taxes, Major R&M, Insurance
  • New Roof Installed in 2021 w/ Warranty
  • 12-Year Tenant Lease History
  • Federally Funded Program in Existence Since 1987 With 55 Locations in 6 States
  • $74M Operating Budget, With Support From Government Agencies, Foundations, Corporations, Special Events and Private Contributions
  • 4th Largest Hispanic Nonprofit in the Country
  • Due to High Demand, the Tenant is Continuing to Expand and Open Additional
  • Locations
  • Founded in 1987, Southwest Key Operates 55 Programs in 6 States, With Over 1,000 Employees and Serves 6,000 Youth Daily.

Property Description

SVN Desert Commercial Advisors has been hired as the exclusive listing broker for this investment opportunity being marketed at a 7.15% cap rate and below replacement cost at $200/SF. This housing facility has multiple uses beyond the present use such as senior living, assisted living, or rehabilitation housing. There are 62 rooms that can be used for patients ranging from 164 SF to 292 SF. Many rooms have two to three beds currently. Please see the next page for bed count overview. The current tenant of 12 years, Southwest Key Programs, is the fourth largest Hispanic nonprofit in the country with an operating budget of over $74 million. Southwest Key is a national nonprofit operating innovative youth justice programs and schools, safe shelters for immigrant children, and workforce services impacting over 6,000 youth and families each day. The tenant moved into the property in May of 2012 and has had 2% annual rent increases. In September of 2023, the current landlord executed a 3-year extension with the tenant to give a future owner flexibility in negotiating their own lease terms, by changing the use of the property or allowing an owner/operator to buy the facility. The 3-year lease extension has 5% increases in September of 2024 and 2025. This 74 bed facility is the model template facility for all future Southwest Key facilities. This site has over $500,000 of tenant improvements (paid for by the tenant over the last decade) and all mechanical systems have either been replaced or repaired. The landlord is responsible for the roof and structure. The tenant is responsible for all other costs associated with the property. This property sits on 1.5 acres, improved with a 31,181 SF group home constructed in 1964 & 1984. The tenant has been in existence since 1987, is continuing to add additional locations throughout the United States, and is in a growth mode due to high demand. They maintain a high level of occupancy at or near 100%, with an average stay time of 30 to 60 days. While at these facilities, children received health and dental care, schooling, nutritious meals and counseling.

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Multifamily type: Apartments
Price: $6,265,000
No. of Units: 100
Year Built: 19641984
Lot Size: 1.50 Sq ft
Opportunity Zone: No
Price per unit: $62,650
Property Website Click Here
Address: 2932 N 14th St, Phoenix, AZ 85014, USA
Provided by:

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