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Views: 114 DOM: 507 Updated: 10.25.24 Posted: 08.02.23 Status: Active

Summary

Price $115,000,000
Built/Renov 2021
Tenant The Westin by Marriott
Cap Rate 6.09%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 290,383
Lease Start 09-01-2023
#Units 235
Price/SF $396.03
Expiration 08-31-2048
Tenant Type Other
NOI $7,000,000
R. Term 23.8
Ownership Fee Simple
Rent/SF $24.11
Increases 2.0%/1/yrs
Pop 5Mi 336,728
Lot/AC 0.85
Options 4/5yrs/2%
AHHI 5Mi $82,015

Lease Highlights

  • The Westin by Marriott has 23+ years remaining on the current lease term with 4 (5-year) options to extend
  • Lease features 2% annual rent increases throughout the initial term and each option
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee by Marriott International (NASDAQ: MAR)

Location Description

This 290,838 square foot 17-story The Westin by Marriott is positioned on E 7th Street and features great access from S Mill Ave and E University drive which have a combined traffic count exceeding 54,500 VPD. Arizona State University is directly adjacent to the subject property with enrollment exceeding 112,100 students. Phoenix Sky Harbor International Airport (PHX) is only 10 minutes away...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Westin Hotels & Resorts is an American upscale hotel chain owned by Marriott International. As an upscale hotel chain Westin offers their guests premium amenities including 24/7 access to...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 27,715 133,801 351,263
2023 Total Population : 25,371 124,909 338,331
2023 Employed Civilian Pop : 13,418 73,097 192,322
2023 Total Businesses : 1,070 6,736 15,626
2023 Average Household Income : $ 84,420 $ 80,317 $ 87,913
2023 Total Consumer Spending : $ 679 M $ 3841 M $ 11272 M
2023 Median Age : 23 28 32
2023 Total Households : 9,081 54,127 145,659
2023 Pop Age 25+: Bachelor's Degree : 2,880 20,169 57,777
2023 Average Home Value : $ 447,787 $ 387,737 $ 393,127
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
S Mill Ave E 9th St 2016 27,094 0.13 mi
South Mill Avenue E 5th St 2018 28,746 0.16 mi
East 5th Street S Forest Ave 2018 6,346 0.22 mi
E 5th St S Forest Ave 2016 8,068 0.22 mi
W University Dr S Ash Ave 2015 26,274 0.23 mi
S College Ave E 7th St 2016 5,561 0.25 mi
W 5th St S Maple Ave 2005 3,764 0.25 mi
West University Drive S Farmer Ave 2018 32,080 0.25 mi
South College Avenue E 6th St 2018 4,021 0.25 mi
S Cady Mall Tyler Mall 2009 7,578 0.30 mi

Listing Broker

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