4001 N 3rd StPhoenix, AZ 85012
Fairmount Place
Asset ClassOffice
Overview
- Four (4) story, multi-tenant garden office building totaling ±87,030 SF
- ±100% leased to a diversified tenant mix with an average size of ±2,800 SF
- Freshly renovated with ±$2.20 million invested in capital improvements from 2022 to 2024. All tenant suites except one (97% of space) are in new/‘spec’ condition
- Ideal combination of stability and upside potential with a ±1.8-year WALT and market rent for the property that is ±7.5% higher than the average in-place rent. The competitive set rental rates are ±42% higher than the average in-place rent for the property
- Fairmount Place’s face rates on new leases increased ±6.85% in the 18 month period between September 2023 and the last lease signed in March 2025. Rates are continuing to increase in the face of a dwindling supply of move-in-ready small office suites
- Exceptional small tenant configuration, coupled with private entrances, shaded breezeways, a large central courtyard, secure outdoor spaces, and a generous ±3.94/1,000 parking ratio perfectly position the property to take advantage of the area’s highly active small tenant market
- Over ±1,863,000 SF has been leased in 336 transactions within a three (3)-mile radius from Fairmount Place from 2024 to the 1st quarter of 2025 at an average tenant size of ±5,545 SF
- Office buildings in metro Phoenix that cater to small tenants are enjoying robust demand and a low vacancy rate of just ±7.6%—vacancy has not reached double digits since 2017
- Transit-oriented location within walking distance of the Metro light rail, four (4) freeways within four (4) miles, and 12-minutes from Sky Harbor Airport
- Situated within Central Phoenix’s dense and rapidly growing urban sprawl—an amenity-rich 24/7 live-and-play hotspot full of restaurants, coffee shops, bars, and newly developed residential
- Surrounded by historic and affluent neighborhoods of Encanto, Willo, and Phoenix Country Club, in which home values typically range from $500,000 to an excess of $3 million
- $13,150,000 | 8.9% cap rate on in-place
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4001 N 3rd StPhoenix, AZ 85012
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Listing provided by Revere CRE