A Diamond in the Rough — Development Opportunity!

2120 W. Highway 89A — Premium Commercial Property

Sedona, AZ 86336


$2,000,000

USD

Listing Description

This property is an underdeveloped 'diamond in the rough' in the heart of the Sedona commercial district with ample signage options. Located at 2120 W Highway 89A next to the Rouge Hotel and across from Harkins Cinema its C-1 zoning allows for multipurpose development of retail, office and residential. Famous local architect Don Woods conceived of underground parking, retail stores and restaurants on the ground floors, with residential lofts with spectacular Red Rock Views, above.

Local Sedona architect Don Woods development plans could incorporate some or all of the existing structures, or all of the buildings could be torn down to start anew. Please see his drawing and an artist concept of complete build-out of the property.

Please note: Below are four different development options including their associated square footage and parking requirements:

Option 1) Keep two recently remodeled buildings and all landscaping intact. Then, in place of the older existing building that abuts Hwy. 89 A, erect a new 6,000 square-foot building with parking below, 3,000 square feet of commercial on the first floor and 3,000 square feet of residential units above. If the smaller, existing 800 square foot building became a small restaurant (coffee and pastries etc.) then the parking requirements for the property would be as follows:

TOTAL PARKING REQUIREMENTS*
800 s.f. Restaurant: 8 spaces
1824 s.f. existing commercial building 8 spaces
3,000 s.f. new commercial building: 12 spaces
3 new residential units @ 2 spaces/unit: 6 spaces
Total 34 spaces

This parking requirement would be supplied by new and existing parking as follows:

Existing parking in front: 9 spaces
New parking in front: 13 spaces
Existing parking Goodrow Lane: 9 spaces
New parking Goodrow Lane: 3 spaces
Total 34 spaces

*Restaurant parking requirement 1 space per 100 s.f., Commercial parking requirement 1 space per 250 s.f., Residential parking requirement 2 spaces per unit

Option 2) This concept maximizes retail opportunities on the ground floor with underground parking below and apartments or condominiums above. In this concept there are a total of 9,750 square-feet of retail space spread among three buildings, a total of 59 parking spaces, and a total of 10 apartments or condos above, (seven one-bedroom units, and 3 two-bedroom units).

Option 3) This concept is very similar to the one above except that the building along 89 A is a restaurant. Since restaurants require more parking than retail there has to be a commensurate reduction in the total combined commercial square footage, as well as a reduction of the total number of apartments or condos. In this concept there are 2,800 square-feet of restaurant space, 5,250 square-feet of retail space (a total of 8,050 square-feet commercial), 59 parking spaces and 5 apartments or condos above.

Option 4) – Rehab of front building. This option is the least expensive and time consuming and allows all of the garden area to be retained. Two additional parking spaces would need to be created, but the room for this requirement is easily available along the Goodrow Lane portion of the property. The rehab could be focused on eventual use as offices, a less expensive option, or as retail spaces, which would cost a bit more.

Information on existing structures and tenants:

Two existing buildings remodeled in 2005: 1824 sq. ft. medical/healing center/office & 820 sq. ft. administrative office. Plus 3rd building 1557 sq. ft. recently remodeled inside. Specifically regarding the medical/healing building, included are: Variable speed fans. Emergency lighting in all rooms. Skylights. Solid doors for sound proofing. An ADA equipped bathroom. Exam room with lots of cabinet and storage space and working sink. Computers can be networked; each room equipped with a 4-plex interface. Water features. Full kitchen. Red Rock views. This property currently earns $5,500 per month as rented, which is below market rate. Both renters are long term tenants, their leases have converted to month to month rentals.

Call for more information: 520-403-6271