To receive the full Confidential Offering Memorandum and data room access, please email the listing broker to execute an NDA.

$504,036 normalized NOI. $259,289 current NOI growing to $504K by doing two things: filling 13 vacant suites at locations where fixed costs are already covered — meaning every new suite flows to the bottom line at near-100% incremental margin — and applying $100/month market-rate adjustments at the two most established locations where tenants are provably under-market. That is $244,697 in additional annual NOI already priced into the ask. The buyer is being handed the upside.

The base business is not speculative. 91 tenants locked into minimum 2-year sublease agreements generating $1,327,973 in contracted annual revenue. 95% historical retention across mature locations. Average tenant has operated in their suite for multiple years and generates $58,000+ annually in their own business — they are growing, profitable, and have no reason to leave. This is not booth rental. These are committed independent operators with signed contracts, security deposits, and established clientele.

The model is a fixed-cost NNN master lease arbitrage. Four institutional master leases create a fixed annual cost floor of $931,884. Current gross spread above that floor is $396,089 per year. At full occupancy the spread grows to $640,786. The landlord bears building risk. The buyer captures the margin between what they owe and what 104 suites generate.

$2.5 million has been invested in Class A leasehold improvements across 21,782 square feet at four Phoenix Metro locations established between 2015 and 2024. The buyer acquires this infrastructure at $0.70 on the replacement cost dollar before attributing any value to $1.33M in contracted annual revenue, a proprietary leasing and tenant management platform, or 10 years of brand equity. The platform drives the 95% retention rate and deploys across additional locations without proportional cost increase. It is not in the price.

Phoenix Metro is one of the five fastest-growing major metros in the United States — 200 plus new residents daily. The independent salon suite industry is experiencing significant national consolidation. Multi-location portfolios at this scale and in this market rarely come to market. Leases run long-term with institutional landlords — one location carries two 5-year renewal options, another runs through 2034. No employees. No inventory. 5 to 7 hours per week of documented ownership involvement — with potential Real Estate Professional tax status and significant accelerated depreciation benefits available on qualifying leasehold improvements. Confirm with your CPA.

Please execute the NDA to access the full data room including master leases, rent rolls, management P&L 2024 through 2026, and platform documentation. Management presentation and site tours available by appointment. Seller provides 30-day post-close transition support.