Mesa Retail Property For
For Sale
Contact for pricing
1151 E McKellips Rd, Mesa, AZ
Freeway-accessible retail property with drive-through and high traffic volume.
Property Size13,050 SF
Lot Size1.86 Acres
Price / SF$268.20
Days on Market859
Property Features for 1151 E McKellips Rd
General Information
Standard status
Active
Size
13,050 SF
Lot size
1.86 Acres
Property subtype
RETAIL
Listing Agency:
LevRose Commercial Real Estate
(480) 947-0600
Listed By:
Mark Cassell · License #SA659518000
(818) 390-0838
Source:
Moodyscre
Added: May 8, 2024
Changed: Jul 6
Last Checked: Sep 12 at 7:01AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of LevRose Commercial Real Estate
Investment Insights
Based on property information with market context.
This retail property, formerly a CVS, is located at the southwest corner of Stapley and McKellips Road in Mesa, Arizona. The property is available for sale or lease. It benefits from a hard corner location and high traffic volume of approximately 51,571 vehicles per day. A drive-through is included. The average household income within a 1-mile radius is approximately $96,000. The property is situated across from a Fry’s-anchored center and offers convenient access to the I-10 and US-60 freeways. Contact broker for availability date. Do not disturb tenant. The property size is 13,050 square feet.
Key Highlights
- High traffic location with approximately 51,571 vehicles per day.
- Hard corner location.
- Includes a drive‑through.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$123,826
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.54%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,476,520
$2.5M
Cap Rate 7%
$1,768,943
$1.8M
Cap Rate 9%
$1,375,844
$1.4M
Market Conditions
NOI Build-Up for 13,050 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$177.0K $13.56/SF
− Vacancy
−$11.9K −$0.91/SF
EGI
$165.1K $12.65/SF
− OpEx
−$41.3K −$3.16/SF
NOI
$123.8K $9.49/SF
Area
Mesa, AZ
Vacancy
6.70%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,476,520
Cap Rate 7%
$1,768,943
Cap Rate 9%
$1,375,844
Alternative Uses
Best Use
Specialty Retail
$1.77M
$1.55M – $2.06M
NOI $123,826 @ 7.0% cap · market cap 3.54%
Second Best
Retail
$1.65M
$1.44M – $1.93M
NOI $115,571 @ 7.0% cap · market cap 3.30%
Theoretical Best
Office A
$3.58M
$3.13M – $4.17M
NOI $250,397 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
548
Businesses Nearby
135k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 39%
Dining 31%
Groceries 26%
Electronics 5%
Walmart Neighborhood Market
Groceries
34,958 visits/mo
0.5 miles
Fry's Fuel Center
Shops & Services
21,257 visits/mo
0.2 miles
Taco Bell
Dining
15,310 visits/mo
0.1 miles
SUBWAY
Dining
10,033 visits/mo
0.2 miles
Andy's Frozen Custard
Dining
9,679 visits/mo
0.3 miles
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Similar Off Market Nearby
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- Darla J. Russell, RPH — 840 E McKellips Rd, Mesa, AZ 85203, United States
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Frequently Asked Questions
What type of property is this?
Drug store - Freeway-accessible retail property with drive-through and high traffic volume.
Where is this drug store located?
The property is located at 1151 E McKellips Rd Mesa, AZ.
What is the asking price?
The asking price for this property is $3,499,999.
What are key features of this property?
This property features: High traffic location with approximately 51,571 vehicles per day.; Hard corner location.; Includes a drive‑through.
