Retail and Office Courtyard
For Sale
$6,450,000
12211 - 12213 West Bell Road, Surprise, AZ 85378
Two-building retail and office asset with a central courtyard and covered amenities, benefiting from high-visibility Bell Road frontage.
Property Size29,320 SF
Lot Size2.77 Acres
Price / SF$219.99
Days on Market93
Property Features for 12211 - 12213 West Bell Road
General Information
Standard status
Active
Size
29,320 SF
Class
Class B
Lot size
2.77 Acres
Property subtype
Retail
Occupancy
100%
Site & Location
Traffic Count
66,000 vehicles/day
Road Access
Yes
Building Details
Building Size
29,320 SF
Year Built
1990
Tenancy
Multi
Listing Agency:
Western Retail Advisors
Listed By:
Kalen Rickard · License #SA623748000
(602) 931-4492
Source:
W-retail
Added: Jun 2
Changed: Aug 17
Last Checked: Sep 2 at 1:28PM
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 Western Retail Advisors
Investment Insights
Based on property information with market context.
The Courtyard at Sunridge Plaza is a two-building retail and office property designed around a central courtyard and covered atrium experience. The site includes covered parking, balconies, and inviting outdoor seating, along with outside-access suites that support convenient tenant operations and guest arrivals. The property is presented as a Class B asset with modern exterior design and a strong leasing profile, listed with 100% occupancy.
Located along Surprise, Arizona’s most traveled commercial corridor on W Bell Road, the property benefits from prominent monument signage and identity-visible frontage. The listing notes visibility to over 66,000 vehicles per day, along with ample guest parking for customer convenience.
For buyers seeking a mixed-use retail and office investment with character and functionality, this courtyard configuration can support a range of tenant types that value walk-up access and shared outdoor/common areas. The combination of covered amenities, outdoor seating, and quick outside access makes it a practical fit for operators looking to differentiate in a high-traffic retail corridor.
Located along Surprise, Arizona’s most traveled commercial corridor on W Bell Road, the property benefits from prominent monument signage and identity-visible frontage. The listing notes visibility to over 66,000 vehicles per day, along with ample guest parking for customer convenience.
For buyers seeking a mixed-use retail and office investment with character and functionality, this courtyard configuration can support a range of tenant types that value walk-up access and shared outdoor/common areas. The combination of covered amenities, outdoor seating, and quick outside access makes it a practical fit for operators looking to differentiate in a high-traffic retail corridor.
Key Highlights
- 29,320 SF two‑building Class B retail and office property at 12211‑12213 W Bell Road, built in 1990
- 2.77 acres with 100% occupancy
- Covered atrium, central courtyard, balconies, and inviting outdoor seating
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
$394,369
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
6.11%
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%
$7,887,380
$7.9M
Cap Rate 7%
$5,633,843
$5.6M
Cap Rate 9%
$4,381,878
$4.4M
Market Conditions
NOI Build-Up for 29,320 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
$615.7K $21.00/SF
− Vacancy
−$52.3K −$1.79/SF
EGI
$563.4K $19.22/SF
− OpEx
−$169.0K −$5.76/SF
NOI
$394.4K $13.45/SF
Area
Surprise, AZ
Vacancy
8.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
30.00%
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%
$7,887,380
Cap Rate 7%
$5,633,843
Cap Rate 9%
$4,381,878
Alternative Uses
Best Use
Retail
$5.63M
$4.93M – $6.57M
NOI $394,369 @ 7.0% cap · market cap 6.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.04M
$7.91M – $10.55M
NOI $632,932 @ 7.0% cap · market cap 9.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
66,000 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
465
Businesses Nearby
9k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 84%
Hotels & Casinos 16%
Chevron
Shops & Services
7,807 visits/mo
0.1 miles
Comfort Inn & Suites Surprise Near Sun City West
Hotels & Casinos
1,453 visits/mo
0.3 miles
Demographics for 85378, AZ
9,368
Population
4,671
Households
2
Avg Household Size
39
Median Age
17%
College-Educated
85%
High-School Grad
3.6 sq mi
ZIP Area
2,602
Density / Sq Mi
$62,881
Median Household Income
$39,942
Median Earnings
$1,369
Median Rent
$235,200
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Two-building retail and office asset with a central courtyard and covered amenities, benefiting from high-visibility Bell Road frontage.
Where is this strip mall located?
The property is located at 12211 - 12213 West Bell Road Surprise, AZ.
What is the asking price?
The asking price for this property is $6,450,000.
What are key features of this property?
This property features: 29,320 SF two‑building Class B retail and office property at 12211‑12213 W Bell Road, built in 1990; 2.77 acres with 100% occupancy; Covered atrium, central courtyard, balconies, and inviting outdoor seating
