Dick’s Sporting Goods NNN
For Sale
Contact for pricing
1421 S Signal Butte Rd, Mesa, AZ 85209
Newly constructed retail property with a long-term net lease and multiple renewal options.
Property Size82,300 SF
Price / SF$296
Days on Market147
Property Features for 1421 S Signal Butte Rd
General Information
Standard status
Active
Size
82,300 SF
Property subtype
Retail
Zoning
Commercial
Occupancy
100%
Lease Type
Net
Investment Type
Net Lease
Additional Details
Anchor Co-Tenants
Target
Building Details
Year Built
2026
Buildings
1
Stories
2
Units
1
Tenancy
Single
Listing Agency:
SimonCRE
Listed By:
Peter LeBlanc · License #AZ: SA708476000
Source:
Crexi
Added: Apr 7
Changed: Aug 30
Last Checked: Aug 30 at 11:53PM
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 SimonCRE
Investment Insights
Based on property information with market context.
The Dick’s Sporting Goods property comprises 82,300 square feet of newly constructed retail space completed in 2026. It is offered with a net lease structure and 15-year lease terms, along with four five-year renewal options. Contractual rent increases are included over the lease term.
Located at 1421 S Signal Butte Rd in Mesa, Arizona, the property is part of a power center anchored by Target. Commercial zoning supports its retail-oriented setting and established shopping-center context. The combination of recent construction, extended lease duration, renewal provisions, and scheduled increases provides a defined framework for ownership.
Located at 1421 S Signal Butte Rd in Mesa, Arizona, the property is part of a power center anchored by Target. Commercial zoning supports its retail-oriented setting and established shopping-center context. The combination of recent construction, extended lease duration, renewal provisions, and scheduled increases provides a defined framework for ownership.
Key Highlights
- 82,300 square feet of retail space
- Dick’s Sporting Goods tenancy
- 2026 construction
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
$866,086
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
3.56%
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%
$17,321,720
$17.3M
Cap Rate 7%
$12,372,657
$12.4M
Cap Rate 9%
$9,623,178
$9.6M
Market Conditions
NOI Build-Up for 82,300 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
$1.33M $16.20/SF
− Vacancy
−$96.0K −$1.17/SF
EGI
$1.24M $15.03/SF
− OpEx
−$371.2K −$4.51/SF
NOI
$866.1K $10.52/SF
Area
ZIP 85209
Vacancy
7.20%
Lease Rate
$16.20 /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%
$17,321,720
Cap Rate 7%
$12,372,657
Cap Rate 9%
$9,623,178
Alternative Uses
Best Use
Retail
$12.37M
$10.83M – $14.43M
NOI $866,086 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$27.33M
$23.91M – $31.88M
NOI $1,912,878 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
22
Businesses Nearby
Explore this area
Business Placement
Demographics for 85209, AZ
44,192
Population
21,921
Households
2
Avg Household Size
44
Median Age
33%
College-Educated
93%
High-School Grad
11.8 sq mi
ZIP Area
3,745
Density / Sq Mi
$80,498
Median Household Income
$46,682
Median Earnings
$1,798
Median Rent
$363,800
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?
NNN property - Newly constructed retail property with a long-term net lease and multiple renewal options.
Where is this nnn property located?
The property is located at 1421 S Signal Butte Rd Mesa, AZ.
What is the asking price?
The asking price for this property is $24,361,000.
What are key features of this property?
This property features: 82,300 square feet of retail space; Dick’s Sporting Goods tenancy; 2026 construction
