Leased Multi-Tenant Shopping
For Sale
$11,079,000
14537 W Grand Ave, Surprise, AZ 85374
Multi-tenant retail center with diverse occupants, scheduled rent increases, and a long-term anchor lease.
Property Size52,685 SF
Price / SF$210.29
Days on Market153
Property Features for 14537 W Grand Ave
General Information
Standard status
Active
Size
52,685 SF
Property subtype
Retail
Occupancy
97%
Site & Location
Corner Location
Yes
Anchor Co-Tenants
Elevate Trampoline Park
Highway Access
Yes
Road Access
Yes
Additional Details
Cap Rate
7%
Building Details
Tenancy
Multi
Listing Agency:
Phoenix Commercial Advisors
(602) 734-7218
Listed By:
John Schweikert · License #SA536326000
Source:
Phoenixcommercialadvisors
Added: Apr 1
Changed: Aug 30
Last Checked: Aug 30 at 4:26PM
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 Phoenix Commercial Advisors
Investment Insights
Based on property information with market context.
This 52,685 SF shopping center is 97% leased and occupied by a varied tenant roster that includes Elevate Trampoline Park, One Stop Tile Shop, PurTone Hearing Centers, Fuzzy’s Sports Grill, Little Sicily Pizza, and U.S. Barbers. Elevate Trampoline Park has a new long-term lease, while multiple tenants have scheduled rent increases during their primary terms and option periods.
Property improvements include a recent parking lot seal coat and striping program, along with upgraded landscaping. The center is located at 14537 W Grand Ave in Surprise, Arizona, across from Banner Del Webb Medical Center, which has ±404 beds and ±1,654 employees. Access and visibility are supported by proximity to U.S. 60, Reems Road, and Mountain View Boulevard, with traffic volumes of approximately ±37,852 VPD and ±25,909 VPD, respectively.
Property improvements include a recent parking lot seal coat and striping program, along with upgraded landscaping. The center is located at 14537 W Grand Ave in Surprise, Arizona, across from Banner Del Webb Medical Center, which has ±404 beds and ±1,654 employees. Access and visibility are supported by proximity to U.S. 60, Reems Road, and Mountain View Boulevard, with traffic volumes of approximately ±37,852 VPD and ±25,909 VPD, respectively.
Key Highlights
- 52,685 SF shopping center that is 97% leased
- 7.00 cap rate
- Tenant roster includes Elevate Trampoline Park, One Stop Tile Shop, PurTone Hearing Centers, and Fuzzy’s Sports Grill
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
$708,640
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
6.40%
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%
$14,172,800
$14.2M
Cap Rate 7%
$10,123,429
$10.1M
Cap Rate 9%
$7,873,778
$7.9M
Market Conditions
NOI Build-Up for 52,685 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
$1.11M $21.00/SF
− Vacancy
−$94.0K −$1.79/SF
EGI
$1.01M $19.22/SF
− OpEx
−$303.7K −$5.76/SF
NOI
$708.6K $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%
$14,172,800
Cap Rate 7%
$10,123,429
Cap Rate 9%
$7,873,778
Alternative Uses
Best Use
Retail
$10.12M
$8.86M – $11.81M
NOI $708,640 @ 7.0% cap · market cap 6.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$16.25M
$14.22M – $18.96M
NOI $1,137,313 @ 7.0% cap · market cap 10.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
97%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,194
Businesses Nearby
8k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 100%
Hilton Garden Inn
Hotels & Casinos
3,412 visits/mo
0.3 miles
Holiday Inn Express & Suites Surprise
Hotels & Casinos
2,721 visits/mo
0.3 miles
Residence Inn Phoenix NW/Surprise
Hotels & Casinos
2,345 visits/mo
0.3 miles
Demographics for 85374, AZ
41,182
Population
21,982
Households
1.9
Avg Household Size
61
Median Age
30%
College-Educated
95%
High-School Grad
12.8 sq mi
ZIP Area
3,217
Density / Sq Mi
$78,690
Median Household Income
$45,427
Median Earnings
$1,897
Median Rent
$355,800
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Shopping center - Multi-tenant retail center with diverse occupants, scheduled rent increases, and a long-term anchor lease.
Where is this shopping center located?
The property is located at 14537 W Grand Ave Surprise, AZ.
What is the asking price?
The asking price for this property is $11,079,000.
What are key features of this property?
This property features: 52,685 SF shopping center that is 97% leased; 7.00 cap rate; Tenant roster includes Elevate Trampoline Park, One Stop Tile Shop, PurTone Hearing Centers, and Fuzzy’s Sports Grill
