Freestanding Retail Building For
For Sale
Contact for pricing
1535 E University Dr, Mesa, AZ 85203
Newly renovated retail building on major thoroughfare, excellent visibility.
Property Size12,536 SF
Price / SF$143.59
Days on Market824
Property Features for 1535 E University Dr
General Information
Standard status
Active
Size
12,536 SF
Total Parking Spaces
30
Property subtype
Retail
Zoning
LC - Mesa
Occupancy
100%
Lease Type
NNN
Building Details
Year Built
1980
Year Renovated
2024
Buildings
2
Tenancy
Single
Listing Agency:
Commercial Properties Inc.
Listed By:
Dallin Pace · License #AZ BR676008000
(480) 815-8275
Source:
Crexi
Added: Jul 22, 2024
Changed: Oct 10
Last Checked: Oct 20 at 8:43PM
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 Commercial Properties Inc.
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
A newly renovated freestanding retail building is available for sale, subject to a 60-day notice. The property is situated on a major thoroughfare, offering excellent visibility and accessibility. The surrounding area features a diverse mix of residential neighborhoods, businesses, and educational institutions. Its central location provides convenient access to downtown Mesa. The property size is 12536 square feet.
Key Highlights
- Newly renovated freestanding retail building.
- Excellent visibility and accessibility** on a major thoroughfare.
- Central location with easy access to downtown Mesa.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$111,019
Cap Rate
6.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,220,380
$2.2M
Cap Rate 7%
$1,585,986
$1.6M
Cap Rate 9%
$1,233,544
$1.2M
Market Conditions
NOI Build-Up for 12,536 SF
Gross rent
$170.0K $13.56/SF
− Vacancy
−$11.4K −$0.91/SF
EGI
$158.6K $12.65/SF
− OpEx
−$47.6K −$3.80/SF
NOI
$111.0K $8.86/SF
Area
Mesa, AZ
Vacancy
6.70%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,220,380
Cap Rate 7%
$1,585,986
Cap Rate 9%
$1,233,544
Alternative Uses
Best Use
Retail
$1.59M
$1.39M – $1.85M
NOI $111,019 @ 7.0% cap · market cap 6.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.44M
$3.01M – $4.01M
NOI $240,535 @ 7.0% cap · market cap 13.36%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,072
Businesses Nearby
129k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 34%
Dining 28%
Groceries 23%
Apparel 11%
Food City Arizona
Groceries
30,161 visits/mo
0.5 miles
Circle K
Shops & Services
16,684 visits/mo
0.4 miles
Wells Fargo
Shops & Services
12,774 visits/mo
0.4 miles
Jack in the Box
Dining
12,210 visits/mo
0.5 miles
Panda Express
Dining
11,961 visits/mo
0.5 miles
Demographics for 85203, AZ
37,962
Population
14,020
Households
2.7
Avg Household Size
33
Median Age
29%
College-Educated
91%
High-School Grad
9.3 sq mi
ZIP Area
4,082
Density / Sq Mi
$72,851
Median Household Income
$40,524
Median Earnings
$1,388
Median Rent
$388,300
Median Home Value
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
Frequently Asked Questions
What type of property is this?
Retail space - Newly renovated retail building on major thoroughfare, excellent visibility.
Where is this retail space located?
The property is located at 1535 E University Dr Mesa, AZ.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Newly renovated freestanding retail building.; Excellent visibility and accessibility** on a major thoroughfare.; Central location with easy access to downtown Mesa.
