Fully Occupied Surprise Retail
For Sale
$19,800,000
15557 15569 15601 15609 W Bell Rd, Surprise, AZ 85252
Anchored by Planet Fitness, 100% occupied retail plaza.
Property Size64,101 SF
Price / SF$308.89
Days on Market158
Property Features for 15557 15569 15601 15609 W Bell Rd
General Information
Standard status
Active
Size
64,101 SF
Property subtype
Retail
Listing Agency:
Phoenix Commercial Advisors
Listed By:
Danny Gardiner · License #SA641133000
(602) 385-1328
Source:
Phoenixcommercialadvisors
Added: Apr 1
Changed: Sep 2
Last Checked: Sep 5 at 3:53AM
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.
Mountain Vista Plaza is a 64,101-square-foot shopping center that is 100% occupied. Anchored by Planet Fitness, which has over 2,700 fitness club locations and over 19.7 million members, the center benefits from predictable, frequent traffic. The Planet Fitness location ranks in the Top 25% in Arizona. The property offers upside for investors through below-market rents in both the shops and the anchor leases, allowing for mark-to-market growth. Recent capital improvements include a roof recoat and asphalt reseal and stripe in 2024, with the roof coming with a 10-year warranty. The tenant lineup delivers essential goods and services matched to the daily needs of the surrounding community. Strong historic occupancy, lease extensions, and recent lease-up show the strength of the center and demand of the trade area. The property is located less than 1.5 miles from the Loop 303 Freeway, which has spurred new housing and population growth in the Surprise market. It is also less than 2 miles from the Surprise City Hall facilities and from Surprise Stadium, the No. 1 Spring Training Stadium that plays host to the Texas Rangers & Kansas City Royals. Food away from home spending is nearly $318,000,000 within 5 miles, helping to boost the restaurant sales in the shopping center. The population exceeds 207,000 people within 5 miles and is projected to grow by another 1.8% annually. Bell Road is the primary east-west commercial corridor through Surprise with approximately 40,200 vehicles per day driving by the site. Surprise’s population has surpassed 180,000 and is projected to grow by 40% by the end of the decade, with job growth expected to outpace that, driving continual demand for daily needs retail.
Key Highlights
- 100% Occupied 64,101 SF center anchored by a strong performing Planet Fitness (Top 25% in Arizona).
- 6.46% Cap Rate with upside potential through below‑market rents.
- Recent capital improvements: roof recoat and asphalt reseal/stripe completed in 2024 with a 10‑year roof warranty.
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
$862,191
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
4.35%
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%
$17,243,820
$17.2M
Cap Rate 7%
$12,317,014
$12.3M
Cap Rate 9%
$9,579,900
$9.6M
Market Conditions
NOI Build-Up for 64,101 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
$1.35M $21.00/SF
− Vacancy
−$114.4K −$1.79/SF
EGI
$1.23M $19.22/SF
− OpEx
−$369.5K −$5.76/SF
NOI
$862.2K $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%
$17,243,820
Cap Rate 7%
$12,317,014
Cap Rate 9%
$9,579,900
Alternative Uses
Best Use
Retail
$12.32M
$10.78M – $14.37M
NOI $862,191 @ 7.0% cap · market cap 4.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$19.77M
$17.30M – $23.06M
NOI $1,383,751 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
923
Businesses Nearby
116k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 40%
Dining 31%
Shops & Services 28%
Beauty & Spa 1%
Fry's
Groceries
46,591 visits/mo
0.1 miles
Fry's Fuel Center
Shops & Services
16,737 visits/mo
0.0 miles
SONIC Drive In
Dining
11,506 visits/mo
0.1 miles
KFC
Dining
9,302 visits/mo
0.1 miles
Chevron
Shops & Services
7,083 visits/mo
0.0 miles
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 - Anchored by Planet Fitness, 100% occupied retail plaza.
Where is this shopping center located?
The property is located at 15557 15569 15601 15609 W Bell Rd Surprise, AZ.
What is the asking price?
The asking price for this property is $19,800,000.
What are key features of this property?
This property features: 100% Occupied 64,101 SF center anchored by a strong performing Planet Fitness (Top 25% in Arizona).; 6.46% Cap Rate with upside potential through below‑market rents.; Recent capital improvements: roof recoat and asphalt reseal/stripe completed in 2024 with a 10‑year roof warranty.
