Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    16160 W Jomax Rd Surprise, AZ 85387

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    21.05-acre commercial land near residential developments.

    Lot size:
    916,727.00 Acres

    Property Features for 16160 W Jomax Rd

    General Information

    Standard status
    Active
    Zoning
    PAD
    Lot size
    916,727.00 Acres

    We can help!

    Listing Contact
    Bobbie Lorraine Mastracci
    Bobbie Lorraine Mastracci
    Source: Crexi

    Listing Agency: Phoenix West Commercial LLC Listing Agent: Bobbie Lorraine Mastracci

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Commercial Land in Growing Area

    This 21.05-acre commercial land, equivalent to 916,727 square feet, is part of the Legacy Village Development, approved by City Council and Planning & Zoning in April 2006 (PAD 05-358). The development is strategically located near the northeast hard corner of North 163rd Avenue and North Jomax Road, surrounded by existing and proposed residential developments. The northern half of Legacy Village is under construction as of 2024. The site is primarily targeting commercial users. A proposed gas station on the northeast corner could enhance nearby land value if approved. Legacy Village is the only approved commercial development near the corner of 163rd & Jomax that is not in a flood plain. Competition exists on the southwest and southeast corners of the intersection, but those sites are zoned for residential use and are in floodplains. According to the City of Surprise as of March 26th, 2024, nearby utilities include a 15" sewer and 16" water line along 163rd, and overhead power along Jomax. The city requires half-street improvements along both 163rd and Jomax, and underground APS lines along Jomax.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Building Supply Auto Repair Shop Hotel & Motel Food Market Garden Center Electrical Service Bakery Travel Agency Bed & Breakfast

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Surprise
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.4096501
    Latitude
    33.7265067

    Nearby Similar for Sale

    • New
      $599,900

      New Townhome Style Duplex

      New construction duplex in Surprise, Arizona, with HOA services.
      12570 N Cotton Ln, Surprise, AZ 85388
      View Details
    • New
      $220,000
      0.06 Acres

      Park Model in Gated Community

      Move-in ready park model in active adult community.
      17200 W Bell Rd, Surprise, AZ 85374
      View Details
    • New
      $209,900
      470 SF

      RV Lot with Arizona Room

      Unique RV lot with versatile Arizona Room in 55+ resort.
      17200 W Bell Rd, Surprise, AZ 85374
      View Details
    • New
      $235,000
      0.06 Acres

      RV Resort Lot with Home

      RV resort lot with stick-built home in active 55+ community.
      17200 W Bell Rd, Surprise, AZ 85374
      View Details
    • $1,672,000

      Modern Office Building For Sale

      6,204 SF well-maintained office building in prime Phoenix location.
      11325 W Bell Rd, Surprise, AZ 85378
      View Details
    • $2,150,000

      Three-Tenant Office Building For Sale

      Three-tenant office building with income potential and green space.
      11327 W Bell Rd, Surprise, AZ 85378
      View Details
    • $1,070,000
      2,769 SF

      Medical Office Space For Sale

      Well-equipped medical office space with covered parking and prime location.
      14827 W Bell Rd, Surprise, AZ 85374
      View Details
    • Contact for pricing
      3,850 SF

      Two-Tenant Retail Investment Opportunity

      Two-tenant retail investment in Surprise, AZ with long-term leases.
      17063 W Greenway Rd, Surprise, AZ 85388
      View Details
    • $8,203,000
      10,617 SF

      New Retail Development For Sale

      New retail development with long-term leases in Surprise, Arizona.
      16640 Cactus Rd, Surprise, AZ 85388
      View Details
    • New
      Contact for pricing
      91,878 SF

      Surprise Warehouse with 28' Clearance

      91,878 SF warehouse featuring 3,000 amps power and HVAC.
      W Waddell Rd, Surprise, AZ 85379
      View Details
    • Contact for pricing

      Cactus & Reems Retail Pad

      Shovel-ready retail pad site with drive-thru in Surprise, AZ.
      15433 W Cactus Rd, Surprise, AZ 85379
      View Details
    • Contact for pricing
      4,216 SF

      Fully Occupied Retail Investment Property

      Fully leased retail property with long-term tenants and income growth.
      14081 W Grand Ave, Surprise, AZ
      View Details

    FAQs

    What type of property is this?
    Commercial land - 21.05-acre commercial land near residential developments.
    Where is this commercial land located?
    The property is located at 16160 W Jomax Rd Surprise, AZ.
    What are key features of this property?
    This property features: - Only approved commercial development near 163rd & Jomax intersection not in a floodplain.; - Strategically located at the northeast hard corner of N 163rd Avenue and N Jomax Road.; - Surrounded by existing and proposed residential developments.
    Request Owner's contact information
    16160 W Jomax Rd Surprise, AZ 85387
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    16160 W Jomax Rd
    Surprise, AZ 85387
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    16160 W Jomax Rd Surprise, AZ 85387
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Bobbie Lorraine Mastracci
    Bobbie Lorraine Mastracci
    Real Estate License ID: BR529358000
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!