Building Details

Year Renovated 1996

Buildings 2

Stories 2

Units 3

Tenancy Multi

Listing Agency: Delex Realty

Listed By: Lisa A. Ross · License #AZ SA561439000 Show Phone

Source: Crexi

Added: Oct 19, 2024 Changed: Oct 14 Last Checked: Oct 16 at 8:46AM

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Investment Insights

Based on property information with market context.

This income-producing property, offered below market value, currently features a cap rate of 6.39% with the potential to reach 7.5% upon leasing of the basement office space. The basement office offers 1,900 square feet of space. Strategically positioned across from Gilbert, the property benefits from an excellent location at Mesa prices. Situated just west of Gilbert Road and near the US-60 freeway, the property provides convenient accessibility. The property is ideal for a medical practice or other professional services. The Learning Center tenant has 3 years remaining on a 5-year lease, while the Dermatology tenant has 2 years remaining on their 5-year lease. The property includes a 2,400-square-foot pediatric office and a 4,800-square-foot Pinnacle Dermatology office. The total property size is 9,101 square feet.

Key Highlights

• High CAP Rate: Current 6.39% with potential to reach 7.5%.
• Below Market Value: Opportunity to acquire property at a discounted price.
• Seller Financing: Seller will carry $1 million.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$152,314

Cap Rate

6.77%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,046,280 $3.0M

Cap Rate 7%

$2,175,914 $2.2M

Cap Rate 9%

$1,692,378 $1.7M

Is this asking price fair?

Market Conditions

NOI Build-Up for 9,101 SF

Gross rent

$252.3K $27.72/SF

− Vacancy

−$49.2K −$5.41/SF

EGI

$203.1K $22.31/SF

− OpEx

−$50.8K −$5.58/SF

NOI

$152.3K $16.74/SF

Area

ZIP 85204

Vacancy

19.50%

Lease Rate

$27.72 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,046,280

Cap Rate 7%

$2,175,914

Cap Rate 9%

$1,692,378

Alternative Uses

Best Use

Office B

$2.18M

$1.90M – $2.54M (±1% cap)

NOI $152,314 @ 7.0% cap · market cap 6.77%

Second Best

Healthcare Medical

$1.52M

$1.33M – $1.77M (±1% cap)

NOI $106,154 @ 7.0% cap · market cap 4.72%

Theoretical Best

Office A

$3.02M

$2.64M – $3.53M (±1% cap)

NOI $211,532 @ 7.0% cap · market cap 9.40%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

7 Garden Dumpling ... Restaurant The Learning Center by ... Training Center Dr. Brent Sloten Physician Brent Drew Sloten Physician ALISON M PETERSON Physician

Suggested Use

Top Pick Carpet & Flooring Store Electrical Service (Bike/Boat/Book/etc) Store Grocery & Convenience Store Butcher Food Market

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

900

Businesses Nearby

Explore this area Business Placement

Demographics for 85204, AZ

63,808

Population

24,536

Households

2.6

Avg Household Size

33

Median Age

20%

College-Educated

84%

High-School Grad

9.9 sq mi

ZIP Area

6,445

Density / Sq Mi

$69,474

Median Household Income

$40,347

Median Earnings

$1,426

Median Rent

$296,000

Median Home Value

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Income-producing property with potential for increased cap rate.

Where is this mixed-use property located?

The property is located at 1818 E Baseline Rd Mesa, AZ.

What is the asking price?

The asking price for this property is $2,250,000.

What are key features of this property?

This property features: High CAP Rate: Current 6.39% with potential to reach 7.5%.; Below Market Value: Opportunity to acquire property at a discounted price.; Seller Financing: Seller will carry $1 million.