Light Industrial Warehouse with
For Sale
Contact for pricing
1866 S Fraser Dr, Mesa, AZ 85204
Industrial building with 21,425 SF warehouse and 2,500 SF office, including dock doors, leveler systems, and a secure yard.
Property Size23,925 SF
Price / SF$240
Days on Market110
Property Features for 1866 S Fraser Dr
General Information
Standard status
Active
Size
23,925 SF
Property subtype
INDUSTRIAL
Listing Agency:
Lee & Associates | Phoenix
(602) 956-7777
Listed By:
Allen Lowe, SIOR
(602) 339-1411
Source:
Moodyscre
Added: May 29
Changed: Sep 13
Last Checked: Sep 15 at 6:55AM
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 Lee & Associates | Phoenix
Investment Insights
Based on property information with market context.
This light industrial property features a total of approximately 23,925 SF, comprised of 21,425 SF of warehouse space and 2,500 SF of office space. The warehouse is equipped with three dock doors with in-pit levelers and one grade level door. Clear height is noted at 24 feet, and an EVAP warehouse is listed as part of the improvements.
The site includes a secure yard area of approximately 20,000 SF and provides three points of ingress/egress. Parking is designated with 29 striped parking spots.
Zoned LI (Light Industrial), the facility offers a straightforward industrial layout for warehouse and office operations within a controlled yard setting.
The site includes a secure yard area of approximately 20,000 SF and provides three points of ingress/egress. Parking is designated with 29 striped parking spots.
Zoned LI (Light Industrial), the facility offers a straightforward industrial layout for warehouse and office operations within a controlled yard setting.
Key Highlights
- ±23,925 SF industrial building on ±1.81 acres, with ±21,425 SF warehouse and ±2,500 SF office
- 3 dock doors with in‑pit levelers plus 1 grade level door
- 24' clear height and EVAP warehouse
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
$400,408
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
6.97%
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%
$8,008,160
$8.0M
Cap Rate 7%
$5,720,114
$5.7M
Cap Rate 9%
$4,448,978
$4.4M
Market Conditions
NOI Build-Up for 23,925 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
$663.2K $27.72/SF
− Vacancy
−$129.3K −$5.41/SF
EGI
$533.9K $22.31/SF
− OpEx
−$133.5K −$5.58/SF
NOI
$400.4K $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 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%
$8,008,160
Cap Rate 7%
$5,720,114
Cap Rate 9%
$4,448,978
Alternative Uses
Best Use
Office B
$5.72M
$5.01M – $6.67M
NOI $400,408 @ 7.0% cap · market cap 6.97%
Second Best
Warehouse
$4.15M
$3.63M – $4.85M
NOI $290,709 @ 7.0% cap · market cap 5.06%
Theoretical Best
Office A
$7.94M
$6.95M – $9.27M
NOI $556,083 @ 7.0% cap · market cap 9.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,666
Businesses Nearby
Well-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Warehouse - Industrial building with 21,425 SF warehouse and 2,500 SF office, including dock doors, leveler systems, and a secure yard.
Where is this warehouse located?
The property is located at 1866 S Fraser Dr Mesa, AZ.
What is the asking price?
The asking price for this property is $5,742,000.
What are key features of this property?
This property features: ±23,925 SF industrial building on ±1.81 acres, with ±21,425 SF warehouse and ±2,500 SF office; 3 dock doors with in‑pit levelers plus 1 grade level door; 24' clear height and EVAP warehouse
