C-2-Zoned Office
For Sale
Contact for pricing
1901 E University Dr, Mesa, AZ 85203
Established office property with C-2 zoning and a 1981 construction date.
Property Size4,882 SF
Price / SF$394.92
Days on Market402
Property Features for 1901 E University Dr
General Information
Standard status
Active
Size
4,882 SF
Property subtype
OFFICE
Zoning
C-2
Building Details
Year Built
1981
Buildings
1
Building Size
4,882 SF
Listing Agency:
Commercial Properties Inc
(602) 809-6570
Listed By:
Eric Butler · License #BR515583000
(602) 809-6570
Source:
Moodyscre
Added: Jul 8, 2025
Changed: Aug 9
Last Checked: Aug 12 at 8:53AM
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 Commercial Properties Inc
Investment Insights
Based on property information with market context.
This office building contains 4,882 SF and was constructed in 1981. The property carries a C-2 zoning designation, providing a commercial zoning framework for the existing office asset.
The property is located at 1901 E University Dr, Mesa, AZ 85203. Its physical profile combines an established office improvement with a defined commercial zoning classification.
The property is located at 1901 E University Dr, Mesa, AZ 85203. Its physical profile combines an established office improvement with a defined commercial zoning classification.
Key Highlights
- 4,882 SF office building
- Constructed in 1981
- C‑2 zoning designation
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
$83,654
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
4.34%
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%
$1,673,080
$1.7M
Cap Rate 7%
$1,195,057
$1.2M
Cap Rate 9%
$929,489
$929.5K
Market Conditions
NOI Build-Up for 4,882 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
$141.2K $28.92/SF
− Vacancy
−$29.6K −$6.07/SF
EGI
$111.5K $22.85/SF
− OpEx
−$27.9K −$5.71/SF
NOI
$83.7K $17.14/SF
Area
Mesa, AZ
Vacancy
21.00%
Lease Rate
$28.92 /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%
$1,673,080
Cap Rate 7%
$1,195,057
Cap Rate 9%
$929,489
Alternative Uses
Best Use
Office B
$1.20M
$1.05M – $1.39M
NOI $83,654 @ 7.0% cap · market cap 4.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,673 @ 7.0% cap · market cap 4.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
794
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Established office property with C-2 zoning and a 1981 construction date.
Where is this office building located?
The property is located at 1901 E University Dr Mesa, AZ.
What is the asking price?
The asking price for this property is $1,928,000.
What are key features of this property?
This property features: 4,882 SF office building; Constructed in 1981; C‑2 zoning designation
