Mesa Village Retail
For Sale
$8,500,000
1902-1940 E Main St and 60 N Gilbert Rd, Mesa, AZ 85203
Prime retail space in centralized Mesa location near light rail.
Property Size56,095 SF
Price / SF$151.53
Days on Market170
Property Features for 1902-1940 E Main St and 60 N Gilbert Rd
General Information
Standard status
Active
Size
56,095 SF
Property subtype
Retail
Building Details
Building Size
56,095 SF
Year Built
1975
Listing Agency:
Commercial Properties Inc
(602) 315-7131
Listed By:
Tyson Breinholt · License #BR517298000
(602) 315-7131
Source:
Corfac
Added: Mar 5
Changed: Aug 8
Last Checked: Aug 22 at 4:35AM
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.
Mesa Village features 56,095 square feet of retail space. The property includes a main building with two suites and three PADs. It is located at the northwest corner of Main Street and Gilbert Road, offering frontage on both streets. The location is centralized within Mesa and is adjacent to the Valley Metro Light Rail.
Key Highlights
- Prime retail space totaling 56,095 square feet.
- Centralized Mesa location.
- Frontage on Main St and Gilbert Rd.
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
$496,779
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
5.84%
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%
$9,935,580
$9.9M
Cap Rate 7%
$7,096,843
$7.1M
Cap Rate 9%
$5,519,767
$5.5M
Market Conditions
NOI Build-Up for 56,095 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
$760.6K $13.56/SF
− Vacancy
−$51.0K −$0.91/SF
EGI
$709.7K $12.65/SF
− OpEx
−$212.9K −$3.80/SF
NOI
$496.8K $8.86/SF
Area
Mesa, AZ
Vacancy
6.70%
Lease Rate
$13.56 /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%
$9,935,580
Cap Rate 7%
$7,096,843
Cap Rate 9%
$5,519,767
Alternative Uses
Best Use
Retail
$7.10M
$6.21M – $8.28M
NOI $496,779 @ 7.0% cap · market cap 5.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$15.38M
$13.45M – $17.94M
NOI $1,076,324 @ 7.0% cap · market cap 12.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
406
Businesses Nearby
173k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 62%
Shops & Services 36%
Home Improvements & Furnishings 1%
Circle K
Shops & Services
30,753 visits/mo
0.0 miles
McDonald's
Dining
29,647 visits/mo
0.1 miles
Dutch Bros. Coffee
Dining
23,775 visits/mo
0.3 miles
Dutch Bros. Coffee
Dining
23,252 visits/mo
0.1 miles
Starbucks
Dining
16,088 visits/mo
0.0 miles
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 Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Orange Tree Plaza — 1954 E McKellips Rd, Mesa, AZ 85203
- Village Grove — 1927 N Gilbert Rd, Mesa, AZ 85203
Frequently Asked Questions
What type of property is this?
Shopping center - Prime retail space in centralized Mesa location near light rail.
Where is this shopping center located?
The property is located at 1902-1940 E Main St and 60 N Gilbert Rd Mesa, AZ.
What is the asking price?
The asking price for this property is $8,500,000.
What are key features of this property?
This property features: Prime retail space totaling 56,095 square feet.; Centralized Mesa location.; Frontage on Main St and Gilbert Rd.
