Shopping
For Sale
$5,900,000
2111 S Alma School Rd, Mesa, AZ 85210
This shopping center is 91% occupied and includes 28,383 SF of retail space in Mesa, Arizona.
Property Size28,383 SF
Days on Market47
Property Features for 2111 S Alma School Rd
General Information
Standard status
Active
Size
28,383 SF
Total Parking Spaces
191
Property subtype
Retail
Zoning
LC
Occupancy
91%
Net Operating Income
$419,410
Building Details
Building Size
28,383 SF
Year Built
1986
Tenancy
Multi
Listing Agency:
Coldwell Banker Commercial Realty | Phoenix
Listed By:
Chris Norton
(480) 559-9775
Source:
Cbcworldwide
Added: Jul 29
Changed: Aug 23
Last Checked: Sep 13 at 3:55AM
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 Coldwell Banker Commercial Realty | Phoenix
Investment Insights
Based on property information with market context.
Fiesta Palms II is a shopping center with retail space that is 91% occupied. The property contains 28,383 SF and is described as having long-term tenants.
Recent capital upgrades are noted, and the center is positioned in Mesa, Arizona near the Fiesta Mall redevelopment. The property is also described as benefiting from strong traffic counts and an affluent, expanding consumer base.
With its in-place occupancy and tenant profile, the asset offers an operating baseline and multiple avenues for improvement tied to the surrounding retail environment and recent improvements.
Recent capital upgrades are noted, and the center is positioned in Mesa, Arizona near the Fiesta Mall redevelopment. The property is also described as benefiting from strong traffic counts and an affluent, expanding consumer base.
With its in-place occupancy and tenant profile, the asset offers an operating baseline and multiple avenues for improvement tied to the surrounding retail environment and recent improvements.
Key Highlights
- 28,383 SF shopping center
- 91% occupied
- Long‑term tenants
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
$251,361
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
4.26%
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%
$5,027,220
$5.0M
Cap Rate 7%
$3,590,871
$3.6M
Cap Rate 9%
$2,792,900
$2.8M
Market Conditions
NOI Build-Up for 28,383 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
$384.9K $13.56/SF
− Vacancy
−$25.8K −$0.91/SF
EGI
$359.1K $12.65/SF
− OpEx
−$107.7K −$3.80/SF
NOI
$251.4K $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%
$5,027,220
Cap Rate 7%
$3,590,871
Cap Rate 9%
$2,792,900
Alternative Uses
Best Use
Retail
$3.59M
$3.14M – $4.19M
NOI $251,361 @ 7.0% cap · market cap 4.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.78M
$6.81M – $9.08M
NOI $544,599 @ 7.0% cap · market cap 9.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
91%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,081
Businesses Nearby
72k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 65%
Shops & Services 35%
Applebee's
Dining
12,795 visits/mo
0.1 miles
Starbucks
Dining
12,429 visits/mo
0.2 miles
Cobblestone Auto Spa
Shops & Services
12,160 visits/mo
0.3 miles
Jack in the Box
Dining
11,841 visits/mo
0.2 miles
Dunkin' Donuts
Dining
9,699 visits/mo
0.1 miles
Demographics for 85210, AZ
40,351
Population
16,292
Households
2.5
Avg Household Size
32
Median Age
25%
College-Educated
84%
High-School Grad
6.7 sq mi
ZIP Area
6,023
Density / Sq Mi
$59,680
Median Household Income
$38,479
Median Earnings
$1,383
Median Rent
$301,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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
- Merit Park Village — 2711 S Alma School Rd, Mesa, AZ 85210
- Coppertree Plaza — Coppertree Plaza, W Baseline Rd, Mesa, AZ 85202
- Trailside Center — 1136 W Baseline Rd, Mesa, AZ 85210, United States
- Coinstar Kiosk | Bitcoin ATM — Kroger - Fry's Food Stores, 554 W Baseline Rd, Mesa, AZ 85210
Frequently Asked Questions
What type of property is this?
Shopping center - This shopping center is 91% occupied and includes 28,383 SF of retail space in Mesa, Arizona.
Where is this shopping center located?
The property is located at 2111 S Alma School Rd Mesa, AZ.
What is the asking price?
The asking price for this property is $5,900,000.
What are key features of this property?
This property features: 28,383 SF shopping center; 91% occupied; Long‑term tenants
