Medical Office Property with Rear
For Sale
Contact for pricing
2415 W Main Street, Mesa, AZ 85202
GC-zoned medical office property with a separate rear structure for storage, equipment workspace, or private staff use.
Property Size4,746 SF
Lot Size0.91 Acres
Price / SF$368.73
Days on Market9
Property Features for 2415 W Main Street
General Information
Standard status
Active
Size
4,746 SF
Lot size
0.91 Acres
Property subtype
Office, Mixed Use
Zoning
General Commercial
Investment Type
Owner/User
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Additional Details
Asking Price
$1,750,000
Amenities
monument signage
Building Details
Year Built
1975
Year Renovated
1982
Buildings
2
Building Size
4,746 SF
Listing Agency:
ORION Investment Real Estate
(480) 612-0384
Listed By:
Nick Miner · License #AZ BR530564000
Source:
Crexi
Added: Aug 3
Changed: Aug 9
Last Checked: Aug 10 at 10:25AM
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 ORION Investment Real Estate
Investment Insights
Based on property information with market context.
This medical office property at 2415 W Main Street includes approximately 4,746 SF across two buildings on a 0.91-acre parcel. The primary building contains approximately 3,654 SF configured for medical, dental, and office functions, with examination rooms, reception, laboratory areas, and administrative offices. A separate rear structure of approximately 1,092 SF provides enclosed space for storage, equipment work, or a private break facility.
The property is zoned General Commercial by the City of Mesa and includes dedicated monument signage along West Main Street. Valley Metro light rail access is located along Main Street, with connections to Loop 101, Loop 202, and US-60. Arizona State University is 2.6 miles away, Tempe Marketplace is 2.4 miles away, Downtown Mesa is 3.3 miles away, and Banner Desert Medical Center is 3.9 miles away. The building was constructed in 1975 and renovated in 1982.
The property is zoned General Commercial by the City of Mesa and includes dedicated monument signage along West Main Street. Valley Metro light rail access is located along Main Street, with connections to Loop 101, Loop 202, and US-60. Arizona State University is 2.6 miles away, Tempe Marketplace is 2.4 miles away, Downtown Mesa is 3.3 miles away, and Banner Desert Medical Center is 3.9 miles away. The building was constructed in 1975 and renovated in 1982.
Key Highlights
- Approximately 4,746 SF across two buildings on ±39,434 SF (0.91 Acres)
- Main professional/medical building: ±3,654 SF
- Standalone rear structure: ±1,092 SF for storage or equipment workspace
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
$81,323
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
4.65%
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%
$1,626,460
$1.6M
Cap Rate 7%
$1,161,757
$1.2M
Cap Rate 9%
$903,589
$903.6K
Market Conditions
NOI Build-Up for 4,746 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
$137.3K $28.92/SF
− Vacancy
−$28.8K −$6.07/SF
EGI
$108.4K $22.85/SF
− OpEx
−$27.1K −$5.71/SF
NOI
$81.3K $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%
$1,626,460
Cap Rate 7%
$1,161,757
Cap Rate 9%
$903,589
Alternative Uses
Best Use
Office B
$1.16M
$1.02M – $1.36M
NOI $81,323 @ 7.0% cap · market cap 4.65%
Second Best
Mixed Use
$536.1K
$469.1K – $625.5K
NOI $37,527 @ 7.0% cap · market cap 2.14%
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,064 @ 7.0% cap · market cap 5.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,256
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85202, AZ
39,626
Population
18,077
Households
2.2
Avg Household Size
34
Median Age
34%
College-Educated
91%
High-School Grad
6.2 sq mi
ZIP Area
6,391
Density / Sq Mi
$66,582
Median Household Income
$42,083
Median Earnings
$1,431
Median Rent
$334,200
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - GC-zoned medical office property with a separate rear structure for storage, equipment workspace, or private staff use.
Where is this medical office space located?
The property is located at 2415 W Main Street Mesa, AZ.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Approximately 4,746 SF across two buildings on ±39,434 SF (0.91 Acres); Main professional/medical building: ±3,654 SF; Standalone rear structure: ±1,092 SF for storage or equipment workspace
