Tempe Retail Center Near
3134 South Mill Avenue Tempe, AZ 85282
3134 South Mill Avenue, Tempe, AZ, 85282
Contact for pricing
For Sale
Contact for pricing
Neighborhood retail center shadow anchored by Fry’s Food & Drug.
Property Size31,621 SF
Lot Size3.10 Acres
Price / SF$347.87
Days on Market65
Property Features for 3134 South Mill Avenue
General Information
- Standard status
- Active
- Size
- 31,621 SF
- Lot size
- 3.10 Acres
- Property subtype
- Retail
Building Details
- Year Built
- 1976
Listing Agency
CBRE - Phoenix
Listed by
Zach Aulick · License #Arizona - SA566983000
Source
Crexi
Added: May 15 Checked: Jul 17 at 2:37 pm
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 CBRE - Phoenix
Investment Insights
Based on property information with market context.
The property is a neighborhood retail center shadow anchored by Fry’s Food & Drug (Kroger). Situated on 3.1 acres at the northwest corner of Mill Avenue and Southern Avenue in Tempe, Arizona, the center comprises approximately 31,621 square feet of rentable space. It is currently 94.8% leased to a variety of daily-needs tenants. The property benefits from visibility and access along Mill Avenue. The location is shadow-anchored by a corporately owned Fry’s Food & Drug (Kroger), a dominant grocery operator in Arizona with over 120 locations statewide. The adjacency to a high-volume Fry’s location positions the property to capture grocery-driven traffic. The property occupies a centralized in-fill location within the East Valley retail core. U.S. Route 60 is approximately one mile north, Interstate 10 to the west, and Loop 101 approximately three miles east, allowing regional access. The property is also located 1.5 miles south of Arizona State University’s Main campus, with approximately 79,800 enrolled students at the Tempe Campus. Within a three-mile radius, the area supports a 2025 population of approximately 158,149 residents and a daytime population exceeding 210,000. Average household incomes are $93,768 within three miles. The trade area supports over 7,500 businesses and over 111,000 employees within three miles.
Key Highlights
- Shadow‑anchored by high‑volume Fry’s Food & Drug (Kroger), driving consistent customer traffic.
- Located in a centralized in‑fill location within the East Valley retail core, with excellent visibility and access along Mill Avenue.
- High occupancy rate of 94.8% leased to a diverse mix of daily‑needs tenants.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $569.2k | $18.00 |
| − Vacancy | −$42.7k | −$1.35 |
| EGI | $526.5k | $16.65 |
| − OpEx | −$157.9k | −$5.00 |
| NOI | $368.5k | $11.66 |
31,621 SF · lease $18.00/SF/yr · vacancy 7.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$5.26M
$4.61M – $6.14M
NOI $368,543 @ 7.0% cap · market cap 3.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.94M
$8.70M – $11.60M
NOI $696,055 @ 7.0% cap · market cap 6.33%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Nite Wings
Take-out & Catering
Mac Daddy Wingz ...
Restaurant
Similar For Sale Nearby
Similar Off Market Nearby
- Broadway Marketplace — 917 E Broadway Rd, Tempe, AZ 85282
- FPL — 12336007F, Tempe, AZ 85282
- Coinstar Kiosk | Bitcoin ATM — Kroger - Fry's Food Stores, 3232 S Mill Av, Tempe, AZ 85282
- Huntington Square Shopping Center — 3115 S Mill Ave, Tempe, AZ 85282
- Southern Plaza — 840 E Southern Ave Ste. 104, Tempe, AZ 85282
FAQs
What type of property is this?
Shopping center - Neighborhood retail center shadow anchored by Fry’s Food & Drug.
Where is this shopping center located?
The property is located at 3134 South Mill Avenue Tempe, AZ.
What is the asking price?
The asking price for this property is $11,000,000.
What are key features of this property?
This property features: Shadow‑anchored by high‑volume Fry’s Food & Drug (Kroger), driving consistent customer traffic.; Located in a centralized in‑fill location within the East Valley retail core, with excellent visibility and access along Mill Avenue.; High occupancy rate of 94.8% leased to a diverse mix of daily‑needs tenants.
