Office Building Near Light
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501 N Center St, Mesa, AZ 85201
Office property positioned within Mesa’s Arts & Culture District near cultural institutions, higher education, and regional rail service.
Property Size3,546 SF
Price / SF$232.66
Days on Market61
Property Features for 501 N Center St
General Information
Standard status
Active
Size
3,546 SF
Property subtype
OFFICE
Additional Details
Public Transit
Yes
Listing Agency:
LevRose Commercial Real Estate
(314) 651-0322
Listed By:
Gunnar Sinnett · License #SA698146000
Source:
Moodyscre
Added: Jul 3
Changed: Aug 30
Last Checked: Aug 31 at 1:21AM
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 LevRose Commercial Real Estate
Investment Insights
Based on property information with market context.
This office building contains 3,546 square feet and is positioned in Mesa’s Downtown Arts & Culture District. Its setting places the property near the Mesa Arts Center, Arizona Museum of Natural History, and ASU’s Media/Immersive Experience Center.
The property is a few blocks north of a light-rail station with connections to Tempe, ASU, and Downtown Phoenix. Hohokam Stadium, an Athletics spring training venue, is located one mile to the north.
The property is a few blocks north of a light-rail station with connections to Tempe, ASU, and Downtown Phoenix. Hohokam Stadium, an Athletics spring training venue, is located one mile to the north.
Key Highlights
- 3,546‑square‑foot office building in Mesa’s Downtown Arts & Culture District
- Near Mesa Arts Center and Arizona Museum of Natural History
- Close to ASU’s Media/Immersive Experience Center
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
$47,823
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
5.80%
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%
$956,460
$956.5K
Cap Rate 7%
$683,186
$683.2K
Cap Rate 9%
$531,367
$531.4K
Market Conditions
NOI Build-Up for 3,546 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
$78.7K $22.20/SF
− Vacancy
−$15.0K −$4.22/SF
EGI
$63.8K $17.98/SF
− OpEx
−$15.9K −$4.50/SF
NOI
$47.8K $13.49/SF
Area
ZIP 85201
Vacancy
19.00%
Lease Rate
$22.20 /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%
$956,460
Cap Rate 7%
$683,186
Cap Rate 9%
$531,367
Alternative Uses
Best Use
Office B
$683.2K
$597.8K – $797.1K
NOI $47,823 @ 7.0% cap · market cap 5.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$919.1K
$804.2K – $1.07M
NOI $64,339 @ 7.0% cap · market cap 7.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,024
Businesses Nearby
Explore this area
Business Placement
Demographics for 85201, AZ
51,187
Population
23,099
Households
2.2
Avg Household Size
33
Median Age
27%
College-Educated
87%
High-School Grad
9.4 sq mi
ZIP Area
5,445
Density / Sq Mi
$63,725
Median Household Income
$40,067
Median Earnings
$1,349
Median Rent
$292,600
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?
Office building - Office property positioned within Mesa’s Arts & Culture District near cultural institutions, higher education, and regional rail service.
Where is this office building located?
The property is located at 501 N Center St Mesa, AZ.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 3,546‑square‑foot office building in Mesa’s Downtown Arts & Culture District; Near Mesa Arts Center and Arizona Museum of Natural History; Close to ASU’s Media/Immersive Experience Center
