Building Details

Year Built 1947

Buildings 1

Stories 2

Listing Agency: Cluff Real Estate LLC

Listed By: Chad Cluff · License #567582000 Show Phone

Source: Searchallarizonahouses

Added: Oct 14 Changed: Oct 16 Last Checked: Oct 16 at 2:22PM

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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 Cluff Real Estate LLC

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Investment Insights

Based on property information with market context.

This 5,850-square-foot flex building dates to 1947 and has 4,500 square feet of open ground-floor space. The second floor contains four offices, a restroom, a break area and a separate open room with wood flooring and exposed steel rafters. Recent building work includes a foam roof and new electrical panels.

The property also includes a fenced lot at 546 W Mahoney Ave, across from the building. Measuring 50 x 120 sqft, the lot has GC zoning and can serve as parking or a storage yard. The building is located at 531 W Main St in Mesa.

Key Highlights

• 5,850‑square‑foot building with 4,500 square feet of open ground‑floor space
• Second floor includes four offices, a restroom, break area and an open room
• Wood flooring and exposed steel rafters in the upper‑level open room

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$58,539

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,170,780 $1.2M

Cap Rate 7%

$836,271 $836.3K

Cap Rate 9%

$650,433 $650.4K

What to ask about pricing

Market Conditions

NOI Build-Up for 5,850 SF

Gross rent

$89.2K $15.24/SF

− Vacancy

−$5.5K −$0.94/SF

EGI

$83.6K $14.30/SF

− OpEx

−$25.1K −$4.29/SF

NOI

$58.5K $10.01/SF

Area

ZIP 85201

Vacancy

6.20%

Lease Rate

$15.24 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,170,780

Cap Rate 7%

$836,271

Cap Rate 9%

$650,433

Alternative Uses

Best Use

Warehouse

$1.02M

$888.5K – $1.18M (±1% cap)

NOI $71,082 @ 7.0% cap · market cap 789.89%

Second Best

Flex RnD

$989.5K

$865.8K – $1.15M (±1% cap)

NOI $69,266 @ 7.0% cap · market cap 769.71%

Theoretical Best

Office A

$1.52M

$1.33M – $1.77M (±1% cap)

NOI $106,142 @ 7.0% cap · market cap 1,179.49%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Dental Office Veterinary Clinic (Bike/Boat/Book/etc) Store Tanning Salon Daycare Center Travel Agency

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Fenced yard

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

1,993

Businesses Nearby

Under-served

Demand for This Use

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 Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Ground-floor open space is complemented by upper-level offices and a fenced lot across the street.

Where is this flex space located?

The property is located at 531 W Main St Mesa, AZ.

What are key features of this property?

This property features: 5,850‑square‑foot building with 4,500 square feet of open ground‑floor space; Second floor includes four offices, a restroom, break area and an open room; Wood flooring and exposed steel rafters in the upper‑level open room