Mesa Retail Property For
For Sale
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6631 E Southern Ave, Mesa, AZ
Retail property occupied by OfficeMax, located in Mesa, Arizona.
Property Size23,484 SF
Lot Size2.20 Acres
Price / SF$176.72
Days on Market480
Property Features for 6631 E Southern Ave
General Information
Standard status
Active
Size
23,484 SF
Lot size
2.20 Acres
Property subtype
RETAIL
Listing Agency:
LevRose Commercial Real Estate
(480) 947-0600
Listed By:
Trent McCullough
(602) 639-4868
Source:
Moodyscre
Added: May 22, 2025
Changed: Aug 16
Last Checked: Sep 12 at 8:23AM
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.
The property is a retail space currently occupied by OfficeMax, a retailer specializing in office supplies, furniture, and technology products. Founded in 1988, OfficeMax merged with Office Depot in 2013 to form Office Depot, Inc., which operates under both the OfficeMax and Office Depot brands. As of recent years, there are approximately 1,000 combined retail locations in North America, including 22 OfficeMax locations in Arizona cities such as Phoenix, Tucson, Chandler, Mesa, and Scottsdale. Office Depot, Inc. is publicly traded on the NASDAQ stock exchange under the ticker symbol ODP. The property has a size of 23484 square feet and is located in Mesa, Arizona.
Key Highlights
- Established retailer founded in 1988 with a long history.
- Part of Office Depot, Inc. (NASDAQ: ODP).
- Specializes in office supplies, furniture, and technology products.
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
$207,975
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
5.01%
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%
$4,159,500
$4.2M
Cap Rate 7%
$2,971,071
$3.0M
Cap Rate 9%
$2,310,833
$2.3M
Market Conditions
NOI Build-Up for 23,484 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
$318.4K $13.56/SF
− Vacancy
−$21.3K −$0.91/SF
EGI
$297.1K $12.65/SF
− OpEx
−$89.1K −$3.80/SF
NOI
$208.0K $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%
$4,159,500
Cap Rate 7%
$2,971,071
Cap Rate 9%
$2,310,833
Alternative Uses
Best Use
Retail
$2.97M
$2.60M – $3.47M
NOI $207,975 @ 7.0% cap · market cap 5.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.44M
$5.63M – $7.51M
NOI $450,600 @ 7.0% cap · market cap 10.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,020
Businesses Nearby
303k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 29%
Groceries 22%
Dining 19%
Electronics 12%
WinCo Foods
Groceries
66,478 visits/mo
0.4 miles
Best Buy
Electronics
35,460 visits/mo
0.3 miles
Olive Garden
Dining
33,887 visits/mo
0.5 miles
Circle K
Shops & Services
29,421 visits/mo
0.3 miles
Burlington
Apparel
27,987 visits/mo
0.4 miles
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
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Frequently Asked Questions
What type of property is this?
Retail space - Retail property occupied by OfficeMax, located in Mesa, Arizona.
Where is this retail space located?
The property is located at 6631 E Southern Ave Mesa, AZ.
What is the asking price?
The asking price for this property is $4,150,000.
What are key features of this property?
This property features: Established retailer founded in 1988 with a long history.; Part of Office Depot, Inc. (NASDAQ: ODP).; Specializes in office supplies, furniture, and technology products.
