Multi-Tenant Flex
New
For Sale
Contact for pricing
9107 E Southern Ave, Mesa, AZ 85209
Four tenants currently occupy the building, with C-2 zoning and a condo plat in place.
Property Size15,903 SF
Price / SF$275.11
Days on Market4
Property Features for 9107 E Southern Ave
General Information
Standard status
Active
Size
15,903 SF
Property subtype
INDUSTRIAL
Zoning
C-2
Occupancy
100%
Additional Details
Asking Price
$4,375,000
Road Access
Yes
Clear Height
16 ft
Building Details
Tenancy
Multi
Listing Agency:
Lee & Associates | Phoenix
(602) 956-7777
Listed By:
Matt McDougall
(602) 312-6736
Source:
Moodyscre
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 3:21PM
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 Lee & Associates | Phoenix
Investment Insights
Based on property information with market context.
The 15,903-square-foot flex property is fully leased to four tenants. Building features include 16-foot clear height and 12-foot by 12-foot grade-level doors. The property is zoned C-2, and a condo plat is in place.
The site has frontage on Southern Ave and parking at a 4:1,000 ratio.
The site has frontage on Southern Ave and parking at a 4:1,000 ratio.
Key Highlights
- 15,903 square feet, fully leased to 4 tenants
- 16‑foot clear height
- 12‑foot by 12‑foot grade‑level doors
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
$161,283
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
3.69%
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%
$3,225,660
$3.2M
Cap Rate 7%
$2,304,043
$2.3M
Cap Rate 9%
$1,792,033
$1.8M
Market Conditions
NOI Build-Up for 15,903 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
$202.3K $12.72/SF
− Vacancy
−$12.5K −$0.79/SF
EGI
$189.7K $11.93/SF
− OpEx
−$28.5K −$1.79/SF
NOI
$161.3K $10.14/SF
Area
ZIP 85209
Vacancy
6.20%
Lease Rate
$12.72 /SF/Yr
Expense Ratio
15.00%
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%
$3,225,660
Cap Rate 7%
$2,304,043
Cap Rate 9%
$1,792,033
Alternative Uses
Best Use
Warehouse
$2.30M
$2.02M – $2.69M
NOI $161,283 @ 7.0% cap · market cap 3.69%
Second Best
Flex RnD
$2.13M
$1.86M – $2.49M
NOI $149,162 @ 7.0% cap · market cap 3.41%
Theoretical Best
Office A
$5.28M
$4.62M – $6.16M
NOI $369,629 @ 7.0% cap · market cap 8.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
16 ft
Clear height
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
135
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85209, AZ
44,192
Population
21,921
Households
2
Avg Household Size
44
Median Age
33%
College-Educated
93%
High-School Grad
11.8 sq mi
ZIP Area
3,745
Density / Sq Mi
$80,498
Median Household Income
$46,682
Median Earnings
$1,798
Median Rent
$363,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Four tenants currently occupy the building, with C-2 zoning and a condo plat in place.
Where is this flex space located?
The property is located at 9107 E Southern Ave Mesa, AZ.
What is the asking price?
The asking price for this property is $4,375,000.
What are key features of this property?
This property features: 15,903 square feet, fully leased to 4 tenants; 16‑foot clear height; 12‑foot by 12‑foot grade‑level doors
