Single-Tenant NNN Retail
For Sale
Contact for pricing
9233 E Guadalupe Rd, Mesa, AZ 85212
Absolute NNN lease structure supports a retail asset with limited landlord operating responsibilities.
Property Size14,560 SF
Lot Size2.37 Acres
Price / SF$228.02
Days on Market172
Property Features for 9233 E Guadalupe Rd
General Information
Standard status
Active
Size
14,560 SF
Lot size
2.37 Acres
Property subtype
RETAIL
Additional Details
Asking Price
$3,320,000
Building Details
Buildings
1
Tenancy
Single
Listing Agency:
Colliers | Phoenix
(602) 531-5538
Listed By:
Mindy Korth · License #BR004901000
(602) 531-5538
Source:
Moodyscre
Added: Mar 13
Changed: Aug 30
Last Checked: Aug 30 at 12:30AM
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 Colliers | Phoenix
Investment Insights
Based on property information with market context.
This single-tenant retail property at 9233 E Guadalupe Rd in Mesa, Arizona, contains approximately 14,560 square feet on an approximately 103,158-square-foot lot. Walgreens has occupied the building since 2003, providing an established operating history for the asset.
The property is subject to an absolute NNN lease, with no landlord responsibilities identified in the listing information. The current lease is scheduled for renewal in February of 2028. The building’s retail format and occupancy by Walgreens define its current commercial use.
The property is subject to an absolute NNN lease, with no landlord responsibilities identified in the listing information. The current lease is scheduled for renewal in February of 2028. The building’s retail format and occupancy by Walgreens define its current commercial use.
Key Highlights
- ±14,560 square feet of building area
- ±103,158 square foot lot
- Occupied by Walgreens since 2003
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
$257,297
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
7.75%
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%
$5,145,940
$5.1M
Cap Rate 7%
$3,675,671
$3.7M
Cap Rate 9%
$2,858,856
$2.9M
Market Conditions
NOI Build-Up for 14,560 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
$366.9K $25.20/SF
− Vacancy
−$23.8K −$1.64/SF
EGI
$343.1K $23.56/SF
− OpEx
−$85.8K −$5.89/SF
NOI
$257.3K $17.67/SF
Area
ZIP 85212
Vacancy
6.50%
Lease Rate
$25.20 /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%
$5,145,940
Cap Rate 7%
$3,675,671
Cap Rate 9%
$2,858,856
Alternative Uses
Best Use
Specialty Retail
$3.68M
$3.22M – $4.29M
NOI $257,297 @ 7.0% cap · market cap 7.75%
Second Best
Retail
$3.24M
$2.83M – $3.78M
NOI $226,752 @ 7.0% cap · market cap 6.83%
Theoretical Best
Office A
$4.56M
$3.99M – $5.32M
NOI $318,969 @ 7.0% cap · market cap 9.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
347
Businesses Nearby
57k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 61%
Shops & Services 36%
Home Improvements & Furnishings 3%
SONIC Drive In
Dining
14,580 visits/mo
0.1 miles
Shell
Shops & Services
12,876 visits/mo
0.1 miles
Venezia's Pizzeria
Dining
11,926 visits/mo
0.1 miles
Jack in the Box
Dining
8,363 visits/mo
0.2 miles
O'Reilly Auto Parts
Shops & Services
4,107 visits/mo
0.2 miles
Demographics for 85212, AZ
48,422
Population
16,576
Households
2.9
Avg Household Size
34
Median Age
42%
College-Educated
96%
High-School Grad
38.6 sq mi
ZIP Area
1,254
Density / Sq Mi
$123,404
Median Household Income
$56,974
Median Earnings
$2,024
Median Rent
$530,700
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Absolute NNN lease structure supports a retail asset with limited landlord operating responsibilities.
Where is this nnn property located?
The property is located at 9233 E Guadalupe Rd Mesa, AZ.
What is the asking price?
The asking price for this property is $3,320,000.
What are key features of this property?
This property features: ±14,560 square feet of building area; ±103,158 square foot lot; Occupied by Walgreens since 2003
