Mixed-Use Retail and Office
For Sale
Contact for pricing
9325 - 9397 E Shea Blvd, Scottsdale, AZ 85260
A fully leased center combining dining, wellness, and professional services with dedicated office space for daily activity.
Property Size73,683 SF
Price / SF$384.89
Days on Market57
Property Features for 9325 - 9397 E Shea Blvd
General Information
Standard status
Active
Size
73,683 SF
Class
A
Property subtype
Retail, Office
Zoning
C-O
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$1,716,071
Building Details
Year Built
2007
Tenancy
Multi
Listing Agency:
Diversified Partners
Listed By:
John Jackson · License #SA586080000
Source:
Crexi
Added: Jun 17
Changed: Aug 10
Last Checked: Aug 11 at 1:48PM
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 Diversified Partners
Investment Insights
Based on property information with market context.
94 Hundred Shea is a mixed-use retail and office center built in 2007. The property is currently 100% leased and features a tenant mix spanning dining, wellness, beauty, medical, and professional services, alongside a dedicated office component occupied by 94 Hundred Corporate Center.
Located along East Shea Boulevard in North Scottsdale, the center benefits from strong retail accessibility and visibility. Importantly, it is directly adjacent to HonorHealth Scottsdale Shea Medical Center, a full-service hospital campus employing a large workforce, which helps support consistent daytime traffic.
For buyers and operators, the property offers a diversified use profile with anchors including First Watch, Ling & Louie’s Asian Bar and Grill, Salt + Lime Modern Mexican Grill, and Rosebud Steakhouse, complemented by service and wellness tenants such as Elements Massage, Blo Blow Dry Bar, V’s Barbershop, Emmi D SalonSpa, and Scottsdale Hand and Foot Spa. The co-location of office employees with an on-site retail and services tenant roster provides a practical fit for businesses and investors seeking an integrated environment designed to serve both visitors and working professionals throughout the day.
Located along East Shea Boulevard in North Scottsdale, the center benefits from strong retail accessibility and visibility. Importantly, it is directly adjacent to HonorHealth Scottsdale Shea Medical Center, a full-service hospital campus employing a large workforce, which helps support consistent daytime traffic.
For buyers and operators, the property offers a diversified use profile with anchors including First Watch, Ling & Louie’s Asian Bar and Grill, Salt + Lime Modern Mexican Grill, and Rosebud Steakhouse, complemented by service and wellness tenants such as Elements Massage, Blo Blow Dry Bar, V’s Barbershop, Emmi D SalonSpa, and Scottsdale Hand and Foot Spa. The co-location of office employees with an on-site retail and services tenant roster provides a practical fit for businesses and investors seeking an integrated environment designed to serve both visitors and working professionals throughout the day.
Key Highlights
- 73,683 SF mixed‑use retail and office center built in 2007 on East Shea Boulevard in North Scottsdale
- 100% leased with $1,716,071 in NOI and listed at $28,360,000 (6.05% cap rate)
- Weighted average lease term of 5.25 years with multiple tenants paying below‑market rents
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
$1,693,165
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
5.97%
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%
$33,863,300
$33.9M
Cap Rate 7%
$24,188,071
$24.2M
Cap Rate 9%
$18,812,944
$18.8M
Market Conditions
NOI Build-Up for 73,683 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
$2.48M $33.60/SF
− Vacancy
−$56.9K −$0.77/SF
EGI
$2.42M $32.83/SF
− OpEx
−$725.6K −$9.85/SF
NOI
$1.69M $22.98/SF
Area
Scottsdale, AZ
Vacancy
2.30%
Lease Rate
$33.60 /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%
$33,863,300
Cap Rate 7%
$24,188,071
Cap Rate 9%
$18,812,944
Alternative Uses
Best Use
Retail
$24.19M
$21.16M – $28.22M
NOI $1,693,165 @ 7.0% cap · market cap 5.97%
Second Best
Office B
$16.66M
$14.58M – $19.44M
NOI $1,166,529 @ 7.0% cap · market cap 4.11%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,296
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 85260, AZ
37,967
Population
21,072
Households
1.8
Avg Household Size
47
Median Age
59%
College-Educated
97%
High-School Grad
14.2 sq mi
ZIP Area
2,674
Density / Sq Mi
$103,854
Median Household Income
$62,835
Median Earnings
$1,969
Median Rent
$637,000
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?
Shopping center - A fully leased center combining dining, wellness, and professional services with dedicated office space for daily activity.
Where is this shopping center located?
The property is located at 9325 - 9397 E Shea Blvd Scottsdale, AZ.
What is the asking price?
The asking price for this property is $28,360,000.
What are key features of this property?
This property features: 73,683 SF mixed‑use retail and office center built in 2007 on East Shea Boulevard in North Scottsdale; 100% leased with $1,716,071 in NOI and listed at $28,360,000 (6.05% cap rate); Weighted average lease term of 5.25 years with multiple tenants paying below‑market rents
