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Property profile & analytics
FOR LEASE
Strip malls
11294 W Bell Rd Surprise, AZ 85378
Entity Owned
3-yr Hold
Free & Clear
Property ID
US07-2194347
For Lease
$11,565,000
11294 W Bell Rd, Surprise, AZ 85378
View Listing →
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
2008
Construction
CONCRETE
Total area
59,692 SF
Lot
8.81 ac (383,609 SF)
Zoning code
PAD
APN
200-13-383
UPID
US07-2194347
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$15.46M
Comparable Approach
Comparable
$14.99M
Blend (final)
Blend
$11.57M
Owner & transaction history
Rainbow Investments LLC · 3 yrs held
Rainbow Investments LLC
since 2022
Last sale
$7.2M
2 recorded transactions
Zoning & alternative use
PAD · Surprise, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$15.7M
+0.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Surprise submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Surprise submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$16,745,000
6.5%
$15,455,000
7%
$14,350,000
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$15,515,000
Current use
MEDICAL BUILDING
$15,650,000
Change: +1% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$13,705,000
Change: -12% · Conversion: Difficult
Blend value · Realmo final
$11.57M
Range $10.41M – $12.72M · ±10% · vs last sale $7.21M (Oct 31 2022)
Last sale anchor
$7.21M
Oct 31 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$194 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$109,441
Tax year 2023
Assessed value
$2,525,394
Assessed 2024
Previous assessed
$1,838,261
+37.4% YoY
Effective rate
4.33%
On assessed value
Land market value
$3,378,500
Improvement market value
$11,926,917
Total market value
$15,305,417
Applied tax rate
891,500.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
For Lease
Year built
2008
Construction
CONCRETE
Heating
PACKAGE
Cooling
YES
Buildings
3
Stories
2
Units
3
Total area
59,692 SF
Lot
8.81 ac (383,609 SF)
Zoning code
PAD
APN
200-13-383
UPID
US07-2194347
Jurisdiction
MARICOPA
Zoning & alternative use
PAD · Surprise, AZ
Zoning PAD · permitted uses
PAD · Surprise, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Surprise. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$15.5M
MEDICAL BUILDING
Est. value
$15.7M
INDUSTRIAL (GENERAL)
Est. value
$13.7M
NEIGHBORHOOD: SHOPPING CENTER Current
MEDICAL BUILDING
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2008
Construction
CONCRETE
Heating
PACKAGE
Cooling
Yes
Stories
2
Buildings
3
Units
3
Lot
8.81 ac
Current owner
From public records · entity-resolved
Rainbow Investments LLC
Entity
Free & Clear · 3 yrs held
Mailing address
23945 CALABASAS RD STE #101, CALABASAS, CA 91302-1500
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 30, 2025
—
Rainbow Investments LLC
—
Deed
related
$6,000,000 · Pacific Premier Bank
Oct 31, 2022
$7,207,753
Rainbow Investments LLC
Arizona Property Management LLC
Special Warranty Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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