Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1159 Southern Ave Mesa, AZ 85204-5011

    • Drug stores
    • 13,864 SF
    • 2.02 lot acres
    OFF-MARKET
    Last Sale
    Apr 28, 2021
    $3,150,320
    Value Estimations
    $3,185,000
    Show details
    Cap Rate Potential
    5.2%
    Drug stores
    Location Intelligence
    Property ID
    US07-1321086
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Walgreens Photo / Passport Photo Processor / Photo Lab
    • Walgreens Pharmacy / Pharmacy
    • COVID-19 Drive-Thru Testing at Walgreens / Pharmacy
    • FedEx OnSite / Mailing Service
    • Redbox / Movie Rental Kiosk / Dvd Store

    Property Details for 1159 Southern Ave

    Year built
    1995
    Construction
    CONCRETE
    Lot size
    2.02 lot acres
    Property size
    13,864 SF
    Zone code
    LC
    Property type
    Drug stores
    APN
    139-14-304A
    APU
    13914304A

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,120,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,710,000
      6.5%
      $2,500,000
      7%
      $2,320,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,267,000
      Market price range: $1.68M - $6.41M
      AI Estimate
      $4,261,000
      Market price range: $1.68M - $6.41M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $3,635,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $4,320,000
      Change: +19% Conversion: Moderate
      MEDICAL BUILDING
      $3,630,000
      Change: -0% Conversion: Difficult
      OFFICE BUILDING
      $3,020,000
      Change: -17% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Mesa
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.806
    Latitude
    33.3928
    CBSA code
    38060
    CBSA name
    PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $43,264
    $0.00
    $0.00
    $541,555
    -
    $1,203,000
    $2,079,152
    $3,282,152

    Comparable in this City

    • Value Estimation by Request
      15,477 SF

      2811 Broadway Rd

      DRUG STORE, PHARMACY • 15,477 SF
      2811 Broadway Rd, Mesa, AZ 85204-1702
      View Details
    • Value Estimation by Request
      1,377 SF

      47 Horne

      RETAIL STORES (PERSONAL SERVICES) • 1,377 SF
      47 Horne, Mesa, AZ 85204-1023
      View Details
    • Value Estimation by Request
      6,954 SF

      1110 Gilbert Rd

      RETAIL STORES (PERSONAL SERVICES) • 6,954 SF
      1110 Gilbert Rd, Mesa, AZ 85204-5206
      View Details
    • Value Estimation by Request
      2,460 SF

      833 Broadway Rd

      RETAIL STORES (PERSONAL SERVICES) • 2,460 SF
      833 Broadway Rd, Mesa, AZ 85204-2148
      View Details
    • Value Estimation by Request
      9,060 SF

      3130 Baseline Rd Ste, Unit 109

      RETAIL STORES (PERSONAL SERVICES) • 9,060 SF
      3130 Baseline Rd Ste, Mesa, AZ 85204-7290
      View Details
    • Value Estimation by Request
      2,190 SF

      1238 Gilbert Rd

      RETAIL STORES (PERSONAL SERVICES) • 2,190 SF
      1238 Gilbert Rd, Mesa, AZ 85204-6002
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      14,062 SF

      Prime Retail Location on Stapley

      Excellent street visibility and daily traffic in a dynamic location.
      1920 S Stapley Dr, Mesa, AZ 85204
      View Details
    • Contact for pricing
      110,917 SF

      Mesa Shores Retail Center

      Dual-grocery anchored retail center in Mesa, Arizona.
      2110 E Baseline Rd, Mesa, AZ 85204
      View Details
    • $3,100,000
      11,000 SF

      Restaurant and Retail Space Available

      Restaurant and retail property for sale in Mesa, Arizona.
      1315 S Gilbert Rd, Mesa, AZ 85204
      View Details
    • Contact for pricing
      3,600 SF

      Freestanding Retail/Medical Building Available

      Freestanding 3,600 SF retail/medical building with high visibility.
      1120 S Gilbert Rd, Mesa, AZ 85204
      View Details
    • Contact for pricing
      3,047 SF

      Freestanding Drive-Thru Restaurant Opportunity

      Freestanding drive-thru restaurant on a 0.80 acre lot.
      2033 E Southern Ave, Mesa, AZ 85204
      View Details
    • Contact for pricing
      6,749 SF

      Mesa Retail Property For Sale

      Retail property in Mesa, Arizona, with high traffic volume.
      431 W Southern Ave, Mesa, AZ 85204
      View Details

    Similar Nearby for Lease

    • $7 SF/Yr
      367,741 SF

      Santa Fe Square: Mesa Office Space

      Prime Mesa location, creative office suites, ample parking.
      925-1121 Gilbert Rd, Mesa, AZ 85204
      View Details
    • $27 SF/Yr
      1,562 SF

      Retail Space in Mesa, Arizona

      Retail space available near US-60, anchored by Ranch Market.
      1134 S Stapley Dr, Mesa, AZ 85204
      View Details
    • Contact for pricing
      1,100 SF

      Retail Space Near Southern & Val Vista

      Retail space available near Southern and Val Vista in Mesa.
      3550 E Southern Ave, Mesa, AZ 85204
      View Details
    • Contact for pricing
      2,881 SF

      Prime Retail Space in Gilbert

      High-traffic location ideal for retail, service, or restaurant businesses.
      1961 S Val Vista Dr, Mesa, AZ 85204
      View Details
    • Contact for pricing
      2,208 SF

      Mesa Retail Space Available

      Retail space for rent in Mesa, Arizona.
      1214 W Baseline Rd, Mesa, AZ 85204
      View Details
    • Contact for pricing
      1,300 SF

      Retail Space with Excellent Visibility

      Retail space with high visibility and ample parking available for rent.
      3460 E Southern Ave, Mesa, AZ 85204
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1159 Southern Ave
    Mesa, AZ 85204-5011
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.