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    1241 Broadway Rd Mesa, AZ 85204-2228

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    1241 Broadway Rd Mesa, AZ 85204-2228

    View on Map
    • Strip malls
    • 5,700 SF
    • 0.68 lot acres
    Off-Market
    Last Sale May 3, 2022
    Property ID
    US07-1022244
    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.
    Value Estimations
    $1,580,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Vida Sana Chiropractic / Alternative Medicine Practice
    • Campos Music & Supplies / (Bike/Boat/Book/etc) Store
    • Pescaderia El Puerto De Guaymas / Specialty Food Shop / Fish Market
    • Native Country Healthcare Systems LLC / Medical Clinic
    • ATM / Atm

    Property Details for 1241 Broadway Rd

    Year built
    1975
    Construction
    CONCRETE
    Lot size
    0.68 lot acres
    Property size
    5,700 SF
    Zone code
    LC
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    139-03-156F
    APU
    13903156F

    Description

    Hillcrest Plaza, located at 1241 E Broadway Rd in Mesa, Arizona, 85204, offers exceptional executive office space for lease. This 27,650 square foot building, constructed in 1975, features a mix of retail and office space, currently offering three available suites ranging from 420 to 940 square feet. The property is categorized as multi-tenant, providing a diverse and vibrant business environment. Its prime location on East Broadway Road ensures high visibility and easy access for clients and employees. The building's design caters specifically to the needs of executive offices, offering a professional and efficient workspace. The available suites are ideal for businesses seeking a well-established presence in a thriving Mesa commercial district. Interested parties are encouraged to inquire about lease terms and specific suite availability. This is a fantastic opportunity to secure high-quality office space in a desirable location. The property's convenient location and established infrastructure make it an attractive option for businesses of all sizes. Further details regarding lease terms and specific suite features are available upon request.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,645,000
      Market price range: $758k - $3.75M
      AI Estimate
      $1,518,000
      Market price range: $758k - $3.50M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,775,000
      Current use
      AUTO REPAIR, GARAGE
      $2,510,000
      Change: +41% Conversion: Difficult
      RETAIL STORES
      $1,495,000
      Change: -16% Conversion: Easy
      MEDICAL BUILDING
      $1,495,000
      Change: -16% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Mesa
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.804
    Latitude
    33.4076
    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
    $8,359
    $0.00
    $0.00
    $179,586
    -
    $305,700
    $782,700
    $1,088,400

    Comparable in this City

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      7,539 SF

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    • Value Estimation
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      8,057 SF

      1639 Stapley Dr

      SHOPPING CENTER, STRIP CENTER • 8,057 SF
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      View Details
    • Value Estimation
      $2,675,000
      6,780 SF

      1616 Stapley Dr

      SHOPPING CENTER, STRIP CENTER • 6,780 SF
      1616 Stapley Dr, Mesa, AZ 85204-6602
      View Details
    • Value Estimation
      $30,300,000
      0.38 Acres

      2156 Baseline Rd

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      View Details
    • Value Estimation
      $2,510,000
      4,464 SF

      3510 Baseline Rd

      SHOPPING CENTER, STRIP CENTER • 4,464 SF
      3510 Baseline Rd, Mesa, AZ 85204-7295
      View Details
    • Value Estimation
      $5,175,000
      8,302 SF

      1855 Stapley Dr

      SHOPPING CENTER, STRIP CENTER • 8,302 SF
      1855 Stapley Dr, Mesa, AZ 85204-6650
      View Details

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      Multi-Tenant Strip Center For Sale

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      Mesa Retail Space For Sale

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      Freestanding Drive-Thru Restaurant Opportunity

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    1241 Broadway Rd
    Mesa, AZ 85204-2228
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    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
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