1944 Greenfield Rd Mesa, AZ 85206-3904

Property Details for 1944 Greenfield Rd

Year built

2002

Construction

CONCRETE

Lot size

11.99 lot acres

Property size

149,700 SF

Zone code

LC

Property type

Outlet malls

APN

140-67-023B

APU

14067023B

Description

This exceptional investment opportunity presents a 149,710-square-foot At Home store situated on an expansive 11.98-acre lot in Mesa, Arizona. The property boasts a highly desirable absolute NNN lease with a prominent national tenant, At Home, ensuring minimal landlord responsibilities and predictable cash flow. The lease, commencing October 1, 2014, and expiring September 30, 2029, has a remaining term of approximately 4.9 years, offering immediate income generation. The current Net Operating Income (NOI) stands at $856,111, translating to an attractive 7.50% capitalization rate and a price per square foot of $76.25. Built in 2002, this single-story building is located at 1944 S Greenfield Rd, Mesa, AZ 85206, within the thriving Greenfield Gateway retail corridor, alongside national retailers such as Walmart, Sportsman's Warehouse, and Hobby Lobby. The property benefits from a strong demographic profile, including a high average household income of $116,684 within a one-mile radius and a densely populated trade area with approximately 358,175 residents within a five-mile radius. The lease includes annual 2% rent increases, providing built-in income growth. The large lot size presents potential for future redevelopment, adding further value to this exceptional investment. The property's location offers convenient access to US-60 Freeway, experiencing approximately 249,545 vehicles per day. This is a rare opportunity to acquire a high-performing retail asset in a prime location with significant upside potential.