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

    1964 Mckellips Rd Mesa, AZ 85203-2866

    • Turn key restaurants
    • 4,760 SF
    • 0.56 lot acres
    OFF-MARKET
    Value Estimations
    $1,380,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-0098263
    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

    • Serrano's Mexican Food Restaurants / Mexican Restaurant

    Property Details for 1964 Mckellips Rd

    Year built
    1986
    Construction
    CONCRETE
    Lot size
    0.56 lot acres
    Property size
    4,760 SF
    Zone code
    C-G
    Property type
    Turn key restaurants
    APN
    136-06-020A
    APU
    13606020A

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,411,000
      Market price range: $1.26M - $5.63M
      AI Estimate
      $1,349,000
      Market price range: $1.20M - $5.63M

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

    Location Insight

    • Map
    • Local Demand
    City
    Mesa
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.788
    Latitude
    33.4526
    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
    $10,249
    $0.00
    $0.00
    $152,030
    -
    $436,700
    $484,695
    $921,395

    Comparable in this City

    • Value Estimation
      $2,800,000
      6,163 SF

      1860 Mckellips Rd

      RESTAURANT • 6,163 SF
      1860 Mckellips Rd, Mesa, AZ 85203-2850
      View Details
    • Value Estimation
      $970,000
      2,723 SF

      1329 Main St

      RESTAURANT • 2,723 SF
      1329 Main St, Mesa, AZ 85203-8907
      View Details
    • Value Estimation
      $8,265,000
      5,680 SF

      1927 Gilbert Rd

      RESTAURANT • 5,680 SF
      1927 Gilbert Rd, Mesa, AZ 85203-2851
      View Details
    • Value Estimation
      $1,405,000
      5,445 SF

      1663 Main St

      RESTAURANT • 5,445 SF
      1663 Main St, Mesa, AZ 85203-9017
      View Details
    • Value Estimation
      $2,585,000
      7,684 SF

      928 Main St

      RESTAURANT • 7,684 SF
      928 Main St, Mesa, AZ 85203-8820
      View Details
    • Value Estimation
      $855,000
      3,109 SF

      1002 Main St

      RESTAURANT • 3,109 SF
      1002 Main St, Mesa, AZ 85203-8822
      View Details

    Similar Nearby for Sale

    • $3,900,000
      13,050 SF

      Mesa Retail Property For Sale

      Freeway-accessible retail property with drive-through and high traffic volume.
      1151 E Mckellips Rd, Mesa, AZ 85203
      View Details
    • $6,022,233

      Fitness Anchored Shopping Center For Sale

      100% occupied shopping center with below market rents.
      425-515 N Stapley Dr, Mesa, AZ 85203
      View Details
    • $7,995,000
      57,839 SF

      Mesa Redevelopment Opportunity

      Prime Mesa location, multi-use potential.
      1902 Main St, Mesa, AZ 85203
      View Details
    • $4,200,000
      31,961 SF

      Mesa Matrix Retail Plaza

      Prime Mesa retail, redevelopment potential.
      903-933 Main St, Mesa, AZ 85203
      View Details
    • $2,100,000
      12,536 SF

      Mesa Retail Center: Prime Location

      Newly renovated, multi-tenant retail space.
      1535 University Dr, Mesa, AZ 85203
      View Details
    • Contact for pricing
      57,526 SF

      Mesa Retail Box Opportunity

      57,526 SF retail space at Stapley & University Drive.
      445-445 N Stapley Dr, Mesa, AZ 85203
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,760 SF

      Turnkey Restaurant Space Available

      Restaurant space with kitchen equipment and bar in place.
      1038 E Main St, Mesa, AZ 85203
      View Details
    • Contact for pricing
      2,800 SF

      Retail/Bar Building For Lease

      Retail/Bar building available for lease at Stapley Dr / Matlock & Main St.
      1034 E Main St, Mesa, AZ 85203
      View Details
    • Contact for pricing
      1,013 SF

      Mesa Retail Space For Lease

      Retail space available in high-traffic Mesa location.
      4425-4565 E Mckellips Rd, Mesa, AZ 85203
      View Details
    • Contact for pricing
      2,800 SF

      Retail/Bar Building For Lease

      Retail or bar building with 2,800 square feet available for lease.
      1034 E Main St, Mesa, AZ 85203
      View Details
    • $23 SF/Yr
      2,760 SF

      Restaurant Building Available For Lease

      Restaurant building available for lease at Stapley Dr / Matlock & Main St.
      1038 E Main St, Mesa, AZ 85203
      View Details
    • Contact for pricing
      2,078 SF

      Retail Center with Gilbert Rd Frontage

      Grocery anchored retail center with ample parking and frontage.
      1911 E Brown Rd, Mesa, AZ 85203
      View Details

    Property Visit Statistics

    • Visits by month
      40.9k
    • Visitors by month
      23.3k
    • Avg Time on site
      12 min
    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.
    1964 Mckellips Rd
    Mesa, AZ 85203-2866
    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.