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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2740 University Dr Mesa, AZ 85213-8452

    • Grocery and convenience stores
    • 54,232 SF
    • 4.07 lot acres
    OFF-MARKET
    Last Sale
    Jun 27, 2023
    $5,099,665
    Value Estimations
    $5,960,000
    Show details
    Cap Rate Potential
    9.6%
    Grocery and convenience stores
    Location Intelligence
    Property ID
    US07-1327639
    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

    • EOS Fitness / Gym & Fitness Center
    • David Holland / Pharmacy

    Property Details for 2740 University Dr

    Year built
    1985
    Construction
    CONCRETE
    Lot size
    4.07 lot acres
    Property size
    54,232 SF
    Zone code
    LC
    Property type
    Grocery and convenience stores
    APN
    140-10-441
    APU
    14010441

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,005,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $8,005,000
      6.5%
      $7,390,000
      7%
      $6,860,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,593,000
      Market price range: $6.58M - $25.1M
      AI Estimate
      $6,583,000
      Market price range: $6.58M - $25.1M

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

    Location Insight

    • Map
    • Local Demand
    City
    Mesa
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.772
    Latitude
    33.4237
    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
    $70,083
    $0.00
    $0.00
    $836,616
    -
    $1,521,600
    $3,548,800
    $5,070,400

    Comparable in this City

    • Value Estimation
      $1,225,000
      2,531 SF

      2751 University Dr

      CONVENIENCE STORE • 2,531 SF
      2751 University Dr, Mesa, AZ 85213-8474
      View Details
    • Value Estimation
      $705,000
      2,789 SF

      2829 University Dr

      CONVENIENCE STORE • 2,789 SF
      2829 University Dr, Mesa, AZ 85213-8506
      View Details
    • Value Estimation
      $9,695,000
      40,589 SF

      2725 Mckellips Rd

      GROCERY, SUPERMARKET • 40,589 SF
      2725 Mckellips Rd, Mesa, AZ 85213-3016
      View Details
    • Value Estimation
      $1,465,000
      2,852 SF

      3550 Main St

      CONVENIENCE STORE • 2,852 SF
      3550 Main St, Mesa, AZ 85213-8612
      View Details
    • Value Estimation
      $1,645,000
      6,528 SF

      2020 Main St

      CONVENIENCE STORE • 6,528 SF
      2020 Main St, Mesa, AZ 85213-9105
      View Details
    • Value Estimation
      $1,225,000
      2,502 SF

      2816 Mckellips Rd

      CONVENIENCE STORE • 2,502 SF
      2816 Mckellips Rd, Mesa, AZ 85213-3127
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      750 SF

      Mesa Retail Space Available

      Retail space available for sale in Mesa, Arizona.
      2937 E Mckellips Rd, Mesa, AZ 85213
      View Details
    • $2,175,000
      750 SF

      New Drive-Thru Coffee Shop

      New construction drive-thru coffee shop with long-term corporate lease.
      2959 E Mckellips Rd, Mesa, AZ 85213
      View Details
    • $425,000

      McKellips Road Commercial Land

      Mesa, AZ infill lot: prime commercial location.
      3037 Mckellips Rd, Mesa, AZ 85213
      View Details
    • $300,000

      Mesa Land Development Opportunity

      Prime land zoned OC in a thriving Phoenix location.
      3145 E Mckellips Rd, Mesa, AZ 85213
      View Details
    • $4,200,000
      389,426 SF

      Mesa Land Investment Opportunity

      24,610 SF land parcel in thriving Mesa, Arizona.
      1550 N Val Vista Dr, Mesa, AZ 85213
      View Details
    • $6,500,000

      Mesa Land Ready to Build

      Shovel-ready land for RV/boat storage with freeway frontage.
      5305 E Thomas Rd, Mesa, AZ 85213
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      2,856 SF

      Retail Space on McKellips Road

      Prime retail space in high-traffic, high-income area.
      2858-2860 E Mckellips Rd, Mesa, AZ 85213
      View Details
    • Contact for pricing
      1,532 SF

      Retail Space in Mesa Center

      Walmart-anchored retail spaces available at Lindsay Rd & McKellips Rd.
      2727 E Mckellips Rd, Mesa, AZ 85213
      View Details
    • $12 SF/Yr
      2,228 SF

      Retail Space in Mesa, Arizona

      Neighborhood strip center with end cap and freestanding restaurant building.
      2729 E Main St, Mesa, AZ 85213
      View Details
    • Contact for pricing
      130,545 SF

      Main & Lindsay Retail Center

      Mesa, AZ: Prime Retail Space Available
      2840 Main St, Mesa, AZ 85213
      View Details
    • $18 SF/Yr
      1,500 SF

      Retail Space in North Mesa

      Inline retail suite in established North Mesa shopping center.
      2650-2706 E University Dr, Mesa, AZ 85213
      View Details
    • $18 SF/Yr
      1,450 SF

      Former Corner Storefront on Main

      Retail space with high visibility in a busy, growing area.
      2750 E Main St, Mesa, AZ 85213
      View Details

    Property Visit Statistics

    • Visits by month
      12.0k
    • Visitors by month
      12.6k
    • Avg Time on site
      31 min
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    Mesa, AZ 85213-8452
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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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