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

    503 3rd Ave Mesa, AZ 85210-1246

    • Flex space
    • 22,385 SF
    • 2.16 lot acres
    OFF-MARKET
    Last Sale
    Aug 31, 2022
    $5,000,000
    Value Estimations
    $5,200,000
    Show details
    Cap Rate Potential
    4.8%
    Flex space
    Location Intelligence
    Property ID
    US07-0558947
    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

    • United Rentals / (Bike/Boat/Book/etc) Store / Rental Equipment Company

    Property Details for 503 3rd Ave

    Year built
    1964
    Construction
    CONCRETE
    Lot size
    2.16 lot acres
    Property size
    22,385 SF
    Zone code
    GI
    Property type
    Flex space
    APN
    134-08-003B
    APU
    13408003B

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,655,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,715,000
      6.5%
      $3,430,000
      7%
      $3,185,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,559,000
      Market price range: $1.04M - $6.66M
      AI Estimate
      $6,559,000
      Market price range: $1.04M - $6.66M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $4,715,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $6,970,000
      Change: +48% Conversion: Difficult
      OFFICE BUILDING
      $6,725,000
      Change: +43% Conversion: Difficult
      MEDICAL BUILDING
      $5,865,000
      Change: +24% Conversion: Difficult
      RETAIL STORES
      $5,770,000
      Change: +22% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Mesa
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.842
    Latitude
    33.4091
    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
    $32,764
    $0.00
    $0.00
    $581,328
    -
    $911,700
    $2,611,500
    $3,523,200

    Comparable in this City

    • Value Estimation
      $4,435,000
      14,908 SF

      922 Country Clb Dr

      LIGHT INDUSTRIAL • 14,908 SF
      922 Country Clb Dr, Mesa, AZ 85210-3540
      View Details
    • Value Estimation
      $3,210,000
      13,336 SF

      102 Hampton Ave

      LIGHT INDUSTRIAL • 13,336 SF
      102 Hampton Ave, Mesa, AZ 85210-5257
      View Details
    • Value Estimation
      $1,905,000
      7,579 SF

      1029 Lewis

      LIGHT INDUSTRIAL • 7,579 SF
      1029 Lewis, Mesa, AZ 85210-8746
      View Details
    • Value Estimation
      $21,395,000
      96,924 SF

      1845 Macdonald

      LIGHT INDUSTRIAL • 96,924 SF
      1845 Macdonald, Mesa, AZ 85210-6126
      View Details
    • Value Estimation
      $5,185,000
      30,840 SF

      502 3rd Ave

      LIGHT INDUSTRIAL • 30,840 SF
      502 3rd Ave, Mesa, AZ 85210-1279
      View Details
    • Value Estimation
      $655,000
      2,820 SF

      420 Robson

      LIGHT INDUSTRIAL • 2,820 SF
      420 Robson, Mesa, AZ 85210-2410
      View Details

    Similar Nearby for Sale

    • $1,050,000
      4,000 SF

      Freestanding Industrial Building with Yard

      4,000 SF industrial building with fenced yard in Mesa.
      414 S Grand Ave, Mesa, AZ 85210
      View Details
    • Contact for pricing
      70,000 SF

      Mesa Flex Space: 70,000 SF

      Prime Mesa flex space, ideal for lab or light industrial use.
      827 Grove Ave, Mesa, AZ 85210
      View Details
    • $10,000,000
      36,140 SF

      Mesa Industrial Distribution Center

      36,140 SF Warehouse, Owner-User Opportunity
      525 Baseline Rd, Mesa, AZ 85210
      View Details
    • $11,000,000
      73,500 SF

      Mesa Industrial Complex: 73,500 SF

      Two buildings, ideal owner-user. High-demand location.
      303 Southern Ave, Mesa, AZ 85210
      View Details
    • $4,650,000
      24,555 SF

      Mesa Warehouse and Showroom Facility

      24,555 SF buildings on 1.87 acres near Downtown Mesa.
      33 W Broadway Rd, Mesa, AZ 85210
      View Details
    • $980,000
      3,640 SF

      Mesa Land with Commercial Potential

      Land in Mesa, Arizona, suitable for industrial and commercial activities.
      112 S Country Club Dr, Mesa, AZ 85210
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,240 SF

      Mesa Flex Space For Rent

      Flex space in Mesa, Arizona, with M-1 zoning.
      1905 S Macdonald, Mesa, AZ 85210
      View Details
    • $15 SF/Yr
      58,945 SF

      Southpoint Commerce Center: Mesa, AZ

      Prime Mesa Industrial Space: Flexible Suites Available
      3050 Country Club Dr, Mesa, AZ 85210
      View Details
    • Contact for pricing
      1,015 SF

      Mesa Flex Space For Rent

      Flex space available for rent in Mesa, Arizona.
      502 W 3Rd Ave, Mesa, AZ 85210
      View Details
    • $1.10 SF/Yr
      12,878 SF

      Mesa Flex Space Available

      Flex space featuring showroom, conference room, and roll-up doors.
      216 S Alma School Rd, Mesa, AZ 85210
      View Details
    • $0.99 SF/Yr
      1,608 SF

      Mesa Industrial Space For Lease

      Industrial flex space available for lease in Mesa, Arizona.
      624 W Broadway Rd, Mesa, AZ 85210
      View Details
    • $0.75 SF/Yr
      2,646 SF

      Mesa Flex Space For Rent

      Flex space with roll-up doors, close to transportation.
      146 S Country Club Dr, Mesa, AZ 85210
      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.
    503 3rd Ave
    Mesa, AZ 85210-1246
    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.