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

    5609 Mckellips Rd Mesa, AZ 85215-2874

    • Strip malls
    • 15,119 SF
    • 1.63 lot acres
    OFF-MARKET
    Last Sale
    Jul 14, 2020
    $6,850,000
    Value Estimations
    $5,425,000
    Show details
    Cap Rate Potential
    2.6%
    Strip malls
    Location Intelligence
    Property ID
    US07-0538283
    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

    • Pita Jungle / Bar / Mediterranean Restaurant
    • Senti Bella Medical Salon / Medical Spa
    • Sunset Salon Suites / Beauty Salon
    • The Shoppes at Legacy House / Business Center / Shopping Mall
    • Capitol Guard / Security Guard Service

    Property Details for 5609 Mckellips Rd

    Year built
    2006
    Construction
    STEEL FRAME
    Lot size
    1.63 lot acres
    Property size
    15,119 SF
    Zone code
    LC
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    141-44-739A
    APU
    14144739A

    Description

    This exceptional 1,375 square foot retail space is ideally situated in Maricopa County, zoned C-2, City of Mesa. The property boasts a single, vacant suite, offering immediate occupancy for a wide range of commercial ventures. Its strategic location directly northwest of the Boeing Corporation, a major employer with over 4,600 employees, and west of Falcon Field Airport (46 businesses, 1,800 employees), ensures high visibility and significant foot traffic. The surrounding area demonstrates strong demographics, with average household incomes exceeding $105,979 and over 76,293 people residing within a 3-mile radius. Further enhancing its appeal, the property is conveniently located near Mesa Community College (4,000+ students) and Red Mountain High School (3,400+ students), providing a substantial potential customer base. Easy access to the Red Mountain Freeway (within 1.5 miles in both directions) ensures excellent connectivity and accessibility for both employees and customers. This presents a unique opportunity for businesses seeking a high-traffic, well-established location with a strong potential for growth and success. The property is ready for immediate occupancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,620,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,059,000
      Market price range: $2.01M - $9.95M
      AI Estimate
      $3,744,000
      Market price range: $2.01M - $9.28M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $4,710,000
      Current use
      AUTO REPAIR, GARAGE
      $6,660,000
      Change: +41% Conversion: Difficult
      RETAIL STORES
      $3,965,000
      Change: -16% Conversion: Easy
      MEDICAL BUILDING
      $3,960,000
      Change: -16% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Mesa
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.709
    Latitude
    33.4514
    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
    $29,309
    $0.00
    $0.00
    $442,918
    -
    $809,300
    $1,875,049
    $2,684,349

    Comparable in this City

    • Value Estimation
      $2,390,000
      6,222 SF

      2119 Power Rd

      SHOPPING CENTER, STRIP CENTER • 6,222 SF
      2119 Power Rd, Mesa, AZ 85215-2937
      View Details
    • Value Estimation
      $6,545,000
      19,600 SF

      2837 Power Rd

      SHOPPING CENTER, STRIP CENTER • 19,600 SF
      2837 Power Rd, Mesa, AZ 85215-1733
      View Details
    • Value Estimation
      $1,695,000
      11,764 SF

      5943 Mckellips Rd Ste, Unit 101

      SHOPPING CENTER, STRIP CENTER • 11,764 SF
      5943 Mckellips Rd Ste, Mesa, AZ 85215-2790
      View Details
    • Value Estimation
      $2,040,000
      6,964 SF

      5846 Mckellips Rd

      SHOPPING CENTER, STRIP CENTER • 6,964 SF
      5846 Mckellips Rd, Mesa, AZ 85215-2796
      View Details
    • Value Estimation
      $2,550,000
      3,140 SF

      6016 Mckellips Rd

      SHOPPING CENTER, STRIP CENTER • 3,140 SF
      6016 Mckellips Rd, Mesa, AZ 85215-2831
      View Details
    • Value Estimation
      $3,105,000
      4,882 SF

      4405 Mckellips Rd

      SHOPPING CENTER, STRIP CENTER • 4,882 SF
      4405 Mckellips Rd, Mesa, AZ 85215-2559
      View Details

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      Mesa Retail Space - 17,397 SF

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      Mesa Retail Space Available

      Retail space with high traffic and income demographics.
      5735 E Mckellips Rd, Mesa, AZ 85215
      View Details
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    Mesa, AZ 85215-2874
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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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