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

    724 University Dr Mesa, AZ 85201-5649

    • Strip malls
    • 7,970 SF
    • 0.82 lot acres
    OFF-MARKET
    Last Sale
    Jan 27, 2025
    $1,400,000
    Value Estimations
    $1,370,000
    Show details
    Cap Rate Potential
    8.7%
    Strip malls
    Location Intelligence
    Property ID
    US07-0100368
    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

    • JJ Roofing Group - Division of ProWest Roofing / Roofing Company / General Contractor
    • Petro Solutions / Roofing Company / General Contractor
    • Prowest Roofing / Roofing Company / General Contractor

    Property Details for 724 University Dr

    Year built
    2002
    Construction
    CONCRETE
    Lot size
    0.82 lot acres
    Property size
    7,970 SF
    Zone code
    LC
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    135-26-013A
    APU
    13526013A

    Description

    This exceptional value-add investment presents a 7,968 square foot freestanding retail building at 724 W University Drive in Mesa, Arizona. Currently 100% occupied by a single tenant under a modified lease with approximately two years remaining (expiring September 30, 2026

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,140,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,660,000
      6.5%
      $1,530,000
      7%
      $1,420,000

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $2,085,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Mesa
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.847
    Latitude
    33.4228
    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
    $8,782
    $0.00
    $0.00
    $275,151
    -
    $563,900
    $1,103,681
    $1,667,581

    Comparable in this City

    • Value Estimation
      $2,995,000
      17,616 SF

      1225 Main St

      SHOPPING CENTER, STRIP CENTER • 17,616 SF
      1225 Main St, Mesa, AZ 85201-7034
      View Details
    • Value Estimation
      $5,055,000
      18,276 SF

      444 Main St

      SHOPPING CENTER, STRIP CENTER • 18,276 SF
      444 Main St, Mesa, AZ 85201-6514
      View Details
    • Value Estimation
      $3,180,000
      5,000 SF

      635 Country Clb Dr

      SHOPPING CENTER, STRIP CENTER • 5,000 SF
      635 Country Clb Dr, Mesa, AZ 85201-4984
      View Details
    • Value Estimation
      $5,330,000
      23,474 SF

      1530 Country Clb Dr

      SHOPPING CENTER, STRIP CENTER • 23,474 SF
      1530 Country Clb Dr, Mesa, AZ 85201-2551
      View Details
    • Value Estimation
      $4,990,000
      13,237 SF

      1207 Country Clb Dr

      SHOPPING CENTER, STRIP CENTER • 13,237 SF
      1207 Country Clb Dr, Mesa, AZ 85201-2500
      View Details
    • Value Estimation
      $815,000
      2,640 SF

      1242 Main St

      SHOPPING CENTER, STRIP CENTER • 2,640 SF
      1242 Main St, Mesa, AZ 85201-7029
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      26,070 SF

      Retail Property Near Loop 202

      Retail property with high visibility and access to Loop 202.
      1533 N Alma School Rd, Mesa, AZ 85201
      View Details
    • $4,200,000
      32,702 SF

      East Mesa Shopping Plaza

      Well-maintained shopping plaza in vibrant retail area of east Mesa.
      903-933 E Main St, Mesa, AZ 85201
      View Details
    • $1,742,000
      1,670 SF

      Mesa Jiffy Lube NNN Lease

      NNN leased Jiffy Lube in Mesa, Arizona for sale.
      1945 S Country Club Dr, Mesa, AZ 85201
      View Details
    • Contact for pricing
      15,012 SF

      Freestanding Retail Properties in Metro Areas

      Retail properties in high-visibility locations across the US.
      1202 W University Dr, Mesa, AZ 85201
      View Details
    • $3,075,000
      16,658 SF

      Downtown Mesa Building For Sale

      Redevelopment opportunity in the heart of Downtown Mesa, Arizona.
      137 W Main St, Mesa, AZ 85201
      View Details
    • $699,000
      3,220 SF

      Freestanding Retail/Office Building on Main

      3,220 SF retail/office building with high visibility on Main Street.
      955 E Main St, Mesa, AZ 85201
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,938 SF

      Retail Space Anchored by Dollar General

      Retail space in established neighborhood, anchored by Dollar General.
      318 E Brown Rd, Mesa, AZ 85201
      View Details
    • Contact for pricing
      900 SF

      Retail Space in Escobedo Plaza

      Prime retail space with high visibility and customization options.
      308-340 E University Dr, Mesa, AZ 85201
      View Details
    • Contact for pricing
      3,010 SF

      Retail Space in Fry's Center

      Retail space available in Fry's anchored shopping center.
      1225-1265 W Main St, Mesa, AZ 85201
      View Details
    • Contact for pricing
      8,923 SF

      Retail Space in Mesa, Arizona

      Retail space available in a Wal-Mart anchored shopping center.
      1903 S Country Club Dr, Mesa, AZ 85201
      View Details
    • Contact for pricing
      1,550 SF

      Retail Space with Drive-Thru Potential

      Retail space with pylon signage and drive-thru pad sites.
      2881 E Main St, Mesa, AZ 85201
      View Details
    • Contact for pricing
      1,626 SF

      Mesa Retail Space For Rent

      Retail space available within a large mixed-use development.
      1061 N Dobson Rd, Mesa, AZ 85201
      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.
    724 University Dr
    Mesa, AZ 85201-5649
    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.