1944 Greenfield RdMesa, AZ 85206

Property Details for 1944 Greenfield Rd

Year built

2002

Construction

CONCRETE

Lot size

11.99 AC

Property size (Sq ft)

149,700 SF

Zone code

LC

Property type

Retail properties

Property subtype

Outlet malls

APN

140-67-023B

APU

14067023B

Description

This exceptional investment opportunity presents a 149,710-square-foot At Home store situated on an expansive 11.98-acre lot in Mesa, Arizona. The property boasts a highly desirable absolute NNN lease with a prominent national tenant, At Home, ensuring minimal landlord responsibilities and predictable cash flow. The lease, commencing October 1, 2014, and expiring September 30, 2029, has a remaining term of approximately 4.9 years, offering immediate income generation. The current Net Operating Income (NOI) stands at $856,111, translating to an attractive 7.50% capitalization rate and a price per square foot of $76.25. Built in 2002, this single-story building is located at 1944 S Greenfield Rd, Mesa, AZ 85206, within the thriving Greenfield Gateway retail corridor, alongside national retailers such as Walmart, Sportsman's Warehouse, and Hobby Lobby. The property benefits from a strong demographic profile, including a high average household income of $116,684 within a one-mile radius and a densely populated trade area with approximately 358,175 residents within a five-mile radius. The lease includes annual 2% rent increases, providing built-in income growth. The large lot size presents potential for future redevelopment, adding further value to this exceptional investment. The property's location offers convenient access to US-60 Freeway, experiencing approximately 249,545 vehicles per day. This is a rare opportunity to acquire a high-performing retail asset in a prime location with significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $69,761,336

  6.5%

  $64,395,080

  7%

  $59,795,428

• Comparable approach

  Method

  Valuation

  Relative Method

  $85,098,704

  Geo Method

  $85,098,704

• Alternative Use

  Use

  Valuation

  Residential

  $54,319,656

  Hospitality

  $49,756,516

  Educational

  $41,396,836

  Medical

  $42,820,536

  Retail

  $64,395,080

Location Insight

City

Mesa

County

Maricopa

State

Arizona

Latitude

33.3806

Longitude

-111.741

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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