1902 Main StMesa, AZ 85203

Property Details for 1902 Main St

Year built

1975

Lot size

1.33 AC

Property size (Sq ft)

4,140 SF

Property type

Retail properties

Property subtype

Turn key restaurants

APN

138-04-001Q

APU

13804001Q

Description

This exceptional redevelopment opportunity encompasses six parcels totaling 1.34 to 1.66 acres situated at the high-traffic intersection of East Main Street and North Gilbert Road in Mesa, Arizona. The property features a combined 419,240 square feet of net rentable space, with existing structures totaling 57,839 to 288,545 square feet, built in 1975. The site benefits from a C-3 zoning designation, allowing for a wide range of development options, including multifamily, office, medical, or mixed-use projects. The land value is $142.52 per square foot. The property's prime location offers excellent visibility and accessibility, with proximity to the Valley Metro Light Rail. This presents a unique chance to capitalize on Mesa's growth and create a thriving development in a vibrant, established area. The individual parcel numbers are 138-04-001Q, 138-04-001M, and 138-04-001L. The asking price for this significant investment is $7,995,000. This is a rare opportunity to acquire a large, strategically located parcel in a rapidly developing area of Mesa.

• CAP approach

  CAP return

  Valuation

  6%

  $1,929,271

  6.5%

  $1,780,866

  7%

  $1,653,661

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,353,431

  Geo Method

  $2,353,431

• Alternative Use

  Use

  Valuation

  Residential

  $1,502,227

  Hospitality

  $1,376,032

  Educational

  $1,144,842

  Medical

  $1,184,215

  Retail

  $1,780,866

Location Insight

City

Mesa

County

Maricopa

State

Arizona

Latitude

33.4159

Longitude

-111.79

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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