311 Main StEloy, AZ 85131

Property Details for 311 Main St

Year built

1948

Construction

CONCRETE

Lot size

0.06 AC

Property size (Sq ft)

2,220 SF

Property type

Office buildings

APN

405-03-0420

APU

405030420

Description

This exceptional retail investment opportunity presents a 5,345-square-foot strip mall located at 311, 313, and 315 N. Main St in Eloy, Arizona. The property, built in 1948 with partial renovations in 2024, boasts a strong 10.26% cap rate and a net operating income (NOI) of $2,358. Currently configured as three separate units (2,220 SF, 2,250 SF, and 875 SF), this property offers significant flexibility for various retail uses. The asking price is $750,000, translating to $140.32 per square foot. Situated on a 7,500-square-foot lot, the property includes five parking spaces and benefits from a highly visible Main Street location near the intersection with Frontier, ensuring excellent foot and vehicle traffic. The C2 zoning allows for a variety of commercial uses. This property is a compelling investment opportunity in a rapidly growing area, fueled by the presence of major companies like Lucid, Nikola, Kohler, and Proctor & Gamble. The strong rental demand and low supply in Eloy make this a particularly attractive proposition. The gross lease structure simplifies management, and the property is not subject to a ground lease. The property's three units are currently set up as office spaces, but the adaptable layout allows for a variety of retail configurations. This is a chance to capitalize on Eloy's burgeoning commercial market.

• CAP approach

  CAP return

  Valuation

  6%

  $342,669

  6.5%

  $316,310

  7%

  $293,716

• Comparable approach

  Method

  Valuation

  Relative Method

  $369,408

  Geo Method

  $369,408

• Alternative Use

  Use

  Valuation

  Residential Income

  $392,224

  Hospitality / Lodging

  $359,275

  Institutional / Educational

  $298,912

  Healthcare / Senior Housing

  $309,193

  Retail / Commercial

  $464,975

Location Insight

City

Eloy

County

Pinal

State

Arizona

Latitude

32.7524

Longitude

-111.555

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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