Listed by Matthews
$5,252,000
Main Street Plaza
Details
APN 140-34-862B
Property Type Retail
Sub Type Storefront, Shopping Center
Square Footage 31,888
Units 20
Cap Rate 6.13%
NOI $322,148
Occupancy 77.32%
Tenancy Multi
Lease Type NNN
Price per SqFt $165
Class B
Year Built 1978
Acreage 2.380
Zoning LC
Investment Type Value Add
Ground Lease No
Mesa Value-Add Shopping Center with Below-Market Rents and Immediate Upside
Investment highlights
- Value-Add with Significant Upside: Main Street Plaza presents a strong valueadd opportunity driven by below-market in-place rents. Current average rents are approximately $13.00/SF, well below prevailing rates for comparable neighborhood retail in East Mesa. As leases roll, a new owner can negotiate rents through renewals, re-tenanting, or light repositioning, creating meaningful NOI growth through stabilization. Additional upside includes several month to month leases that can be re-signed at higher rental rates, instantly increasing operating cash flow.
- Near-Term Upside Through Lease-Up: The property is 77.32% occupied, with approximately ±7,231 SF of vacant space available for immediate lease-up. This provides a straightforward opportunity to increase cash flow in the near term while improving overall tenancy and investor appeal.
- High-Visibility, High-Traffic Location: Situated along East Main Street, one of East Mesa's primary retail corridors, the center benefits from 22,000+ vehicles per day, strong visibility, multiple points of ingress/egress, ample parking, and prominent monument signage. Proximity to Loop 202 and US 60 further enhances accessibility and regional connectivity.
- Dense, Stable Consumer Base: The surrounding trade area features a strong residential density, including a significant concentration of age-restricted and retirement communities, supporting consistent daily traffic and service-oriented retail demand. The property also benefits from its location near Mesa's expanding medical and service corridor, including Banner Gateway Medical Center and other national tenants such as Taco Bell, Fry's Marketplace, Wendy's, Autozone, PNC and Chase bank, which bolsters daytime population and demand.
- Established Retail Corridor with Year-Round Demand: Main Street Plaza is surrounded by long-standing demand drivers such as Arizona Golf Resort, and multiple RV parks and manufactured housing communities, generating both seasonal and year-round traffic. The area's mix of local and national retailers further reinforces the center's position within one of East Mesa's most established and resilient retail submarkets.
Listing Contacts
Listed by Matthews
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$322,148.00
$26,845.67/mo
Valuation Metrics
0
DSCR
6.13%
Cap Rate
6.13%
ROI
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