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Fiesta Palms II Shopping Center 2111 S Alma School Rd 28,383 SF 100% Leased Retail Building Mesa, AZ 85210 $5,900,000 ($207.87/SF) 7.88% Cap Rate
Investment Highlights
- Stabilized – 100% occupied with 5-25 year tenants
- Rental Upside – All NNN Leases (half below market), most structured for mark-to-market growth
- Growing Population Density – 1,800 new housing units & 2,500 under construction, Fiesta Mall to add ±4,000 more
- 7.88% CAP Rate Well Above Submarket (low-mid 7's)
- High-Traffic Location – ±52,000 VPD at intersection and ±36,550 along frontage
- Future Growth Catalyst – 1 mi from $2.5B development to bring thousands of new residents, jobs, and consumers
Executive Summary
Fiesta Palms II is a 100% occupied shopping center in Mesa, AZ, combining stable in-place cash flow with multiple levers for growth. The property benefits from long-term tenants, strong traffic counts, an affluent and expanding consumer base, recent capital upgrades, and close proximity to the $2.5B Fiesta Mall redevelopment—positioning it for immediate rental upside, mid-term NOI growth, and long-term appreciation. Tenant leases are NNN with annual escalations and fair market value options that create a clear path for mark-to-market rent growth.
Strategically located near US-60 at Alma School & Baseline (±52,000 VPD) with ±36,550 VPD along its frontage, Fiesta Palms II sits adjacent to the affluent Dobson Ranch community. Within 3 miles, 1,800 apartment units have recently been delivered, 2,500 units are under construction, and the Fiesta Mall redevelopment is slated to add ±4,000 more housing units—further strengthening long-term retail demand.
Strategically located near US-60 at Alma School & Baseline (±52,000 VPD) with ±36,550 VPD along its frontage, Fiesta Palms II sits adjacent to the affluent Dobson Ranch community. Within 3 miles, 1,800 apartment units have recently been delivered, 2,500 units are under construction, and the Fiesta Mall redevelopment is slated to add ±4,000 more housing units—further strengthening long-term retail demand.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Building Size
28,383 SF
Building Class
B
Year Built
1988
Price
$5,900,000
Price Per SF
$207.87
Cap Rate
7.88%
NOI
$465,031
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.20
Lot Size
3.26 AC
Zoning
LC - Mesa Limited Commercial zoning allows neighborhood retail, office, and service uses with strong flexibility for re-tenanting and future growth.
Parking
191 Spaces (6.73 Spaces per 1,000 SF Leased)
Frontage
251’ on S Alma School Rd
Amenities
- 24 Hour Access
- Signage
- Tenant Controlled HVAC
- Wheelchair Accessible
- Storage Space
- Monument Signage
- Air Conditioning
- Smoke Detector
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
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- Retailer
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99,999 SF
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$9.99
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Lorem Ipsum
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Jan 0000
Established in 2016 by long time collectors and friends, Tim and Nick. 1UP is owned and operated by only the two of us. Every time you come in, you can expect a familiar, friendly face and you'll feel right at home.
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- Educational Services
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99,999 SF
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$9.99
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Lorem Ipsum
-
Jan 0000
Founded in Mesa, AZ in 1967 and accredited in 1972, by the National Accrediting Commission of Career Arts and Sciences (NACCAS) Avalon School of Cosmetology has provided professional cosmetology training for more than 40 years.
- Black Truffle
- Retailer
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99,999 SF
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$9.99
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Lorem Ipsum
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Jan 0000
- Copper Stop Mini Mart
- Retailer
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99,999 SF
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$9.99
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Lorem Ipsum
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Jan 0000
-
- Services
-
99,999 SF
-
$9.99
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Lorem Ipsum
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Jan 0000
Clean & classic tattoos at affordable prices since 2003! We offer all styles of tattoos from some of the most diverse, talented and friendliest artists in Arizona. Home of Arizona’s 1st & best ‘get what you get game
- K&B Holdings LLC
- -
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99,999 SF
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$9.99
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Lorem Ipsum
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Jan 0000
- M&B Food Service
- Accommodation and Food Services
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99,999 SF
-
$9.99
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Lorem Ipsum
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Jan 0000
- Munchkins Place Learning Center
- Health Care and Social Assistance
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99,999 SF
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$9.99
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Lorem Ipsum
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Jan 0000
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Retailer | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 | |
|
|
Educational Services | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 | |
| Black Truffle | Retailer | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 | |
| Copper Stop Mini Mart | Retailer | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 | |
|
|
Services | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 | |
| K&B Holdings LLC | - | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 | |
| M&B Food Service | Accommodation and Food Services | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 | |
| Munchkins Place Learning Center | Health Care and Social Assistance | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 |
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 302-04-001W | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $436,794 |
Property Taxes
Parcel Number
302-04-001W
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$436,794
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Fiesta Palms II Shopping Center | 2111 S Alma School Rd
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