Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    704 S Myrtle Ave Tempe, AZ 85281

    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Ground floor retail in mixed-use development near Arizona State University.

    Property size:
    2,665 SF
    Lot size:
    0.40 Acres

    Property Features for 704 S Myrtle Ave

    General Information

    Size
    2,665 SF
    Lot size
    0.40 Acres

    We can help!

    Listing Contact
    Zachary Pace
    Zachary Pace
    Source: Moodyscre

    Listing Agent: Zachary Pace

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    New Retail Space in Tempe

    This newly constructed mixed-use development features 268 luxury residential units and approximately 6,606 square feet of ground floor retail space. The retail space offers visibility and street view appeal. Situated in Tempe, the property is surrounded by Arizona State University's Tempe Campus, which has over 53,000 students, and downtown Tempe, which has a daytime population of over 27,000 employees. Major employers in the area include State Farm Insurance, JPMorgan Chase, Carvana, ADP Inc, and Amazon, as well as the City of Tempe. The area also benefits from approximately 3.7 million visitors annually, drawn to various area attractions, contributing an estimated economic impact of over $700 million each year.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    ōLiv Tempe Apartment Complex Zoni Girls Skatewear Skate Shop

    Suggested Use

    Realty agency Restaurant Law Firm Building Supply Dental Office Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Tempe
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.938216
    Latitude
    33.422589

    Nearby Similar for Lease

    • $31 SF/Yr
      77 SF

      Tempe Office Building For Lease

      Two-story office building with mountain views and convenient highway access.
      8950 S 52Nd St, Tempe, AZ 85284
      View Details
    • Contact for pricing
      3,340 SF

      Restaurant Space Near I-10 Freeway

      Second-generation restaurant space in a high-traffic Tempe location.
      8905 S Harl Ave, Tempe, AZ 85284
      View Details
    • $1,795 /Mo
      1,036 SF

      Upgraded Tempe Townhome with Patio

      Desirable Tempe corner unit with upgrades, patio, and community pool.
      2124 E 10Th St, Tempe, AZ 85281
      View Details
    • $16 SF/Yr
      188,960 SF

      Two-Story Office Buildings in Tempe

      Two well-maintained office buildings with future development potential.
      8550 S Priest Dr, Tempe, AZ 85284
      View Details
    • Contact for pricing
      1,200 SF

      Tempe Office Space For Rent

      Multi-tenant professional office building near ASU and Downtown Tempe.
      2525 S Rural Rd, Tempe, AZ 85282
      View Details
    • Contact for pricing
      4,868 SF

      Retail Space Near Light Rail

      Retail suites available near light rail in Tempe, Arizona.
      1501 E Apache Blvd, Tempe, AZ 85281
      View Details
    • $20 SF/Yr
      3,092 SF

      Tempe Office Space For Rent

      Versatile Tempe office space with modern finishes and convenient location.
      402 E Southern Ave, Tempe, AZ 85282
      View Details
    • Contact for pricing
      30,408 SF

      Tempe Office Building For Rent

      30,408 SF office building in Tempe, Arizona for rent.
      401 W Baseline Rd, Tempe, AZ 85283
      View Details
    • Contact for pricing
      1,991 SF

      Restaurant Space in Prime Location

      Fully built-out restaurant space near Mill Avenue District and ASU.
      230 W Southern Ave, Tempe, AZ 85282
      View Details
    • Contact for pricing
      35,525 SF

      Tempe Warehouse and Distribution Space

      Industrial space with easy freeway access and skilled labor pool.
      2850 South Roosevelt St, Tempe, AZ 85282
      View Details
    • Contact for pricing

      Tempe Industrial Space for Lease

      Premier industrial hub with versatile buildings and standout visibility.
      7810 S Hardy Dr, Tempe, AZ 85284
      View Details
    • Contact for pricing
      2,959 SF

      Tempe Retail Space - 2959 SF

      Prime Tempe location, single-tenant retail space.
      0 Nwc Frst Ave & University Dr, Tempe, AZ 85281
      View Details

    FAQs

    What type of property is this?
    Retail space - Ground floor retail in mixed-use development near Arizona State University.
    Where is this retail space located?
    The property is located at 704 S Myrtle Ave Tempe, AZ.
    What are key features of this property?
    This property features: - Newly constructed luxury residential units.; - Prime location in the heart of Tempe.; - Surrounded by Arizona State University's Tempe Campus with over 53,000 students.
    (602) 734-7212
    Request Owner's contact information
    704 S Myrtle Ave Tempe, AZ 85281
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    704 S Myrtle Ave
    Tempe, AZ 85281
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    704 S Myrtle Ave Tempe, AZ 85281
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Zachary Pace
    Zachary Pace
    Real Estate License ID: AZ SA508018000
    (602) 734-7212
    Learn more
    Google sign-in failed. Please try again or use another login method.