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    401 S Mill Ave Tempe, AZ 85281

    For Sale
    $7,450,000

    Fully occupied, historic building in Tempe's Mill Avenue District.

    Property size:
    9,614 SF
    Lot size:
    0.69 Acres

    Property Features for 401 S Mill Ave

    General Information

    Size
    9,614 SF
    Lot size
    0.69 Acres

    Source: Cushman & Wakefield | Phoenix Agent Eric Wichterman

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

    Overview

    Historic Mill Avenue Investment Property

    This historic property, listed on the National Register of Historic Places, features modern improvements and is situated in Tempe's Mill Avenue Entertainment District. The building is 100% occupied by two tenants: Devil's Hideaway, a bar and restaurant on the ground floor, and Serenity Wellness on the second floor. The property is located adjacent to Arizona State University (ASU) and benefits from its location in the walkable Mill Avenue Entertainment District. North Tempe is an active office market with major corporations. The property is within walking distance of a Metro Light Rail station and the Tempe Streetcar stop at 3rd Street and Mill Avenue. The location at the center of Downtown Tempe's Mill Avenue Entertainment District, serving ASU, provides long-term investment viability. Downtown Tempe has limited developable sites, with most planned for residential towers. The property contains 9,614 square feet.
    Insight Report Location Intelligence

    Current Use by Public Records

    Devil's Hideaway Restaurant Idle Hands Bar DUFL Corporate Office

    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.

    Similar Places Nearby

    Starbucks, Starbucks, Starbucks, Starbucks, Starbucks

    Location Insight

    • Map
    • Local Demand
    City
    Tempe
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.9396131
    Latitude
    33.4264222

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    FAQs

    What type of property is this?
    Bar - Fully occupied, historic building in Tempe's Mill Avenue District.
    Where is this bar located?
    The property is located at 401 S Mill Ave Tempe, AZ.
    What is the asking price?
    The asking price for this property is $7,450,000.
    What are key features of this property?
    This property features: - Irreplaceable location in Tempe's Mill Avenue Entertainment District; - 100% occupied with thriving tenants: Devil's Hideaway and Serenity Wellness; - Trophy historical property listed on the National Register of Historic Places
    (602) 954-9000
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    Realmo Value Estimation

    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.

    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.

    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
    401 S Mill Ave Tempe, AZ 85281
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