Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1615 W University Dr Tempe, AZ 85281

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Industrial/Flex & Office suites available for immediate occupancy.

    Property size:
    1,728 SF
    Lot size:
    5.30 Acres

    Property Features for 1615 W University Dr

    General Information

    Size
    1,728 SF
    Lot size
    5.30 Acres

    We can help!

    Listing Contact
    Keri Scott
    Keri Scott
    Source: Moodyscre

    Listing Agency: Newmark | Phoenix Listing Agent: Keri Scott

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

    Learn more

    Property Insight Report

    Overview

    Industrial/Flex & Office Space Available

    This property offers approximately 64,072 square feet of industrial, flex, and office space. Available suites range from approximately 1,717 to 1,750 square feet, suitable for immediate occupancy. The suites feature varying percentages of office buildouts and are equipped with both HVAC and evaporative cooling systems. The landlord maintains the HVAC and evaporative cooling systems as part of the operating expenses. The property includes 3-phase power and a parking ratio of 3.46 spaces per 1,000 square feet. Grade-level loading is available. The property has frontage on University Drive. Extensive exterior improvements are planned for the property.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Healthwaves Corporate Wellness Physician Bushwalker Bags Medical Supply Store Ari Med Pharmaceuticals ... Factory All Aloha Plumbing ... Plumbing Service SMW Refrigeration and Heating, ... HVAC Service

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Similar Places Nearby

    AZ School Meals, Morrison Catering, Arizona Party Wizards, AZ Inspirations Catering, Santa Barbara Catering Co

    Location Insight

    • Map
    • Local Demand
    City
    Tempe
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.9652526
    Latitude
    33.4211779

    Nearby Similar for Lease

    • Contact for pricing

      AZ, Tempe - W 14th St

      Workspaces, services and support to help you work better in AZ, Tempe - W 14th St
      2005 14Th St, Tempe, AZ 85281
      View Details
    • Contact for pricing

      Wells Fargo Plaza

      Discover many ways to work your way in Wells Fargo Plaza
      64 Broadway Rd, Tempe, AZ 85282
      View Details
    • Sponsored
      Contact for pricing

      AZ, Tempe - Hayden Ferry Lake

      Discover many ways to work your way in AZ, Tempe - Hayden Ferry Lake
      60 Rio Salado Pkwy, Tempe, AZ 85281
      View Details
    • $32 SF/Yr
      6,810 SF

      Tempe Medical Office Space

      Move-in-ready medical suites in accessible Tempe location.
      4812 South Mill Ave, Tempe, AZ 85282
      View Details
    • Contact for pricing
      35,725 SF

      Tempe Warehouse with Office Space

      35,725 SF warehouse with offices near Sky Harbor Airport.
      921 South Park Ln, Tempe, AZ 85281
      View Details
    • $20 SF/Yr
      1,000 SF

      Single-Story Office Building For Rent

      Single-story office building with private offices and flexible workspace.
      1415 East Guadalupe Rd, Tempe, AZ 85283
      View Details
    • Contact for pricing
      27,000 SF

      Retail Development in Affluent Neighborhood

      Retail and restaurant spaces available in Tempe, Arizona.
      8770 S Rural Rd, Tempe, AZ 85284
      View Details
    • $22 SF/Yr
      2,502 SF

      Move-in Ready Dental Office Space

      Fully operational dental office space available for rent.
      1842 East Baseline Rd, Tempe, AZ 85283
      View Details
    • $18 SF/Yr

      Downtown Mill Office Suites

      Office suites for lease in the heart of Tempe.
      398 S Mill Ave, Tempe, AZ 85281
      View Details
    • Contact for pricing

      Tempe Office Campus For Rent

      Office campus with open floor plans, training, and conference centers.
      8260 South Hardy Dr, Tempe, AZ 85284
      View Details
    • $21 SF/Yr

      Tempe Office Suites For Lease

      Tempe office suites with modern design and flexible floor plans.
      1050 E Southern Ave, Tempe, AZ 85282
      View Details
    • $1.30 SF/Yr

      Tempe Office/Flex/Warehouse Space Available

      Office, flex, and warehouse spaces for lease with freeway access.
      254 W Baseline Rd, Tempe, AZ 85282
      View Details

    FAQs

    What type of property is this?
    Flex space - Industrial/Flex & Office suites available for immediate occupancy.
    Where is this flex space located?
    The property is located at 1615 W University Dr Tempe, AZ.
    What is the lease rate?
    The lease rate is $1.50 SF/Yr.
    What are key features of this property?
    This property features: - Suites ready for immediate occupancy; - Extensive exterior improvements planned; - 100% HVAC & Evap spaces with Landlord maintenance included in opex
    (602) 386-7153 Call to check price and availability
    Request Owner's contact information
    1615 W University Dr 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.
    1615 W University Dr
    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
    1615 W University Dr 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!
    Contact for Pricing
    Please call us for current price
    and status of this listing Keri Scott
    Keri Scott
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!