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    Prime Retail Space on Mill Title is generated by Realmo AI

    222 S Mill Ave, Tempe, AZ

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    Retail space with outdoor patio in vibrant Mill Avenue district.

    Type:RETAIL
    Property size:
    6,694 SF
    Lot size:
    3.50 Acres
    Added:
    Aug 6, 2024
    Days on Market:
    668
    Last Refresh:
    May 20 at 8:16 pm

    Property Features for 222 S Mill Ave

    General Information

    Standard status
    Active
    Size
    6,694 SF
    Lot size
    3.50 Acres
    Property subtype
    RETAIL

    Spaces For Lease

    at 222 S Mill Ave Contact us

    We can help!

    Listing Contact
    Brian Polachek
    Brian Polachek

    Listing agent Brian Polachek License #AZ SA528106000

    Listing office SRS Real Estate Partners | Phoenix

    Listing date Aug 6, 2024

    Source Moodyscre

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

    All listing content including descriptions, pricing, images are the copyrighted material of SRS Real Estate Partners | Phoenix

    HighLights

    • Across from Tempe Town Lake, Arizona's 2nd most visited public attraction
    • Located in the heart of Mill Avenue District with diverse entertainment, nightlife, retail, and local events
    • Excellent access to Loop 202 Freeway and minutes from ASU and Sky Harbor Airport
    • Expansive outdoor patio
    • Surrounded by local best‑in‑class amenities
    • Downtown Tempe area attracts millions of visitors annually

    Overview

    This retail space, encompassing 6,694 square feet, features an expansive outdoor patio. It is situated in the heart of the Mill Avenue District in downtown Tempe, an area that attracts millions of visitors annually due to its diverse entertainment, nightlife, retail options, and local events. The property is surrounded by local amenities and offers excellent access to Loop 202 Freeway. Its location is minutes from Arizona State University and Sky Harbor Airport. The property is located across from Tempe Town Lake, noted as Arizona's second most visited public attraction.
    Property Profile Location Intelligence

    Current Use by Public Records

    Column5 Consulting LLC Business Management Consultant Andrew Jensen - Raymond ... Financial Advisor Gannon & Associates Law Firm Harding Wealth Financial Advisor Joe Shargani - CMG ... Loan Service

    Suggested Use

    Real Estate Agency Restaurant Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Tempe
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.941
    Latitude
    33.428

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    FAQs

    What type of property is this?
    Retail space - Retail space with outdoor patio in vibrant Mill Avenue district.
    Where is this retail space located?
    The property is located at 222 S Mill Ave Tempe, AZ.
    What are key features of this property?
    This property features: Across from Tempe Town Lake, Arizona's 2nd most visited public attraction; Located in the heart of Mill Avenue District with diverse entertainment, nightlife, retail, and local events; Excellent access to Loop 202 Freeway and minutes from ASU and Sky Harbor Airport
    (602) 292-3100 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Brian Polachek
    Brian Polachek
    Real Estate License ID: AZ SA528106000
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    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
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