Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    2346 University Dr Phoenix, AZ 85034

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2346 University Dr Phoenix, AZ 85034

    View on Map
    • Warehouses
    • 3,693 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Heavenly Pure Organic Farms / Organic Farm
    • Project Motors / Auto Repair Shop
    • Crane Pro Services Inc / Construction Company / General Contractor

    Property Details for 2346 University Dr

    Year built
    1980
    Property size
    3,693 SF
    Property type
    Warehouses
    Property subtype
    Industrial properties

    Description

    This exceptional 3,693-square-foot warehouse condo in Phoenix, Arizona, presents a unique owner-user opportunity. Located at 2346 E University Dr, 85034, this Class B industrial property boasts a prime location in Maricopa County. Built in 1980 and extensively renovated in 2023, the property features a 15-foot ceiling height, a 10'x12' roll-up door, and is an endcap unit. The complete renovation includes brand new epoxy flooring throughout, a 100% HVAC system with new units, updated plumbing with a shower and sink in the warehouse area, new glass doors and windows with insulation, and energy-efficient LED lighting. The interior is freshly painted, including the staging area. Functional office space is provided with two private offices, a conference room, and a bathroom with a shower. The property is zoned A-2 and has an APN of 115-32-066. This single-story building offers a blend of modern amenities and efficient warehouse space, making it an excellent choice for a business seeking a functional and updated workspace. The asking price is $1,000,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.032
    Latitude
    33.4242

    Comparable in this City

    • Value Estimation by Request
      112,790 SF

      2850 36Th St

      Distribution properties • 112,790 SF
      2850 36Th St, Phoenix, AZ 85034
      View Details
    • Value Estimation by Request
      10,800 SF

      109 30Th St

      Distribution properties • 10,800 SF
      109 30Th St, Phoenix, AZ 85034
      View Details
    • Value Estimation by Request
      40,164 SF

      2229 Magnolia St

      Distribution properties • 40,164 SF
      2229 Magnolia St, Phoenix, AZ 85034
      View Details
    • Value Estimation by Request
      7,500 SF

      2212 Magnolia St

      Distribution properties • 7,500 SF
      2212 Magnolia St, Phoenix, AZ 85034
      View Details
    • Value Estimation by Request
      14,533 SF

      2431 Monroe St

      Manufacturing properties • 14,533 SF
      2431 Monroe St, Phoenix, AZ 85034
      View Details
    • Value Estimation by Request
      12,181 SF

      1601 Madison St

      Refrigerated & Cold Storage • 12,181 SF
      1601 Madison St, Phoenix, AZ 85034
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      132,000 SF

      Phoenix Warehouse with Fenced Yard

      132,000 SF warehouse with heavy power and fenced yard.
      3435 W Buckeye Rd, Phoenix, AZ 85034
      View Details
    • Contact for pricing
      5,750 SF

      Phoenix Flex Space with Yard

      Flex space with fenced yard and light rail access.
      2930 E Washington St, Phoenix, AZ 85034
      View Details
    • $1,250,000

      Vacant Industrial/Flex Building in Phoenix

      5,315 SF vacant industrial/flex building near Phoenix Sky Harbor.
      14 S 41St Pl, Phoenix, AZ 85034
      View Details
    • $1,100,000
      4,560 SF

      Phoenix Warehouse Space Available

      4,560 SF warehouse space for sale in Phoenix.
      2326 E Washington St, Phoenix, AZ 85034
      View Details
    • Contact for pricing
      8,083 SF

      Freestanding Industrial Building For Sale

      8,083 SF industrial building fully leased until September 2025.
      2824 E Washington St, Phoenix, AZ 85034
      View Details
    • Contact for pricing
      28,132 SF

      Phoenix Industrial Property For Sale

      28,132 SF industrial property near Sky Harbor Airport.
      2336 E Magnolia St, Phoenix, AZ 85034
      View Details

    Similar Nearby for Lease

    • $1.00 SF/Yr
      10,000 SF

      Phoenix Warehouse Space Available

      Warehouse space near Loop 202 and I-10 interchanges.
      205 S 29Th St, Phoenix, AZ 85034
      View Details
    • $0.65 SF/Yr
      115,260 SF

      Phoenix Warehouse Space Available

      Available warehouse space in Phoenix, Arizona.
      4202 W Washington St, Phoenix, AZ 85034
      View Details
    • Contact for pricing

      Industrial Warehouse Space Available 2026

      19,883 SF warehouse space available June 1, 2026.
      1503 E Jackson St, Phoenix, AZ 85034
      View Details
    • Contact for pricing
      10,350 SF

      Phoenix Warehouse Space for Lease

      Warehouse space for lease with convenient freeway access and amenities.
      1646 E University Dr, Phoenix, AZ 85034
      View Details
    • $1.09 SF/Yr
      53,884 SF

      Phoenix Warehouse with Large Yard

      53,884 SF warehouse with office and large yard.
      1000 East Hammond Ln, Phoenix, AZ 85034
      View Details
    • Contact for pricing
      7,000 SF

      Phoenix Warehouse Space for Lease

      7,000 SF warehouse space with fire sprinklers, Phoenix, AZ.
      20 N 32Nd Pl, Phoenix, AZ 85034
      View Details
    Request Owner's contact information
    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.
    2346 University Dr
    Phoenix, AZ 85034
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!