Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    520-524 Mill Ave Tempe, AZ 85281

    • Office Properties & Spaces
    • 3,210 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office Properties & Spaces

    Property Details for 520-524 Mill Ave

    Year built
    1898
    Property size
    3,210 SF
    Property type
    Office Properties & Spaces

    Description

    This exceptional 3,210 square foot executive office space is located at 520-524 S Mill Ave in Tempe, Arizona, 85281. The property, built in 1898, is a two-story building offering a unique blend of historic charm and modern functionality. Currently, the entire 3,210 square feet is available for lease, presenting a rare opportunity for a single tenant to occupy the entire building. The space is zoned CCD within Maricopa County, offering flexibility for various professional uses. The building's historical character provides a distinctive and memorable setting for any business. The second-floor location offers potential for increased privacy and views. This is a multi-tenant building, although the entire space is currently vacant. The property's size and layout are ideal for a company seeking a substantial and prestigious office presence in the heart of Tempe. The address is conveniently located at 520-524 S Mill Ave, providing easy access to local amenities and transportation. This is a remarkable opportunity to lease a significant and historically significant office space in a thriving Arizona city. Interested parties should inquire for further details and leasing information.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Tempe
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.94
    Latitude
    33.4247

    Comparable in this City

    • Value Estimation by Request
      64,072 SF

      1605 University Dr

      Flex space • 64,072 SF
      1605 University Dr, Tempe, AZ 85281
      View Details
    • Value Estimation by Request

      Tempe Az

      Office space
      0 Tempe Az, Tempe, AZ 85281
      View Details
    • Value Estimation by Request
      4.79 Acres

      1255 Rio Salado Pkwy

      CONDOMINIUM OFFICES • 4.79 Acres
      1255 Rio Salado Pkwy, Tempe, AZ 85281-2816
      View Details
    • Value Estimation by Request
      3.54 Acres

      2333 University Dr

      CONDOMINIUM OFFICES • 3.54 Acres
      2333 University Dr, Tempe, AZ 85281-7349
      View Details
    • Value Estimation by Request
      152,909 SF

      2618-2716 Mcdowell Rd

      Distribution properties • 152,909 SF
      2618-2716 Mcdowell Rd, Tempe, AZ 85281
      View Details
    • Value Estimation by Request
      4,200 SF

      2428 Apache Blvd

      Restaurants • 4,200 SF
      2428 Apache Blvd, Tempe, AZ 85281
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      48,654 SF

      Tempe Executive Office Building

      48,654 SF Office Space - For Sale
      432 Farmer Ave, Tempe, AZ 85281
      View Details
    • $4,900,000
      10,548 SF

      Downtown Tempe Creative Office

      ±10,548 SF Owner-User Opportunity
      448 Farmer Ave, Tempe, AZ 85281
      View Details
    • $695,000
      37,735 SF

      Class A Office Space Available

      2,361 SF Class A office space near Sky Harbor.
      1095 W Rio Salado Pkwy, Tempe, AZ 85281
      View Details
    • Contact for pricing
      147,495 SF

      New Build Trophy Office Asset

      New office building in Tempe's Novus Innovation Corridor.
      1331 E Rio Salado Pkwy, Tempe, AZ 85281
      View Details
    • $949,995

      Tempe Triplex Near ASU

      Well-maintained triplex near ASU with strong in-place cash flow.
      1234 S Farmer Ave, Tempe, AZ 85281
      View Details
    • Contact for pricing
      376,404 SF

      Tempe Retail Space Available

      Freestanding retail space in a busy Tempe shopping center.
      2010 E Rio Salado Pkwy, Tempe, AZ 85281
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      19,950 SF

      Casa Loma Tempe Office Space

      Tempe Office Suites: 7 spaces available
      398 Mill Ave, Tempe, AZ 85281
      View Details
    • $19 SF/Yr
      64,072 SF

      Tempe Warehouse Space Available

      Versatile Tempe industrial space for lease.
      1605 University Dr, Tempe, AZ 85281
      View Details
    • $15 SF/Yr
      26,000 SF

      Skyport Business Park: Tempe Office/Industrial

      Versatile Tempe Office & Industrial Space
      2420 1St St, Tempe, AZ 85281
      View Details
    • $15 SF/Yr
      18,229 SF

      Tempe Industrial Space For Lease

      Versatile Tempe Office/Warehouse Space Available
      2330 University Dr, Tempe, AZ 85281
      View Details
    • Contact for pricing
      48,654 SF

      Tempe Executive Office Space Available

      Modern Tempe office suites, various sizes.
      432 Farmer Ave, Tempe, AZ 85281
      View Details
    • $34 SF/Yr

      Tempe Office Space Available

      Office space for rent in Tempe, Arizona.
      1050 W Washington St, Tempe, AZ 85281
      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.
    520-524 Mill 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
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.