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    Property profile & analytics

    7047 Greenway Pkwy Scottsdale, AZ 85254

    • Office buildings
    • 112,030 SF
    • 2.57 lot acres
    For Lease
    View listing
    $39 SF/Yr
    Last Sale
    Dec 16, 2021
    $37,750,000
    Value Estimations
    $40,965,000
    Cap Rate Potential
    4%
    Office buildings
    Location Intelligence
    Property ID
    US07-1540005
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Ambature, Inc. / Electric Utility Company
    • Eric Ravenscroft, REALTOR | The Ravenscroft Group | Real Estate Advisors | Real Broker Arizona / Real Estate Agent / Custom Home Builder
    • Banker Law Office / Elder Law Attorney / Estate Planning Attorney
    • Bay Equity Home Loans / Mortgage Lender
    • Car Care Labs / Car Repair And Maintenance Service

    Property Details for 7047 Greenway Pkwy

    Year built
    1999
    Construction
    STEEL FRAME
    Lot size
    2.57 lot acres
    Property size
    112,030 SF
    Zone code
    CP/GCP
    Property type
    Office buildings
    APN
    215-58-043
    APU
    21558043

    Description

    This exceptional Class A office building, Kierland Corporate Center I, offers 112,030 square feet of prime office space in the heart of Scottsdale's Kierland community. Built in 2000, this four-story building features a flexible floor plan design catering to both small and large tenants. The property boasts a striking two-level, open-atrium lobby with a dramatic staircase and high ceilings throughout. Enjoy convenient underground parking and private balconies on the fourth floor offering stunning valley views. Currently, one suite of 3,444 square feet is available. The building's location is unparalleled, with signage visible from Greenway Parkway, and proximity to Kierland Commons and Scottsdale Quarter, two premier open-air shopping centers. Its strategic location also places it within a mile of several luxury resorts and hotels, including the Westin Kierland Resort & Spa and the Fairmont Scottsdale Princess Resort. Furthermore, it's conveniently situated less than a quarter mile from Scottsdale Airport, a major hub for executive jets. The property sits on 2.57 acres and is zoned CP/GCP. The building includes elevators and has an APN of 215-58-043. This is a truly unique opportunity to secure office space in one of Scottsdale's most desirable locations.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $46,890,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $31,530,000
      6.5%
      $29,105,000
      7%
      $27,025,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $41,015,000
      Market price range: $5.99M - $52.3M
      AI Estimate
      $41,412,000
      Market price range: $4.44M - $52.3M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $32,315,000
      Current use
      COMMERCIAL (GENERAL)
      $54,785,000
      Change: +70% Conversion: Easy
      RETAIL STORES
      $51,595,000
      Change: +60% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $46,160,000
      Change: +43% Conversion: Difficult
      MEDICAL BUILDING
      $39,140,000
      Change: +21% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Scottsdale
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.929
    Latitude
    33.6223
    CBSA code
    38060
    CBSA name
    PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $310,347
    $0.00
    $0.00
    $4,210,040
    -
    $3,412,600
    $22,102,792
    $25,515,392

    Comparable in this City

    • Value Estimation by Request
      172,254 SF

      15081 Scottsdale Rd

      OFFICE BUILDING • 172,254 SF
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    • Value Estimation by Request
      202,691 SF

      14850 Scottsdale Rd

      OFFICE BUILDING • 202,691 SF
      14850 Scottsdale Rd, Scottsdale, AZ 85254-2798
      View Details
    • Value Estimation
      $38,485,000
      82,383 SF

      14636 Scottsdale Rd

      OFFICE BUILDING • 82,383 SF
      14636 Scottsdale Rd, Scottsdale, AZ 85254-2701
      View Details
    • Value Estimation
      $6,050,000
      12,952 SF

      11000 Scottsdale Rd Ste, Unit 210

      OFFICE BUILDING • 12,952 SF
      11000 Scottsdale Rd Ste, Scottsdale, AZ 85254-5235
      View Details
    • Value Estimation
      $1,825,000
      13,531 SF

      7020 Acoma Dr Ste, Unit 120

      OFFICE BUILDING • 13,531 SF
      7020 Acoma Dr Ste, Scottsdale, AZ 85254-3537
      View Details
    • Value Estimation
      $8,335,000
      22,136 SF

      14851 Scottsdale Rd

      OFFICE BUILDING • 22,136 SF
      14851 Scottsdale Rd, Scottsdale, AZ 85254-2790
      View Details

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    Similar Nearby for Lease

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      Office Building with Greenway Frontage

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    7047 Greenway Pkwy
    Scottsdale, AZ 85254
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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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