2121 Mill AveTempe, AZ 85282

Property Details for 2121 Mill Ave

Year built

1968

Construction

CONCRETE

Lot size

0.89 AC

Property size (Sq ft)

1,064 SF

Zone code

R-4

Property type

Office buildings

APN

133-23-020F

APU

13323020F

Description

This exceptional two-story, 16,528-square-foot office building, constructed in 1968 and extensively renovated in 2020, presents a unique investment opportunity in the highly desirable Tempe submarket. Located at 2121 on Mill, with prominent Mill Avenue frontage, this Class B property boasts a classic mid-century modern design by renowned architect Thomas Montgomery. The building features 18 suites ranging from 550 to 1,452 square feet, many with private bathrooms, catering to a variety of business needs. Currently, 4,528 square feet are available for lease across multiple suites. The property offers a mix of small and moderate-sized spaces, perfect for professional services or creative businesses. Amenities include a gated courtyard with new landscaping, upgraded air conditioning, new common area flooring, new signage, ample surface and covered parking (86 spaces total, a 5.2/1000 ratio), and a single elevator. The building also benefits from a video camera system with real-time monitoring. Its strategic location near Arizona State University and downtown Tempe provides easy access to a vibrant 24/7 live-work-play environment. Convenient freeway access to Highways 60, 10, and 101, and proximity to Sky Harbor International Airport (a 5-minute drive via SR-143), further enhance its appeal. The property sits on a 38,921-square-foot lot and is zoned R4 Tempe (Maricopa County, APN 133-23-020F). Annual property taxes are $1 per square foot. The maximum contiguous space available is 2,590 square feet.

• CAP approach

  CAP return

  Valuation

  6%

  $185,546

  6.5%

  $171,273

  7%

  $159,039

• Comparable approach

  Method

  Valuation

  Relative Method

  $164,016

  Geo Method

  $164,016

• Alternative Use

  Use

  Valuation

  Residential

  $212,379

  Hospitality

  $194,538

  Educational

  $161,853

  Medical

  $167,420

  Retail

  $251,772

Location Insight

City

Tempe

County

Maricopa

State

Arizona

Latitude

33.4056

Longitude

-111.939

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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