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Property profile & analytics
OFF-MARKET
Estimated value
$8,195,000
Distribution centers
10821 23rd Ave Phoenix, AZ 85029-4935
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US07-0114065
Property profile
Verified
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Year built
1977
Construction
CONCRETE
Total area
40,849 SF
Lot
1.98 ac (86,260 SF)
Zoning code
A-1
APN
149-08-014D
UPID
US07-0114065
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Natural Light Energy Systems Big Box & Wholesale Store
-
Tri City Automotive Warehouse Auto Parts Store
-
Solar Attic Fan Production Facility
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$8.31M
Blend (final)
Blend
$8.20M
Owner & transaction history
Dunbar 23rd LLC · 6 yrs held
Dunbar 23rd LLC
since 2019
5 recorded transactions
Zoning & alternative use
A-1 · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$12.2M
+14.8%
Medical building
$10.8M
+2.3%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Phoenix submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Phoenix submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$10,600,000
Current use
RETAIL STORES
$12,170,000
Change: +15% · Conversion: Moderate
MEDICAL BUILDING
$10,845,000
Change: +2% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$10,395,000
Change: -2% · Conversion: Moderate
Blend value · Realmo final
$8.20M
Range $7.38M – $9.01M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$201 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$32,530
Tax year 2023
Assessed value
$695,574
Assessed 2024
Previous assessed
$480,114
+44.9% YoY
Effective rate
4.68%
On assessed value
Land market value
$904,600
Improvement market value
$3,311,000
Total market value
$4,215,600
Applied tax rate
61,300.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Status
Off-Market
Year built
1977
Construction
CONCRETE
Heating
NONE
Cooling
EVAPORATIVE
Stories
1
Total area
40,849 SF
Lot
1.98 ac (86,260 SF)
Zoning code
A-1
APN
149-08-014D
UPID
US07-0114065
Jurisdiction
MARICOPA
Zoning & alternative use
A-1 · Phoenix, AZ
Zoning A-1 · permitted uses
A-1 · Phoenix, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Phoenix. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$10.6M
RETAIL STORES
Est. value
$12.2M
MEDICAL BUILDING
Est. value
$10.8M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$10.4M
WAREHOUSE, STORAGE Current
RETAIL STORES
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1977
Construction
CONCRETE
Heating
NONE
Cooling
Yes
Stories
1
Lot
1.98 ac
Current owner
From public records · entity-resolved
Dunbar 23rd LLC
Entity
Mailing address
841 APOLLO ST STE #334, EL SEGUNDO, CA 90245-4722
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 10, 2019
$2,950,000
Dunbar 23rd LLC
10821 North 23rd Avenue Building Ll
Special Warranty Deed
$1,950,000 · Sunwest Bank
Mar 21, 2007
$2,350,000
10821 North 23rd Avenue Buildi
2930 LLC
Grant Deed
$2,104,000 · Bnc National Bank
Mar 21, 2007
—
Clifford J Cutler Ltd Psp Of Trust
2930 LLC
Grant Deed
related
—
Jun 26, 1997
$878,000
L L C 2390
Meridian Trust INC
Grant Deed
$540,000 · Bank Of America
—
—
10821 North 23rd Avenue Buildi
—
Deed Of Trust
related
$832,000 · Alerus Financial NA
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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