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Property profile & analytics
OFF-MARKET
Estimated value
$1,215,000
Warehouses
1146 Watkins St Phoenix, AZ 85007
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US07-0131106
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1953
Construction
CONCRETE
Total area
5,100 SF
Lot
0.43 ac (18,581 SF)
Zoning code
I-2
APN
105-35-040A
UPID
US07-0131106
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
-
Superior Vending Big Box & Wholesale Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.23M
Blend (final)
Blend
$1.22M
Owner & transaction history
Flight Labs LLC · 4 yrs held
Flight Labs LLC
since 2022
7 recorded transactions
Zoning & alternative use
I-2 · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$1.9M
+47.1%
Retail stores
$1.5M
+14.8%
Commercial (general)
$1.4M
+8.8%
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
$1,325,000
Current use
OFFICE BUILDING
$1,945,000
Change: +47% · Conversion: Difficult
RETAIL STORES
$1,520,000
Change: +15% · Conversion: Moderate
COMMERCIAL (GENERAL)
$1,440,000
Change: +9% · Conversion: Difficult
MEDICAL BUILDING
$1,355,000
Change: +2% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$1,300,000
Change: -2% · Conversion: Moderate
Blend value · Realmo final
$1.22M
Range $1.09M – $1.34M · ±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
$238 / 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
$7,045
Tax year 2023
Assessed value
$103,026
Assessed 2024
Previous assessed
$78,506
+31.2% YoY
Effective rate
6.84%
On assessed value
Land market value
$262,300
Improvement market value
$362,100
Total market value
$624,400
Applied tax rate
11,300.0000
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1953
Construction
CONCRETE
Heating
NONE
Cooling
EVAPORATIVE
Stories
1
Total area
5,100 SF
Lot
0.43 ac (18,581 SF)
Zoning code
I-2
APN
105-35-040A
UPID
US07-0131106
Jurisdiction
MARICOPA
Zoning & alternative use
I-2 · Phoenix, AZ
Zoning I-2 · permitted uses
I-2 · 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
$1.3M
OFFICE BUILDING
Est. value
$1.9M
RETAIL STORES
Est. value
$1.5M
COMMERCIAL (GENERAL)
Est. value
$1.4M
MEDICAL BUILDING
Est. value
$1.4M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.3M
WAREHOUSE, STORAGE Current
OFFICE BUILDING
RETAIL STORES
COMMERCIAL (GENERAL)
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
1953
Construction
CONCRETE
Heating
NONE
Cooling
Yes
Stories
1
Lot
0.43 ac
Current owner
From public records · entity-resolved
Flight Labs LLC
Entity
Mailing address
1138 W WATKINS ST, PHOENIX, AZ 85007-4310
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 31, 2022
$1,000,000
Flight Labs LLC
1139 Hilton LLC
Special Warranty Deed
$850,000 · Enterprise Bank & Trust
Feb 22, 2019
$1,200,000
Cama Holdings LLC
Shutter Investments LLC
Special Warranty Deed
$1,289,400 · Seacoast Commerce Bank
Oct 6, 2006
$595,000
Si 2 Properties LLC
Bagby,richard D & Susan J
Warranty Deed
$315,000 · Richard D & Susan J Bagby
Aug 11, 2006
$535,000
Richard D Bagby
Stone,carroll M
Warranty Deed
—
Jan 22, 2003
$350,000
Lenore C Stein
Shiverin Bear Enterprises LLC
Grant Deed
$315,000 · Shiverin Bear Enterprises LLC
Jun 16, 1999
—
Shiverin Bear Enterprises
Degoler,warren H & Linda L
Grant Deed
related
—
Mar 9, 1994
$142,500
Warren H Degoler
Hcd Enterprises
Grant Deed
$102,000 · Seller Carry Back
Jan 3, 1994
$80,000
Hcd Enterprises
Wahlers Construc
Grant Deed
—
—
—
Shiverin-bear Enterprises LLC
—
Deed Of Trust
related
$650,000 · Pinnacle Bank
—
—
Lenore C Stein
—
Deed Of Trust
related
$315,000 · Walter G & Nancy M Botta
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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