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Property profile & analytics
OFF-MARKET
Estimated value
$13,690,000
Distribution centers
135 Watkins St Phoenix, AZ 85004-2925
Entity Owned
10-yr Hold
~
Est. High Equity
Property ID
US07-3294926
Property profile
Verified
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Year built
1980
Construction
CONCRETE
Total area
56,601 SF
Lot
2.77 ac (120,774 SF)
Zoning code
A-1
APN
112-42-047B
UPID
US07-3294926
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
-
Office Systems Installation Furniture & Home Goods Home Decor Store
-
Mylch USA Hardware & Home Improvement Interior Design
-
Huffermen Inc Marketing & Advertising
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$13.88M
Blend (final)
Blend
$13.69M
Owner & transaction history
Phoenix 135 Partners LLC · 10 yrs held
Phoenix 135 Partners LLC
since 2016
7 recorded transactions
Zoning & alternative use
A-1 · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$17.1M
+16.5%
Retail stores
$16.9M
+14.8%
Medical building
$15.0M
+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
$14,690,000
Current use
OFFICE BUILDING
$17,110,000
Change: +16% · Conversion: Difficult
RETAIL STORES
$16,865,000
Change: +15% · Conversion: Moderate
MEDICAL BUILDING
$15,025,000
Change: +2% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$14,405,000
Change: -2% · Conversion: Moderate
Blend value · Realmo final
$13.69M
Range $12.32M – $15.06M · ±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
$242 / 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
$45,943
Tax year 2023
Assessed value
$1,161,749
Assessed 2024
Previous assessed
$907,239
+28.1% YoY
Effective rate
3.95%
On assessed value
Land market value
$1,341,300
Improvement market value
$5,699,600
Total market value
$7,040,900
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
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Status
Off-Market
Year built
1980
Construction
CONCRETE
Heating
PACKAGE
Cooling
YES
Stories
1
Total area
56,601 SF
Lot
2.77 ac (120,774 SF)
Zoning code
A-1
APN
112-42-047B
UPID
US07-3294926
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
$14.7M
OFFICE BUILDING
Est. value
$17.1M
RETAIL STORES
Est. value
$16.9M
MEDICAL BUILDING
Est. value
$15.0M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$14.4M
WAREHOUSE, STORAGE Current
OFFICE BUILDING
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
1980
Construction
CONCRETE
Heating
PACKAGE
Cooling
Yes
Stories
1
Lot
2.77 ac
Current owner
From public records · entity-resolved
Phoenix 135 Partners LLC
Entity
Mailing address
5112 N 40TH ST STE #105, PHOENIX, AZ 85018-9182
Ownership since
2016
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 19, 2024
—
Phoenix 135 Partners LLC
—
Deed
related
$1,500,000 · Assurity Life Insurance Company
May 26, 2021
—
135 Partners LLC
—
Deed
related
$1,660,000 · First International Bank & Trust
May 26, 2016
$1,800,000
Phoenix 135 Partners LLC
Colfin Cobalt I-ii Sub LLC
Special Warranty Deed
$4,250,000 · Mutual Of Omaha Bank
Dec 22, 2014
$1,843,383
Colfin Cobalt I-ii Sub LLC
Cobalt Industrial Reit II
Grant Deed
—
Sep 26, 2012
—
Cobalt Industrial Reit II
—
Deed Of Trust
related
$120,000,000 · Bank Of America
Jun 28, 2007
$3,711,358
Cobalt Industrial Reit II
First Industrial
Grant Deed
—
Jun 25, 2003
$13,000,000
Industrial LP First
Tmt Watkins Van Buren Ind
Grant Deed
related
—
Nov 24, 1998
$10,000,000
Tmt Watkins Van Buren Indust
Cassiday,p R
Grant Deed
—
Aug 17, 1988
—
F E Trotter INC
—
Deed Of Trust
related
—
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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