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Property profile & analytics
OFF-MARKET
Estimated value
$92,920,000
Showrooms
1402 40th Ave, Phoenix, AZ 85009-6113
Entity Owned
21-yr Hold
~
Est. High Equity
Property ID
US07-0689978
Property profile
Verified
Property type
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Year built
1987
Construction
CONCRETE
Total area
200,370 SF
Lot
9.71 ac (422,766 SF)
Zoning code
A-1
APN
105-14-014A
UPID
US07-0689978
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
-
Nellis Auction (Phoenix Location) Trade Show Venue (Bike/Boat/Book/etc) Store
-
PureCare Corporate Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$92.92M
Blend (final)
Blend
$92.92M
Owner & transaction history
Dct-az 2004 Rn Portfolio U LLC · 21 yrs held
Dct-az 2004 Rn Portfolio U LLC
since 2004
2 recorded transactions
Zoning & alternative use
A-1 · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
COMMERCIAL (GENERAL)
$131,980,000
Current use
RESTAURANT
$107,000,000
Change: -19% · Conversion: Difficult
Blend value · Realmo final
$92.92M
Range $83.63M – $102.21M · ±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
$464 / 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
$159,079
Tax year 2023
Assessed value
$4,036,016
Assessed 2024
Previous assessed
$3,909,320
+3.2% YoY
Effective rate
3.94%
On assessed value
Land market value
$2,136,700
Improvement market value
$22,324,000
Total market value
$24,460,700
Applied tax rate
21,300.0000
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
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Status
Off-Market
Year built
1987
Construction
CONCRETE
Heating
HEAT PUMP
Buildings
3
Stories
1
Total area
200,370 SF
Lot
9.71 ac (422,766 SF)
Zoning code
A-1
APN
105-14-014A
UPID
US07-0689978
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
COMMERCIAL (GENERAL) Current
Est. value
$132.0M
RESTAURANT
Est. value
$107.0M
COMMERCIAL (GENERAL) Current
RESTAURANT
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
1987
Construction
CONCRETE
Heating
HEAT PUMP
Stories
1
Buildings
3
Lot
9.71 ac
Current owner
From public records · entity-resolved
Dct-az 2004 Rn Portfolio U LLC
Entity
Mailing address
1800 WAZEE ST, DENVER, CO 80202-1577
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2004
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 6, 2004
$7,869,037
Dct-az 2004 Rn Portfolio U LLC
Cabot Industrial Venture B LLC
Grant Deed
$350,000,000 · Bank One NA
Dec 30, 1998
$6,776,000
Cabot Industrial Properties LP
Sfers Real Estate Corp
Grant Deed
—
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.
Try Rey
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