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Property profile & analytics
FOR SALE
Medical Office Space

1492 S Mill Ave Tempe, AZ 85281

64,609 SF 1.67 ac lot Built 1996
Entity Owned 8-yr Hold ~ Est. High Equity
Property ID
US07-3447709
Property summary
AI-generated overview

This exceptional Class A medical office building, totaling 59,808 square feet, is situated on the Tempe St. Luke's Hospital campus in Maricopa County, Arizona. Built in 1996, the three-story building offers multiple tenancy options, with spaces ranging from a minimum of 1,739 square feet to a maximum contiguous space of 2,427 square feet. Currently, 12,490 square feet is available for lease. The property sits on a 1.67-acre lot and provides ample patient and covered staff parking. Its convenient location on the campus of an 87-bed full-service hospital offers immediate access to a wide array of services, including diagnostic imaging, cardiovascular care, orthopedic services, women's care, and a wound center. This presents a unique opportunity for medical professionals seeking a prestigious and well-equipped space within a thriving healthcare environment. The address is 1492 S Mill Ave, Tempe, AZ 85281. This property is ideal for practices seeking high visibility and convenient access to a large patient base. The building's modern design and ample parking ensure a comfortable and efficient experience for both patients and staff.

Property profile
Verified
Property type Medical Office Space
Use group MEDICAL BUILDING
Year built 1996
Construction CONCRETE
Total area 64,609 SF
Lot 1.67 ac (72,560 SF)
Zoning code R-4
APN 133-18-041
UPID US07-3447709
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
  • Biltmore ENT, Facial Plastics & Allergy Medical Clinic Physician
  • Arizona Wound Centers Medical Clinic
  • East Valley Women's Medical Group Medical Clinic
  • Women's Health Associates Tempe Medical Clinic
  • Foot & Ankle Clinics of Arizona/Tempe Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$13.41M
Blend (final) Blend
$13.41M
Owner & transaction history
Tempe Exchange LLC · 8 yrs held
Tempe Exchange LLC
since 2017
7 recorded transactions
2024
Price N/A
2019
Price N/A
2017
$19.7M
2017
Price N/A
2017
$9.7M
2016
Price N/A
2012
$8.7M
Zoning & alternative use
R-4 · Tempe, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description

l Planned Area Development (R1-PAD) (requires a PAD Overlay) D. Multi-Family Residential (R-2) E. Multi-Family Residential Restricted (R-3R) F. Multi-Family Residential Limited (R-3) G. Multi-Family Residential General (R-4) H. Multi-Family Residential High Density (R-5) I. Manufactured Housing Subdivision (MHS) J. Mobile Home Residence (RMH) K. Trailer Park…

Zone name Multifamily Residential General
General category CIVIC_INSTITUTIONAL
Zone area 562.34 ac
Source zoning and development code
Top alternative use upside
Office building $17.4M +31.6%
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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