New search
Property profile & analytics
OFF-MARKET
Estimated value
$10,115,000
Flex space
1500 Drake Dr, Tempe, AZ 85283-4346
Entity Owned
4-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US07-0901514
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
1984
Construction
CONCRETE
Total area
9,561 SF
Lot
0.88 ac (38,167 SF)
Zoning code
GID
APN
301-41-164
UPID
US07-0901514
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
-
Formal Fashions & Accessories Clothing & Fashion Store
-
K Couture Clothing Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$10.11M
Blend (final)
Blend
$10.12M
Owner & transaction history
Hoffmann Investment Properties LLC · 4 yrs held
Hoffmann Investment Properties LLC
since 2022
7 recorded transactions
Zoning & alternative use
GID · Tempe, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$6.7M
+31.9%
Auto repair, garage
$6.6M
+30.0%
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 Tempe submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Tempe 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
RESTAURANT
$6,665,000
Change: +32% · Conversion: Difficult
AUTO REPAIR, GARAGE
$6,570,000
Change: +30% · Conversion: Easy
Blend value · Realmo final
$10.12M
Range $9.10M – $11.13M · ±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
$1,058 / 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
$24,112
Tax year 2023
Assessed value
$438,570
Assessed 2024
Previous assessed
$352,869
+24.3% YoY
Effective rate
5.50%
On assessed value
Land market value
$519,000
Improvement market value
$2,139,000
Total market value
$2,658,000
Applied tax rate
281,600.0000
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
Flex space
Use group
LIGHT INDUSTRIAL
Status
Off-Market
Year built
1984
Construction
CONCRETE
Heating
SPACE
Cooling
EVAPORATIVE
Buildings
2
Stories
1
Units
2
Total area
9,561 SF
Lot
0.88 ac (38,167 SF)
Zoning code
GID
APN
301-41-164
UPID
US07-0901514
Jurisdiction
MARICOPA
Zoning & alternative use
GID · Tempe, AZ
Zoning GID · permitted uses
GID · Tempe, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Tempe. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT
Est. value
$6.7M
AUTO REPAIR, GARAGE
Est. value
$6.6M
RESTAURANT
AUTO REPAIR, GARAGE
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
1984
Construction
CONCRETE
Heating
SPACE
Cooling
Yes
Stories
1
Buildings
2
Units
2
Lot
0.88 ac
Current owner
From public records · entity-resolved
Hoffmann Investment Properties LLC
Entity
Mailing address
1346 E PALOMINO DR, TEMPE, AZ 85284-2449
Mailing matches property
Different — outreach signal
Owner-occupied
No
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
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 10, 2022
—
Hoffmann Investment Properties LLC
Keith L Hoffman
Re-recorded Document
related
—
Sep 24, 2021
—
Hoffman Investment Properties LLC
Keith L Hoffmann
Intrafamily Transfer
related
—
May 20, 2021
—
Keith L Hoffmansiand
—
Deed
related
$1,450,000 · Wells Fargo Bank NA
Mar 9, 2012
—
Hoffmann Family Living Trust
—
Deed Of Trust
related
$1,588,219 · Wells Fargo Bank
Mar 31, 2000
—
Hoffman Trust
Hoffman,keith L & Barbara J
Quit Claim Deed
related
$450,000 · Wells Fargo Bank
Oct 29, 1998
—
Hoffmann Trust
Hoffmann,keith L & Barbara J
Quit Claim Deed
related
—
—
—
Hoffmann Family Living Trust
—
Loan Modification
related
$1,500,960 · Wells Fargo Bk
—
—
Hoffman Trust
—
Deed Of Trust
related
$870,000 · Wells Fargo Bank Arizona
—
—
Hoffman Trust
—
Deed Of Trust
related
$870,000 · Wells Fargo Bank Arizona
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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