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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1501 16th St Phoenix, AZ 85006-3008

    • Retail space
    • 3,096 SF
    • 0.18 lot acres
    OFF-MARKET
    Value Estimations
    $650,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-0372388
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Arizona 3rd Party / Department Of Motor Vehicles
    • 1 Stop Motor Vehicle Services / Department Of Motor Vehicles / Driver And Vehicle Licensing Agency
    • 1 Stop Title Loans & Motor Vehicle Services / Loan Service

    Property Details for 1501 16th St

    Year built
    1984
    Construction
    STEEL FRAME
    Lot size
    0.18 lot acres
    Property size
    3,096 SF
    Zone code
    C-N
    Property type
    Retail space
    APN
    116-14-101
    APU
    11614101

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $654,000
      Market price range: $174k - $1.29M
      AI Estimate
      $643,000
      Market price range: $195k - $1.29M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $680,000
      Current use
      OFFICE BUILDING
      $930,000
      Change: +37% Conversion: Easy
      MEDICAL BUILDING
      $820,000
      Change: +21% Conversion: Difficult
      WAREHOUSE, STORAGE
      $805,000
      Change: +18% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $790,000
      Change: +16% Conversion: Moderate

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.047
    Latitude
    33.465
    CBSA code
    38060
    CBSA name
    PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $6,823
    $0.00
    $0.00
    $69,630
    -
    $204,700
    $217,300
    $422,000

    Comparable in this City

    • Value Estimation by Request
      1,960 SF

      2317 16th St

      RETAIL STORES (PERSONAL SERVICES) • 1,960 SF
      2317 16th St, Phoenix, AZ 85006-1827
      View Details
    • Value Estimation by Request
      5,518 SF

      1619 Mcdowell Rd, Unit 201

      RETAIL STORES (PERSONAL SERVICES) • 5,518 SF
      1619 Mcdowell Rd, Phoenix, AZ 85006-3098
      View Details
    • Value Estimation by Request
      1,547 SF

      1210 Van Buren St

      RETAIL STORES (PERSONAL SERVICES) • 1,547 SF
      1210 Van Buren St, Phoenix, AZ 85006-3418
      View Details
    • Value Estimation by Request
      680 SF

      2337 10th St

      RETAIL STORES (PERSONAL SERVICES) • 680 SF
      2337 10th St, Phoenix, AZ 85006-1632
      View Details
    • Value Estimation
      $915,000
      3,848 SF

      1603 16th St

      RETAIL STORES (PERSONAL SERVICES) • 3,848 SF
      1603 16th St, Phoenix, AZ 85006-1902
      View Details
    • Value Estimation
      $1,645,000
      15,363 SF

      2031 16th St

      RETAIL STORES (PERSONAL SERVICES) • 15,363 SF
      2031 16th St, Phoenix, AZ 85006-1911
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4,957 SF

      Turn Key Office Space

      Office space with McDowell road frontage in Downtown Phoenix.
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      Freestanding Building with Cell Tower

      Retail building with cell tower income and convenient location.
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      Retail Building on McDowell Road

      End-cap retail building with high traffic and excellent frontage.
      1928 E Mcdowell Rd, Phoenix, AZ 85006
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      Retail/Office Space with Drive-Thru Potential

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      Prime Phoenix Auto Shop/Retail

      High-traffic corner, 5,000 SF, strong NOI.
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      Iconic building suitable for retail, restaurant, or creative office.
      1201 East Van Buren St, Phoenix, AZ 85006
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    Similar Nearby for Lease

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      19,300 SF

      Phoenix Retail Space For Rent

      Retail space with fenced yard and roll-up doors available for rent.
      8935 North 7Th St, Phoenix, AZ 85006
      View Details
    • $1,800 /Mo
      206 SF

      Retail Space Near Coronado Neighborhood

      Retail space for rent near the Historical Coronado Neighborhood.
      1710 N 16Th St, Phoenix, AZ 85006
      View Details
    • $15 SF/Yr
      1,300 SF

      Retail Space with Ample Parking

      Retail space with monument signage at 16th St and Roosevelt.
      901-915 N 16Th St, Phoenix, AZ 85006
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      Retail Space on Van Buren

      Retail property with excellent visibility and pylon signage.
      2502 W Van Buren St, Phoenix, AZ 85006
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    • Contact for pricing
      2,184 SF

      Retail Space Near I-10 Freeway

      Retail space available for lease or sale near I-10.
      2145 E Van Buren St, Phoenix, AZ 85006
      View Details
    • Contact for pricing
      8,320 SF

      Retail Space Sublease Opportunity

      Former Family Dollar retail space available for sublease.
      2550 W Van Buren St, Phoenix, AZ 85006
      View Details
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    Phoenix, AZ 85006-3008
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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