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    Property profile & analytics

    1505 Central Ave Phoenix, AZ 85004-1613

    • Retail space
    • 5,685 SF
    • 0.18 lot acres
    OFF-MARKET
    Value Estimations
    $1,430,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-0959523
    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

    • Carbuyrs Llc / Auto Repair Shop / Auto Parts Store
    • Cire Wealth Advisory Group, LLC / Insurance Agency
    • Loehrs Forensics / Consultant
    • Circa Central Avenue / Real Estate Agency
    • Cire Consulting Agency / Insurance Agency

    Property Details for 1505 Central Ave

    Year built
    1950
    Construction
    CONCRETE
    Lot size
    0.18 lot acres
    Property size
    5,685 SF
    Zone code
    DTC-GTWY
    Property type
    Retail space
    APN
    111-35-064B
    APU
    11135064B

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,441,000
      Market price range: $669k - $3.13M
      AI Estimate
      $1,419,000
      Market price range: $652k - $3.08M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,695,000
      Current use
      OFFICE BUILDING
      $1,720,000
      Change: +1% Conversion: Easy
      MEDICAL BUILDING
      $1,510,000
      Change: -11% Conversion: Difficult
      WAREHOUSE, STORAGE
      $1,475,000
      Change: -13% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,445,000
      Change: -15% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.073
    Latitude
    33.4643
    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
    $0.00
    $0.00
    $0.00
    $151,368
    -
    $787,200
    $221,922
    $1,009,122

    Comparable in this City

    • Value Estimation
      $19,425,000
      35,548 SF

      455 3rd St

      RETAIL STORES (PERSONAL SERVICES) • 35,548 SF
      455 3rd St, Phoenix, AZ 85004-3924
      View Details
    • Value Estimation
      $690,000
      1,263 SF

      918 6th St

      RETAIL STORES (PERSONAL SERVICES) • 1,263 SF
      918 6th St, Phoenix, AZ 85004-1988
      View Details
    • Value Estimation
      $1,560,000
      6,363 SF

      820 Central Ave

      RETAIL STORES (PERSONAL SERVICES) • 6,363 SF
      820 Central Ave, Phoenix, AZ 85004-2003
      View Details
    • Value Estimation
      $1,140,000
      5,500 SF

      2521 Central Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,500 SF
      2521 Central Ave, Phoenix, AZ 85004
      View Details
    • Value Estimation by Request
      2,477 SF

      550 Willetta St

      RETAIL STORES (PERSONAL SERVICES) • 2,477 SF
      550 Willetta St, Phoenix, AZ 85004-1739
      View Details
    • Value Estimation
      $635,000
      1,903 SF

      215 Mckinley St Ste, Unit 104

      RETAIL STORES (PERSONAL SERVICES) • 1,903 SF
      215 Mckinley St Ste, Phoenix, AZ 85004-2152
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,416 SF

      Prime Retail/Restaurant Space Available

      High-traffic Phoenix location with ample parking and customer base.
      2824 N Central Ave, Phoenix, AZ 85004
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      Retail space for sale near major Phoenix medical centers.
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      Downtown Phoenix Ground Floor Retail

      Ground floor retail space available in downtown Phoenix.
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      2,981 SF

      Midtown Phoenix Retail Opportunity

      Retail property in Midtown Phoenix, close to downtown amenities.
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      5,964 SF

      Phoenix Creative Office - 5,964 SF

      Freestanding Office Building, Vacant, Ideal Owner-User
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    Similar Nearby for Lease

    • Contact for pricing
      1,642 SF

      Retail/Restaurant Space Available

      Retail or restaurant space with optional patio and lobby access.
      800 N 2Nd St, Phoenix, AZ 85004
      View Details
    • Contact for pricing
      4,006 SF

      Retail Space with High Ceilings

      Retail space with high ceilings and frontage on 6th Street.
      817 N 6Th St, Phoenix, AZ 85004
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    • Contact for pricing
      1,687 SF

      Retail Space on Central Avenue

      Retail space available in established center on Central Avenue.
      4700 N Central Ave, Phoenix, AZ 85004
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    • Contact for pricing
      1,116 SF

      Retail and Office Space Available

      Retail and office spaces for lease near ASU Downtown Campus.
      600 N 4Th St, Phoenix, AZ 85004
      View Details
    • Contact for pricing
      1,500 SF

      Red Brick Retail Space Available

      Historic retail space in the Phoenix Warehouse District.
      310 E Buchanan St, Phoenix, AZ 85004
      View Details
    • Contact for pricing
      3,500 SF

      Roosevelt Row Retail Space

      Retail space available in dynamic Downtown Phoenix neighborhood.
      818 N 1St St, Phoenix, AZ 85004
      View Details
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    Phoenix, AZ 85004-1613
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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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