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Property profile & analytics
OFF-MARKET
Estimated value
$60,685,000
Parking lots & garages
1505 Central Ave Phoenix, AZ 85004-1613
Entity Owned
6-yr Hold
Property ID
US07-2486268
Property profile
Verified
Property type
Parking lots & garages
Use group
PARKING GARAGE, PARKING STRUCTURE
Year built
2017
Construction
CONCRETE
Total area
104,344 SF
Lot
1.57 ac (68,177 SF)
Zoning code
DTC-GTWY
APN
111-35-082A
UPID
US07-2486268
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
-
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$65.05M
Blend (final)
Blend
$60.69M
Owner & transaction history
Circa Central Avenue Apartments LLC · 6 yrs held
Circa Central Avenue Apartments LLC
since 2020
Last sale
$57.5M
2 recorded transactions
Zoning & alternative use
DTC-GTWY · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$78.7M
+122.5%
Restaurant
$55.7M
+57.4%
Auto repair, garage
$44.1M
+24.6%
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
$75,560,000
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)
$78,745,000
Change: +122% · Conversion: Difficult
RESTAURANT
$55,720,000
Change: +57% · Conversion: Difficult
AUTO REPAIR, GARAGE
$44,090,000
Change: +25% · Conversion: Difficult
Blend value · Realmo final
$60.69M
Range $54.62M – $66.75M · ±10% · vs last sale $57.50M (Jan 16 2020)
Last sale anchor
$57.50M
Jan 16 2020
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
$582 / 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
$494,938
Tax year 2023
Assessed value
$8,348,011
Assessed 2024
Previous assessed
$6,098,166
+36.9% YoY
Effective rate
5.93%
On assessed value
Land market value
$16,355,800
Improvement market value
$65,423,300
Total market value
$81,779,100
Applied tax rate
11,300.0000
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
Parking lots & garages
Use group
PARKING GARAGE, PARKING STRUCTURE
Status
Off-Market
Year built
2017
Construction
CONCRETE
Heating
NONE
Buildings
3
Stories
2
Units
3
Total area
104,344 SF
Lot
1.57 ac (68,177 SF)
Zoning code
DTC-GTWY
APN
111-35-082A
UPID
US07-2486268
Jurisdiction
MARICOPA
Zoning & alternative use
DTC-GTWY · Phoenix, AZ
Zoning DTC-GTWY · permitted uses
DTC-GTWY · 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)
Est. value
$78.7M
RESTAURANT
Est. value
$55.7M
AUTO REPAIR, GARAGE
Est. value
$44.1M
COMMERCIAL (GENERAL)
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
2017
Construction
CONCRETE
Heating
NONE
Stories
2
Buildings
3
Units
3
Lot
1.57 ac
Current owner
From public records · entity-resolved
Circa Central Avenue Apartments LLC
Entity
Mailing address
7010 E ACOMA DR STE #204, SCOTTSDALE, AZ 85254-3550
Ownership since
2020
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
Jan 16, 2020
$57,500,000
Circa Central Avenue Apartments LLC
Phoenix Central Owner LLC
Special Warranty Deed
$31,625,000 · Nationwide Life Insurance Company
Mar 1, 2017
$4,538,680
Phoenix Central Owner LLC
Sw Central LLC
Grant Deed
$27,385,000 · Johnson Bk
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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