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Property profile & analytics
FOR LEASE
Medical Office Space
1520 S Dobson Rd, Mesa, AZ 85202
Individually Owned
26-yr Hold
Free & Clear
Property ID
US07-1283719
For Lease
1 / 21
$18,605,000
1520 S Dobson Rd, Mesa, AZ 85202
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Property summary
AI-generated overview
This exceptional Class A medical office building, located at 1520 S Dobson Rd in Mesa, Arizona's Superstition Corridor submarket, offers 148,698 square feet of prime space. Built in 1986 and extensively renovated in 2023, the three-story building boasts 13 available suites ranging from 1,343 to 14,784 contiguous square feet, with a total of 51,404 square feet currently vacant. The property sits on 2.17 acres of land and features ample parking with 350 spaces and convenient elevator access. The building is zoned NC (Neighborhood Commercial) and its Maricopa County location provides easy access to major transportation routes. Ideal for medical practices of all sizes, this property offers a modern, efficient, and well-maintained environment. The property's APN is 134-43-016B and its zip code is 85202. This is a rare opportunity to secure high-quality medical office space in a thriving Arizona market. The building's recent renovation ensures modern amenities and systems are in place. Contact us today to learn more about leasing opportunities and explore the possibilities for your practice.
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1986
Construction
CONCRETE
Total area
48,022 SF
Lot
2.16 ac (94,307 SF)
Zoning code
NC
APN
134-43-016B
UPID
US07-1283719
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
-
Banner Health Clinic Medical Clinic
-
Arizona Orthopedic Clinic Medical Clinic
-
Smith Carolyn Employment Agency
-
Associated Retina Consultants: Sell Clive H MD Physician
-
Dr. Joshua D. Cohen, MD Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$18.60M
Blend (final)
Blend
$18.61M
Owner & transaction history
Discovery Health System · 26 yrs held
Discovery Health System
since 1999
2 recorded transactions
Zoning & alternative use
NC · Mesa, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$30.8M
+145.0%
Restaurant
$30.7M
+144.4%
Auto repair, garage
$21.2M
+68.2%
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 Mesa submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Mesa 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
MEDICAL BUILDING
$12,575,000
Current use
COMMERCIAL (GENERAL)
$30,815,000
Change: +145% · Conversion: Easy
RESTAURANT
$30,735,000
Change: +144% · Conversion: Difficult
AUTO REPAIR, GARAGE
$21,160,000
Change: +68% · Conversion: Difficult
RETAIL STORES
$12,585,000
Change: +0% · Conversion: Difficult
Blend value · Realmo final
$18.61M
Range $16.74M – $20.47M · ±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
$387 / 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
$225,568
Tax year 2023
Assessed value
$3,637,607
Assessed 2024
Previous assessed
$3,151,664
+15.4% YoY
Effective rate
6.20%
On assessed value
Land market value
$1,067,600
Improvement market value
$20,978,500
Total market value
$22,046,100
Applied tax rate
41,000.0000
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
For Lease
Year built
1986
Construction
CONCRETE
Heating
NONE
Buildings
5
Stories
2
Units
5
Total area
48,022 SF
Lot
2.16 ac (94,307 SF)
Zoning code
NC
APN
134-43-016B
UPID
US07-1283719
Jurisdiction
MARICOPA
Zoning & alternative use
NC · Mesa, AZ
Zoning NC · permitted uses
NC · Mesa, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Mesa. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$12.6M
COMMERCIAL (GENERAL)
Est. value
$30.8M
RESTAURANT
Est. value
$30.7M
AUTO REPAIR, GARAGE
Est. value
$21.2M
RETAIL STORES
Est. value
$12.6M
MEDICAL BUILDING Current
COMMERCIAL (GENERAL)
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
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
1986
Construction
CONCRETE
Heating
NONE
Stories
2
Buildings
5
Units
5
Lot
2.16 ac
Current owner
From public records · entity-resolved
Discovery Health System
Individual
Free & Clear · 26 yrs held
Mailing address
PO BOX 71970, PHOENIX, AZ 85050-1017
Ownership since
1999
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
Sep 1, 1999
$10,000,000
Discovery Health System
Samaritan Health System
Grant Deed
—
Jan 17, 1996
$8,900,000
Properties L L C Dsmb
Phase Samaritan Medical B
Grant Deed
—
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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