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Property profile & analytics
FOR LEASE
Retail space
15231 N 87Th St Scottsdale, AZ 85260
Entity Owned
15-yr Hold
~
Est. High Equity
Property ID
US07-0764018
For Lease
1 / 14
$1,880,000
15231 N 87Th St, Scottsdale, AZ 85260
View Listing →
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
2004
Construction
STEEL FRAME
Total area
9,000 SF
Lot
0.82 ac (35,857 SF)
Zoning code
C-3
APN
215-52-048
UPID
US07-0764018
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
-
Diamonds & Beyond Discount Store (Bike/Boat/Book/etc) Store
-
Limitless IV Hydration Spa & Massage Center Alternative Medicine Practice
-
Scottsdale Cigars (Bike/Boat/Book/etc) Store
-
AZ Alterations (Bike/Boat/Book/etc) Store
-
Diamonds and Jewelry Buyers Big Box & Wholesale Store (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.12M
Blend (final)
Blend
$1.88M
Owner & transaction history
15231 N 87th Street Ptrs LLC · 15 yrs held
15231 N 87th Street Ptrs LLC
since 2010
7 recorded transactions
Zoning & alternative use
C-3 · Scottsdale, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
butting an alley • Minimum 15-foot wide landscape buffer abutting a Residential District (except the R-5 district). Regional Shopping Center (C-S) Neighborhood Commercial (C-1) Central Business (C-2) Highway Commercial (C-3) General Commercial (C-4) Support Services (S-S) Commercial Office (C-O) Planned Regional Center (PRC) Planned Convenience Center (PCoC)…
Zone name
Highway Commercial
General category
COMMERCIAL
Zone area
580.74 ac
Top alternative use upside
Restaurant
$6.5M
+55.7%
Commercial (general)
$4.4M
+6.2%
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 Scottsdale submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Scottsdale 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
RETAIL STORES
$4,145,000
Current use
RESTAURANT
$6,450,000
Change: +56% · Conversion: Easy
COMMERCIAL (GENERAL)
$4,400,000
Change: +6% · Conversion: Easy
AUTO REPAIR, GARAGE
$3,710,000
Change: -11% · Conversion: Difficult
Blend value · Realmo final
$1.88M
Range $1.69M – $2.07M · ±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
$209 / 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 2022Property tax & assessments
Tax year 2022
Tax billed
$31,547
Tax year 2022
Assessed value
$422,545
Assessed 2024
Previous assessed
$399,976
+5.6% YoY
Effective rate
7.47%
On assessed value
Land market value
$1,348,200
Improvement market value
$1,212,678
Total market value
$2,560,878
Applied tax rate
691,400.0000
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
For Lease
Year built
2004
Construction
STEEL FRAME
Heating
PACKAGE
Cooling
YES
Stories
1
Total area
9,000 SF
Lot
0.82 ac (35,857 SF)
Zoning code
C-3
APN
215-52-048
UPID
US07-0764018
Jurisdiction
MARICOPA
Zoning & alternative use
C-3 · Scottsdale, AZZoning C-3 · permitted uses
C-3 · Scottsdale, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
butting an alley • Minimum 15-foot wide landscape buffer abutting a Residential District (except the R-5 district). Regional Shopping Center (C-S) Neighborhood Commercial (C-1) Central Business (C-2) Highway Commercial (C-3) General Commercial (C-4) Support Services (S-S) Commercial Office (C-O) Planned Regional Center (PRC) Planned Convenience Center (PCoC) • Minimum 10-foot wide landscape buffer on the side and rear property lines abutti
Zone name
Highway Commercial
General category
COMMERCIAL
Zone area
580.74 ac
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$4.1M
RESTAURANT
Est. value
$6.5M
COMMERCIAL (GENERAL)
Est. value
$4.4M
AUTO REPAIR, GARAGE
Est. value
$3.7M
RETAIL STORES Current
RESTAURANT
COMMERCIAL (GENERAL)
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
2004
Construction
STEEL FRAME
Heating
PACKAGE
Cooling
Yes
Stories
1
Lot
0.82 ac
Current owner
From public records · entity-resolved
15231 N 87th Street Ptrs LLC
Entity
Mailing address
1155 KELLY JOHNSON BLVD STE #302, COLORADO SPRINGS, CO 80920-3958
Ownership since
2010
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 17, 2022
—
15231 N 87th Street Partners LLC
—
Deed
related
$2,250,000 · Firstbank
Dec 15, 2010
$1,900,000
15231 N 87th Street Ptrs LLC
Pitcher,jeffrey S
Trustees Deed
related
—
Oct 18, 2005
$3,383,456
Elias Rita Trust
All American Dev Corp
Grant Deed
—
Oct 18, 2005
—
All American Dev Corp
Scottsdale Retail Shops LLC
Grant Deed
related
—
Dec 8, 2004
$2,398,882
Rtb Properties Arizona LLC
Scottsdale Retail Shops Ll
Grant Deed
—
—
—
15231 N 87th Street Ptrs LLC
—
Loan Modification
related
$1,714,956 · Firstbank
—
—
15231 N 87th Street Ptrs LLC
—
Loan Modification
related
$1,714,956 · Firstbank
—
—
15231 N 87th Street Ptrs LLC
—
Deed Of Trust
related
$1,200,000 · Firstbank NA
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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