Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    15231 N 87Th St Scottsdale, AZ 85260

    • Retail space
    • 9,000 SF
    • 0.82 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-0764018
    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

    • Diamonds & Beyond / Pawn Shop
    • Limitless IV Hydration / Medical Spa
    • Scottsdale Cigars / Cigar Shop
    • AZ Alterations / Clothing Alteration Service / Dressmaker
    • Diamonds and Jewelry Buyers / Diamond Dealer / Diamond Buyer

    Property Details for 15231 N 87Th St

    Year built
    2004
    Construction
    STEEL FRAME
    Lot size
    0.82 lot acres
    Property size
    9,000 SF
    Zone code
    C-3
    Property type
    Retail space
    APN
    215-52-048
    APU
    21552048

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,116,000
      Market price range: $2.34M - $7.07M
      AI Estimate
      $3,898,000
      Market price range: $2.12M - $7.01M

    • 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

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

    Location Insight

    • Map
    • Local Demand
    City
    Scottsdale
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.892
    Latitude
    33.624
    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
    2022
    $31,547
    $0.00
    $0.00
    $422,545
    -
    $1,348,200
    $1,212,678
    $2,560,878

    Comparable in this City

    • Value Estimation
      $3,935,000
      12,956 SF

      15470 Greenway Hayden Loop

      RETAIL STORES (PERSONAL SERVICES) • 12,956 SF
      15470 Greenway Hayden Loop, Scottsdale, AZ 85260-1600
      View Details
    • Value Estimation
      $1,270,000
      3,718 SF

      15115 Hayden Rd

      RETAIL STORES (PERSONAL SERVICES) • 3,718 SF
      15115 Hayden Rd, Scottsdale, AZ 85260-2511
      View Details
    • Value Estimation
      $8,605,000
      11,000 SF

      15090 Northsight Blvd Ste, Unit 105

      RETAIL STORES (PERSONAL SERVICES) • 11,000 SF
      15090 Northsight Blvd Ste, Scottsdale, AZ 85260-2609
      View Details
    • Value Estimation
      $825,000
      2,430 SF

      7229 Shea Blvd

      RETAIL STORES (PERSONAL SERVICES) • 2,430 SF
      7229 Shea Blvd, Scottsdale, AZ 85260-6423
      View Details
    • Value Estimation
      $1,840,000
      5,358 SF

      14760 Northsight Blvd

      RETAIL STORES (PERSONAL SERVICES) • 5,358 SF
      14760 Northsight Blvd, Scottsdale, AZ 85260-2649
      View Details
    • Value Estimation
      $2,190,000
      9,408 SF

      9151 Bell Rd Ste, Unit 101

      RETAIL STORES (PERSONAL SERVICES) • 9,408 SF
      9151 Bell Rd Ste, Scottsdale, AZ 85260-1520
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,500 SF

      Scottsdale Drive-Thru Opportunity

      Rare drive-thru opportunity in North Scottsdale, anchored by major retailers.
      15236 N Pima Rd, Scottsdale, AZ 85260
      View Details
    • Contact for pricing
      1 SF

      Retail Space in Scottsdale Center

      Retail space available in affluent Scottsdale location near Loop 101.
      14696 N Frank Lloyd Wright Blvd, Scottsdale, AZ 85260
      View Details
    • $9,500,000
      8,500 SF

      Scottsdale Retail Opportunity For Sale

      8,500 SF building on 4.51 net acres.
      13875 N Northsight Blvd, Scottsdale, AZ 85260
      View Details
    • $12,850,000
      14,144 SF

      Scottsdale Airport Hangar For Sale

      Luxury hangar & office; 14,144 sq ft.
      7333 Helm Dr, Scottsdale, AZ 85260
      View Details
    • $6,500,000
      22,449 SF

      Scottsdale Corner Lot with Drive-Thru

      Corner lot in Scottsdale with drive-thru and signage.
      7170 E Tierra Buena Ln, Scottsdale, AZ 85260
      View Details
    • $150,000
      1,200 SF

      Turnkey Restaurant in Scottsdale, Arizona

      Ready-to-operate Indian restaurant with prime location and favorable lease.
      14884 Rd N, Scottsdale, AZ 85260
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,300 SF

      Retail Space in Scottsdale Center

      Retail space available in shopping center with national retailers.
      15560 N Frank Lloyd Wright Blvd, Scottsdale, AZ 85260
      View Details
    • Contact for pricing
      1,360 SF

      Restaurant Space with Patio Available

      Second-generation restaurant opportunity with patio in Scottsdale, Arizona.
      7325 E Frank Lloyd Wright Blvd, Scottsdale, AZ 85260
      View Details
    • Contact for pricing
      13,600 SF

      Retail Space Near Loop 101

      Retail space near HonorHealth Medical Campus and Loop 101.
      8888 E Bell Rd, Scottsdale, AZ 85260
      View Details
    • Contact for pricing
      3,753 SF

      Restaurant/Retail Space in Scottsdale, AZ

      Restaurant/retail space available in Scottsdale, with high traffic volume.
      16495 E Frank Lloyd Wright Blvd, Scottsdale, AZ 85260
      View Details
    • $1.60 SF/Yr
      6,250 SF

      Scottsdale Retail Space Available

      6,250 SF retail space for rent in Scottsdale, AZ.
      14000 N Hayden Rd, Scottsdale, AZ 85260
      View Details
    • Contact for pricing
      751 SF

      Retail Space in Scottsdale Center

      Retail space available in established Scottsdale shopping center.
      15678 N Frank Lloyd Wright Blvd, Scottsdale, AZ 85260
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    15231 N 87Th St
    Scottsdale, AZ 85260
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.