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Property profile & analytics
OFF-MARKET
Estimated value
$3,240,000
Flex space
15681 Cave Crk Rd Phoenix, AZ 85032-3663
Individually Owned
23-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US07-1025600
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
1985
Construction
CONCRETE
Total area
14,799 SF
Lot
1.04 ac (45,085 SF)
Zoning code
C-2
APN
214-40-005F
UPID
US07-1025600
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
-
PBS Automotive Auto Repair Shop Vehicle Inspection Center
-
Patio Furniture Rescue Renovation Specialist Hardware & Home Improvement
-
Fureetiio Inc Photography Service (Bike/Boat/Book/etc) Store
-
Bullioo Inc (Bike/Boat/Book/etc) Store
-
KELLY CASTLE AUTOMOTIVE Auto Repair Shop
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.26M
Blend (final)
Blend
$3.24M
Owner & transaction history
Jeff Covey · 23 yrs held
Jeff Covey
since 2002
6 recorded transactions
Zoning & alternative use
C-2 · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$4.5M
+37.5%
Retail stores
$4.2M
+27.6%
Medical building
$3.9M
+20.7%
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
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
INDUSTRIAL (GENERAL)
$3,255,000
Current use
OFFICE BUILDING
$4,475,000
Change: +37% · Conversion: Difficult
RETAIL STORES
$4,155,000
Change: +28% · Conversion: Moderate
MEDICAL BUILDING
$3,930,000
Change: +21% · Conversion: Difficult
WAREHOUSE, STORAGE
$3,840,000
Change: +18% · Conversion: Easy
Blend value · Realmo final
$3.24M
Range $2.92M – $3.56M · ±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
$219 / 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
$17,323
Tax year 2023
Assessed value
$276,903
Assessed 2024
Previous assessed
$183,294
+51.1% YoY
Effective rate
6.26%
On assessed value
Land market value
$456,700
Improvement market value
$1,221,500
Total market value
$1,678,200
Applied tax rate
691,300.0000
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
Flex space
Use group
LIGHT INDUSTRIAL
Status
Off-Market
Year built
1985
Construction
CONCRETE
Heating
HEAT PUMP
Cooling
EVAPORATIVE
Stories
1
Total area
14,799 SF
Lot
1.04 ac (45,085 SF)
Zoning code
C-2
APN
214-40-005F
UPID
US07-1025600
Jurisdiction
MARICOPA
Zoning & alternative use
C-2 · Phoenix, AZ
Zoning C-2 · permitted uses
C-2 · 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
INDUSTRIAL (GENERAL) Current
Est. value
$3.3M
OFFICE BUILDING
Est. value
$4.5M
RETAIL STORES
Est. value
$4.2M
MEDICAL BUILDING
Est. value
$3.9M
WAREHOUSE, STORAGE
Est. value
$3.8M
INDUSTRIAL (GENERAL) Current
OFFICE BUILDING
RETAIL STORES
MEDICAL BUILDING
WAREHOUSE, STORAGE
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
1985
Construction
CONCRETE
Heating
HEAT PUMP
Cooling
Yes
Stories
1
Lot
1.04 ac
Current owner
From public records · entity-resolved
Jeff Covey
Individual
Mailing address
19836 MAYALL ST, CHATSWORTH, CA 91311-3521
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2002
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 22, 2017
—
Cave Creek Business Center
—
Deed
related
$285,000 · Hatkoff Sandralou Trust (pt)
Nov 14, 2005
—
3-dawg Real Estate LLC
—
Trustees Deed
related
$2,286,000 · Phoenix Dev & Revitalization I
Oct 10, 2002
$250,000
Jeff Covey
Khodabaksh,farshid
Grant Deed
—
Sep 21, 1998
—
American Recreational Inv INC
Phaz Ltd
Grant Deed
$200,000 · Desert Mortgage Corp
—
—
Cave Creek Business Center
—
Deed Of Trust
related
$410,000 · Sunrise Bank Arizona
—
—
Cave Creek Business Center
—
Deed Of Trust
related
$285,000 · Hatkoff Sandralou Trust (pt)
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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