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

    1615 W University Dr Tempe, AZ 85281

    • Office buildings
    • 18,696 SF
    • 5.29 lot acres
    For Lease
    View listing
    $1.50 SF/Yr
    Last Sale
    Dec 21, 2023
    $10,690,140
    Value Estimations
    $12,920,000
    Cap Rate Potential
    2.7%
    Office buildings
    Location Intelligence
    Property ID
    US07-1075563
    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

    • Healthwaves Corporate Wellness / Doctor
    • Bushwalker Bags / Medical Supply Store
    • Ari Med Pharmaceuticals Inc / Pharmaceutical Company
    • All Aloha Plumbing Phoenix / Contractor / Drainage Service
    • SMW Refrigeration and Heating, LLC / Hvac Contractor / Air Conditioning Repair Service

    Property Details for 1615 W University Dr

    Year built
    1984
    Construction
    CONCRETE
    Lot size
    5.29 lot acres
    Property size
    18,696 SF
    Zone code
    GID
    Property type
    Office buildings
    APN
    124-60-028
    APU
    12460028

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $13,030,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $12,589,000
      Market price range: $821k - $12.9M
      AI Estimate
      $10,509,000
      Market price range: $821k - $11.3M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $13,030,000
      AUTO REPAIR, GARAGE
      $12,850,000
      RETAIL STORES
      $9,845,000
      NEIGHBORHOOD: SHOPPING CENTER
      $9,385,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Tempe
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.965
    Latitude
    33.4212
    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
    2023
    $78,941
    $0.00
    $0.00
    $1,424,643
    -
    $1,139,100
    $7,495,100
    $8,634,200

    Comparable in this City

    • Value Estimation by Request
      8,338 SF

      1658 Priest Dr, Unit 101

      OFFICE BUILDING • 8,338 SF
      1658 Priest Dr, Tempe, AZ 85281-6204
      View Details
    • Value Estimation by Request
      22,030 SF

      1650 Priest Dr, Unit 201

      OFFICE BUILDING • 22,030 SF
      1650 Priest Dr, Tempe, AZ 85281-6204
      View Details
    • Value Estimation by Request
      22,030 SF

      1650 Priest Dr, Unit 202

      OFFICE BUILDING • 22,030 SF
      1650 Priest Dr, Tempe, AZ 85281-6204
      View Details
    • Value Estimation by Request
      11,181 SF

      1700 Kachina Dr

      OFFICE BUILDING • 11,181 SF
      1700 Kachina Dr, Tempe, AZ 85281-6029
      View Details
    • Value Estimation by Request
      21,234 SF

      398 Ml Ave

      OFFICE BUILDING • 21,234 SF
      398 Ml Ave, Tempe, AZ 85281-2819
      View Details
    • Value Estimation by Request
      3,214 SF

      511 University Dr

      OFFICE BUILDING • 3,214 SF
      511 University Dr, Tempe, AZ 85281-5585
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      147,495 SF

      New Build Trophy Office Asset

      New office building in Tempe's Novus Innovation Corridor.
      1331 E Rio Salado Pkwy, Tempe, AZ 85281
      View Details
    • Contact for pricing
      48,654 SF

      Tempe Executive Office Building

      48,654 SF Office Space - For Sale
      432 Farmer Ave, Tempe, AZ 85281
      View Details
    • $4,900,000
      10,548 SF

      Downtown Tempe Creative Office

      ±10,548 SF Owner-User Opportunity
      448 Farmer Ave, Tempe, AZ 85281
      View Details
    • $695,000
      37,735 SF

      Class A Office Space Available

      2,361 SF Class A office space near Sky Harbor.
      1095 W Rio Salado Pkwy, Tempe, AZ 85281
      View Details
    • Contact for pricing
      290,383 SF

      Tempe Westin Hotel Investment

      Luxury Hotel, Net Lease, High ROI
      11 7Th St, Tempe, AZ 85281
      View Details
    • $2,200,000
      3,000 SF

      Tempe Retail Property For Sale

      Retail property with 3,000 square feet of space in Tempe.
      221 S Mcclintock Dr, Tempe, AZ 85281
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,800 SF

      Tempe Office Building For Rent

      Office building for rent, located off Loop 101.
      2433-2435 E University Dr, Tempe, AZ 85281
      View Details
    • $45 SF/Yr
      170,000 SF

      Tempe Office Space Available

      170,000 square foot office space for lease.
      777 South Novus Pl, Tempe, AZ 85281
      View Details
    • Contact for pricing
      139,688 SF

      Tempe Office Space Available

      139,688 square foot office building in Tempe, Arizona.
      615 S River Dr, Tempe, AZ 85281
      View Details
    • Contact for pricing
      40,188 SF

      Class A Office Space

      Five-story office building with large, efficient floorplates for rent.
      433 S Farmer Ave, Tempe, AZ 85281
      View Details
    • Contact for pricing
      110,680 SF

      Tempe Single-Story Office Building

      Single-story Tempe office building with recent improvements available for sublease.
      1616 W 17 St | Tempe, Tempe, AZ 85281
      View Details
    • Contact for pricing
      120,300 SF

      Office Space Near Tempe Marketplace

      Office space with freeway visibility and planned supporting retail buildings.
      1475 N Mcclintock Dr, Tempe, AZ 85281
      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.
    1615 W University Dr
    Tempe, AZ 85281
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.