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

    1616 Central Ave Phoenix, AZ 85004

    • Commercial real estate
    • 2,960 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-2488801
    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

    • Forno 301 / Pizza Restaurant / Bar
    • Craven + Co. / Event Planner
    • Muse Apartments / Apartment Complex
    • Andrew Tkacik / Medical School
    • Mifan / Asian Restaurant

    Property Details for 1616 Central Ave

    Property size
    2,960 SF
    Property type
    Commercial real estate

    Description

    This exceptional Phoenix, Arizona commercial property, located at 1616 N Central Ave, zip code 85004, offers 2,960 square feet of flexible executive office space in a restaurant building. Currently a grey-shell space, this presents a unique opportunity for a tenant to customize their ideal workspace. The property is situated in Maricopa County and offers multiple tenancy options. Individual suites range from a minimum of 1,000 square feet to a maximum contiguous space of 1,960 square feet, with the entire 2,960 square feet currently vacant. This provides significant flexibility for businesses of various sizes seeking a prominent location in Phoenix. Tenant improvement dollars are available, allowing for a cost-effective build-out tailored to specific business needs. The property's central location offers excellent accessibility and visibility, making it an ideal choice for businesses seeking a high-profile address. This is a rare opportunity to secure a well-positioned, adaptable space in a thriving Phoenix market. Contact us today to learn more about this exciting opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.0685027
    Latitude
    33.4528292

    Comparable in this City

    • Contact for pricing
      5,290 SF

      Downtown Phoenix Retail Spaces

      Prime Retail, Restaurant, 2 Units Available
      777 Central Ave, Phoenix, AZ 85004
      View Details
    • Contact for pricing
      1,642 SF

      Retail/Restaurant Space Available

      Retail or restaurant space with optional patio and lobby access.
      800 N 2Nd St, Phoenix, AZ 85004
      View Details
    • Contact for pricing
      2,753 SF

      Restaurant/Retail Space with Patio

      2,753 SF restaurant/retail space with patio in Phoenix, AZ.
      330 E Roosevelt St, Phoenix, AZ 85004
      View Details
    • Contact for pricing
      4,000 SF

      Downtown Phoenix Freestanding Building

      Freestanding building in Downtown Phoenix's Roosevelt Row neighborhood.
      1029 N 1St St, Phoenix, AZ 85004
      View Details
    • Contact for pricing
      1,687 SF

      Retail Space on Central Avenue

      Retail space available in established center on Central Avenue.
      4700 N Central Ave, Phoenix, AZ 85004
      View Details
    • Contact for pricing
      4,006 SF

      Retail Space with High Ceilings

      Retail space with high ceilings and frontage on 6th Street.
      817 N 6Th St, Phoenix, AZ 85004
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,416 SF

      Prime Retail/Restaurant Space Available

      High-traffic Phoenix location with ample parking and customer base.
      2824 N Central Ave, Phoenix, AZ 85004
      View Details
    • Contact for pricing
      7,126 SF

      Historic Phoenix Landmark Restaurant

      Historic Phoenix restaurant property available for sale.
      2611 N Central Ave, Phoenix, AZ 85004
      View Details
    • Contact for pricing
      5,964 SF

      Phoenix Creative Office - 5,964 SF

      Freestanding Office Building, Vacant, Ideal Owner-User
      2505 Central Ave, Phoenix, AZ 85004
      View Details
    • $1,530,000
      5,789 SF

      Midtown Phoenix Freestanding Office Building

      Freestanding office building in Midtown Phoenix available for sale.
      379 E Monte Vista Rd, Phoenix, AZ 85004
      View Details
    • $1,921,920
      8,008 SF

      Phoenix Office Building For Sale

      Office building for sale near Roosevelt Row Arts District.
      420 W Roosevelt St, Phoenix, AZ 85004
      View Details
    • Contact for pricing
      6,700 SF

      Freestanding Midtown Phoenix Office Building

      Freestanding office building in the heart of Midtown Phoenix.
      365 E Coronado Rd, Phoenix, AZ 85004
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      5,290 SF

      Downtown Phoenix Retail Spaces

      Prime Retail, Restaurant, 2 Units Available
      777 Central Ave, Phoenix, AZ 85004
      View Details
    • Contact for pricing
      1,642 SF

      Retail/Restaurant Space Available

      Retail or restaurant space with optional patio and lobby access.
      800 N 2Nd St, Phoenix, AZ 85004
      View Details
    • Contact for pricing
      2,753 SF

      Restaurant/Retail Space with Patio

      2,753 SF restaurant/retail space with patio in Phoenix, AZ.
      330 E Roosevelt St, Phoenix, AZ 85004
      View Details
    • Contact for pricing
      4,000 SF

      Downtown Phoenix Freestanding Building

      Freestanding building in Downtown Phoenix's Roosevelt Row neighborhood.
      1029 N 1St St, Phoenix, AZ 85004
      View Details
    • Contact for pricing
      1,687 SF

      Retail Space on Central Avenue

      Retail space available in established center on Central Avenue.
      4700 N Central Ave, Phoenix, AZ 85004
      View Details
    • Contact for pricing
      4,006 SF

      Retail Space with High Ceilings

      Retail space with high ceilings and frontage on 6th Street.
      817 N 6Th St, Phoenix, AZ 85004
      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.
    1616 Central Ave
    Phoenix, AZ 85004
    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.