Add Listing
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

    1621 40th St Phoenix, AZ 85008-4004

    • Warehouses
    • 6,528 SF
    • 0.36 lot acres
    OFF-MARKET
    Value Estimations
    $1,245,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-0393315
    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

    • Warehouses

    Property Details for 1621 40th St

    Year built
    1979
    Construction
    CONCRETE
    Lot size
    0.36 lot acres
    Property size
    6,528 SF
    Zone code
    C-2
    Property type
    Warehouses
    APN
    126-06-057B
    APU
    12606057B

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,260,000
      Market price range: $884k - $2.86M
      AI Estimate
      $1,225,000
      Market price range: $832k - $2.80M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $1,695,000
      Current use
      OFFICE BUILDING
      $1,965,000
      Change: +16% Conversion: Difficult
      MEDICAL BUILDING
      $1,735,000
      Change: +2% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,660,000
      Change: -2% Conversion: Moderate
      RETAIL STORES
      $1,570,000
      Change: -7% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.995
    Latitude
    33.4665
    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
    $5,362
    $0.00
    $0.00
    $105,485
    -
    $268,600
    $370,700
    $639,300

    Comparable in this City

    • Value Estimation by Request
      10.98 Acres

      3425 Van Buren St

      WAREHOUSE, STORAGE • 10.98 Acres
      3425 Van Buren St, Phoenix, AZ 85008-6847
      View Details
    • Value Estimation by Request
      1,561 SF

      2427 Mcdowell Rd

      WAREHOUSE, STORAGE • 1,561 SF
      2427 Mcdowell Rd, Phoenix, AZ 85008-3528
      View Details
    • Value Estimation
      $7,780,000
      43,904 SF

      3641 Van Buren St

      WAREHOUSE, STORAGE • 43,904 SF
      3641 Van Buren St, Phoenix, AZ 85008-6901
      View Details
    • Value Estimation
      $1,205,000
      4,400 SF

      2117 24th St

      WAREHOUSE, STORAGE • 4,400 SF
      2117 24th St, Phoenix, AZ 85008-2713
      View Details
    • Value Estimation
      $18,330,000
      42,316 SF

      231 Galvin Pkwy

      WAREHOUSE, STORAGE • 42,316 SF
      231 Galvin Pkwy, Phoenix, AZ 85008
      View Details
    • Value Estimation
      $780,000
      1,800 SF

      1122 52nd St

      WAREHOUSE, STORAGE • 1,800 SF
      1122 52nd St, Phoenix, AZ 85008-3432
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      6,240 SF

      Phoenix Warehouse with Fenced Lot

      6,240 SF industrial warehouse on 0.67 acre lot.
      2929 W Mcdowell Rd, Phoenix, AZ 85008
      View Details
    • Contact for pricing
      2,344 SF

      Retail Space with Warehouse Functionality

      Compact retail space with warehouse, convenient Phoenix location.
      914 N 24Th St, Phoenix, AZ 85008
      View Details
    • $550,000

      Phoenix Duplex with Expansion Potential

      Well-maintained duplex in Phoenix with potential for additional unit.
      1121 N 25Th Pl, Phoenix, AZ 85008
      View Details
    • $499,999
      0.90 Acres

      Phoenix Land Development Opportunity

      Nearly 1 acre R-4 zoned lot near Loop 202.
      412 N 52Nd St, Phoenix, AZ 85008
      View Details
    • Contact for pricing

      Phoenix Land Near Sky Harbor

      1.13 acre site with utilities and freeway access.
      2820 S 36Th St, Phoenix, AZ 85008
      View Details
    • $375,000
      0.35 Acres

      Phoenix Land Ready For Development

      Vacant land in Phoenix, zoned R-3 for multi-family development.
      2950 E Granada Rd, Phoenix, AZ 85008
      View Details

    Similar Nearby for Lease

    • $0.75 SF/Yr
      41,750 SF

      Industrial Space with Fenced Yard

      41,750 SF industrial space with fenced truck court.
      4650 W Van Buren St, Phoenix, AZ 85008
      View Details
    • Contact for pricing
      164,700 SF

      Phoenix Logistics Center for Lease

      Class A logistics center in a quality infill location.
      625 N 47Th Pl, Phoenix, AZ 85008
      View Details
    • $1.35 SF/Yr
      3,750 SF

      Industrial Space Available For Lease

      Industrial suite featuring grade level doors and truckwell access.
      4829 S 36Th St, Phoenix, AZ 85008
      View Details
    • Contact for pricing
      100,619 SF

      Phoenix Warehouse with Outside Storage

      Industrial warehouse with office space and outside storage available for lease.
      6121 W Van Buren St, Phoenix, AZ 85008
      View Details
    • Contact for pricing
      99,498 SF

      Industrial Warehouse Space Available

      Warehouse space for lease, available October 2024.
      85008 Usa, Phoenix, AZ 85008
      View Details
    • Contact for pricing
      7,331 SF

      Industrial Warehouse with Storage

      Industrial warehouse with fenced outdoor storage, near I-10.
      4810 S 36Th St, Phoenix, AZ 85008
      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.
    1621 40th St
    Phoenix, AZ 85008-4004
    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.
    Sign Up Successful!
    You now have access to more from Realmo!