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Property profile & analytics
OFF-MARKET
Estimated value
$8,040,000
Flex space
16602 23rd Ave, Phoenix, AZ 85023-3200
Entity Owned
5-yr Hold
Free & Clear
Property ID
US07-1377152
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
1996
Construction
CONCRETE
Total area
23,059 SF
Lot
2.39 ac (103,891 SF)
Zoning code
IND.PK.
APN
208-14-854
UPID
US07-1377152
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
-
Integrated Solutions Inc Engineer
-
Quickstart Ignition Interlock Building Supply General Contractor
-
Autotint Auto Repair Shop
-
Luxury Air Conditioning & Plumbing HVAC Service General Contractor
-
Abbey Home Elevator of Arizona General Contractor Construction Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$7.84M
Blend (final)
Blend
$8.04M
Owner & transaction history
Pif55 1 LLC · 5 yrs held
Pif55 1 LLC
since 2020
Last sale
$8.3M
3 recorded transactions
Zoning & alternative use
IND.PK. · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$12.3M
+142.7%
Auto repair, garage
$9.7M
+92.1%
Office building
$6.9M
+36.4%
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
$10,290,000
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)
$5,075,000
Current use
RESTAURANT
$12,315,000
Change: +143% · Conversion: Difficult
AUTO REPAIR, GARAGE
$9,745,000
Change: +92% · Conversion: Easy
OFFICE BUILDING
$6,920,000
Change: +36% · Conversion: Difficult
RETAIL STORES
$6,870,000
Change: +35% · Conversion: Moderate
MEDICAL BUILDING
$6,120,000
Change: +21% · Conversion: Difficult
WAREHOUSE, STORAGE
$5,985,000
Change: +18% · Conversion: Easy
Blend value · Realmo final
$8.04M
Range $7.24M – $8.84M · ±10% · vs last sale $8.28M (Aug 12 2020)
Last sale anchor
$8.28M
Aug 12 2020
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
$349 / 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
$34,566
Tax year 2023
Assessed value
$666,765
Assessed 2024
Previous assessed
$492,201
+35.5% YoY
Effective rate
5.18%
On assessed value
Land market value
$1,205,000
Improvement market value
$2,836,000
Total market value
$4,041,000
Applied tax rate
61,300.0000
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
1996
Construction
CONCRETE
Heating
PACKAGE
Cooling
YES
Stories
1
Total area
23,059 SF
Lot
2.39 ac (103,891 SF)
Zoning code
IND.PK.
APN
208-14-854
UPID
US07-1377152
Jurisdiction
MARICOPA
Zoning & alternative use
IND.PK. · Phoenix, AZ
Zoning IND.PK. · permitted uses
IND.PK. · 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
$5.1M
RESTAURANT
Est. value
$12.3M
AUTO REPAIR, GARAGE
Est. value
$9.7M
OFFICE BUILDING
Est. value
$6.9M
RETAIL STORES
Est. value
$6.9M
MEDICAL BUILDING
Est. value
$6.1M
WAREHOUSE, STORAGE
Est. value
$6.0M
INDUSTRIAL (GENERAL) Current
RESTAURANT
AUTO REPAIR, GARAGE
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
1996
Construction
CONCRETE
Heating
PACKAGE
Cooling
Yes
Stories
1
Lot
2.39 ac
Current owner
From public records · entity-resolved
Pif55 1 LLC
Entity
Free & Clear · 5 yrs held
Mailing address
1171 KIPLING AVE, LOS ANGELES, CA 90041-1614
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 12, 2020
$8,280,000
Pif55 1 LLC
Vwp Ssf Bell Industrial LP
Grant Deed
—
Jun 16, 2015
$4,225,000
Vwp Ssf Bell Industrial LP
Klefstad Companies INC
Grant Deed
$15,042,300 · National Bk/az
Apr 7, 2003
—
Klefstad Co INC
—
Deed Of Trust
related
$2,800,000 · Privatebank & Trust Co
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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