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Property profile & analytics
OFF-MARKET
Estimated value
$1,410,000
Warehouses
1808 1st Ave Phoenix, AZ 85003-2714
Entity Owned
8-yr Hold
~
Est. High Equity
Property ID
US07-0422742
Property summary
AI-generated overview
This Phoenix industrial property, located at 1808 S 1st Ave, offers a compelling value-add opportunity. The 6,465 square foot warehouse, built in 1989, sits on a 10,834 square foot lot and features two single-story buildings. Currently 100% occupied by Express Marble & Granite until October 31, 2025, under a modified gross lease at $5,000 per month, this property presents a strong cash flow stream. The warehouse boasts desirable features including 16-foot clear height ceilings, a fully fenced yard, 480V 3-phase power, evaporative cooling, a full sprinkler system, a grade-level door, and an 800 square foot mezzanine. The property is zoned A-1 and benefits from a central location, offering prime accessibility near I-17 and Central Ave. This owner-user investment opportunity allows for potential future expansion or redevelopment, making it an attractive prospect for long-term growth and value enhancement. The property is in excellent condition and ready for immediate occupancy after the current lease expires. The asking price is $1,300,000, translating to $201.08 per square foot.
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1988
Construction
CONCRETE
Total area
5,760 SF
Lot
0.25 ac (10,834 SF)
Zoning code
I-1
APN
112-38-067
UPID
US07-0422742
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
-
Express Marble & Granite LLC. Renovation Specialist General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.43M
Blend (final)
Blend
$1.41M
Owner & transaction history
Pepe Ventures LLC · 8 yrs held
Pepe Ventures LLC
since 2017
7 recorded transactions
Zoning & alternative use
I-1 · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
Public/Zoning (MapServer)
Top alternative use upside
Office building
$1.7M
+15.6%
Retail stores
$1.7M
+14.8%
Medical building
$1.5M
+2.3%
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
WAREHOUSE, STORAGE
$1,495,000
Current use
OFFICE BUILDING
$1,730,000
Change: +16% · Conversion: Difficult
RETAIL STORES
$1,715,000
Change: +15% · Conversion: Moderate
MEDICAL BUILDING
$1,530,000
Change: +2% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$1,465,000
Change: -2% · Conversion: Moderate
Blend value · Realmo final
$1.41M
Range $1.27M – $1.55M · ±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
$245 / 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
$8,922
Tax year 2023
Assessed value
$119,559
Assessed 2024
Previous assessed
$87,363
+36.9% YoY
Effective rate
7.46%
On assessed value
Land market value
$172,100
Improvement market value
$552,500
Total market value
$724,600
Applied tax rate
11,300.0000
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1988
Construction
CONCRETE
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
2
Stories
1
Units
83
Rooms
4
Bathrooms
1
Total area
5,760 SF
Lot
0.25 ac (10,834 SF)
Zoning code
I-1
APN
112-38-067
UPID
US07-0422742
Jurisdiction
MARICOPA
Zoning & alternative use
I-1 · Phoenix, AZZoning I-1 · permitted uses
I-1 · Phoenix, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Source
Public/Zoning (MapServer)
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$1.5M
OFFICE BUILDING
Est. value
$1.7M
RETAIL STORES
Est. value
$1.7M
MEDICAL BUILDING
Est. value
$1.5M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.5M
WAREHOUSE, STORAGE Current
OFFICE BUILDING
RETAIL STORES
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
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
1988
Construction
CONCRETE
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
2
Units
83
Rooms
4
Bathrooms
1
Lot
0.25 ac
Current owner
From public records · entity-resolved
Pepe Ventures LLC
Entity
Mailing address
310 S 4TH ST, PHOENIX, AZ 85004-2515
Ownership since
2017
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 15, 2022
—
Pepe Ventures LLC
—
Deed
related
$400,000 · Western State Bank
Sep 29, 2017
—
Pepe Ventures LLC
Express Marble & Granite LLC
Warranty Deed
—
Apr 21, 2014
$300,000
Express Marble & Granite LLC
Thomas A Bontems
Special Warranty Deed
$240,000 · Jpmorgan Chase Bank NA
Jun 25, 2008
—
Thomas A Bontems
Universal Fog INC
Warranty Deed
—
Jun 28, 2006
—
Universal Fog INC
Thomas A Bontems
Warranty Deed
—
Nov 1, 2000
$274,000
Thomas A Bontems
Hutchinson Trust
Grant Deed
$219,200 · Heritage Bank
Jul 23, 1997
$228,735
Hutchinson Family Trust
J & J Citrus INC
Grant Deed
$168,735 · Seller
Aug 18, 1988
$55,000
J & J Citrus INC
Krame
Grant Deed
$50,000
—
—
Thomas A Bontems
—
Deed Of Trust
related
$100,000 · Heritage Bank
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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