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Property profile & analytics
OFF-MARKET
Estimated value
$5,080,000
Flex space
1840 University Dr, Tempe, AZ 85288-7760
Trust Owned
~
Est. High Equity
Property ID
US07-0464319
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
1985
Construction
CONCRETE
Total area
31,426 SF
Lot
1.92 ac (83,548 SF)
Zoning code
GID
APN
132-40-005L
UPID
US07-0464319
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
-
Hantz Professional Products Cosmetic Store
-
Premiere Educational Systems (Bike/Boat/Book/etc) Store Corporate Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$5.00M
CAP Approach
CAP
$4.40M
Comparable Approach
Comparable
$5.16M
Blend (final)
Blend
$5.08M
Owner & transaction history
Hertenstein Living Trust
Hertenstein Living Trust
since 2026
7 recorded transactions
Zoning & alternative use
GID · Tempe, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$6.4M
+29.4%
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 Tempe submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Tempe 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
$5,000,000
ML approach
$5,000,000
CAP Approach
CAP Return
Estimation
6%
$4,765,000
6.5%
$4,400,000
7%
$4,085,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$4,970,000
Current use
MEDICAL BUILDING
$6,435,000
Change: +29% · Conversion: Difficult
Blend value · Realmo final
$5.08M
Range $4.57M – $5.59M · ±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
$162 / 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
$34,974
Tax year 2023
Assessed value
$671,847
Assessed 2024
Previous assessed
$490,909
+36.9% YoY
Effective rate
5.21%
On assessed value
Land market value
$2,757,000
Improvement market value
$1,314,800
Total market value
$4,071,800
Applied tax rate
31,600.0000
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
1985
Construction
CONCRETE
Heating
HEAT PUMP
Cooling
EVAPORATIVE
Stories
1
Total area
31,426 SF
Lot
1.92 ac (83,548 SF)
Zoning code
GID
APN
132-40-005L
UPID
US07-0464319
Jurisdiction
MARICOPA
Zoning & alternative use
GID · Tempe, AZ
Zoning GID · permitted uses
GID · Tempe, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Tempe. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$5.0M
MEDICAL BUILDING
Est. value
$6.4M
INDUSTRIAL (GENERAL) Current
MEDICAL BUILDING
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
1985
Construction
CONCRETE
Heating
HEAT PUMP
Cooling
Yes
Stories
1
Lot
1.92 ac
Current owner
From public records · entity-resolved
Hertenstein Living Trust
Trust
Mailing address
1840 E UNIVERSITY DR, TEMPE, AZ 85288-7760
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
12 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 20, 2026
—
Hertenstein Living Trust
Estate Of Inrel Martha Michael Lege
Deed
—
Jan 4, 2024
$5,000,000
Luxe Group Hq LLC
Johnson & Wolman LLC
Special Warranty Deed
$4,250,000 · Bankers Trust Company NA
Feb 7, 2022
—
Martha M Leger
State Of Arizona
Quitclaim Deed
related
—
Oct 6, 2021
—
State Of Arizona
Maricopa County
Deed
related
—
Jan 15, 2020
—
Johnson & Wolman LLC
—
Deed
related
$255,000 · Bok Fin'l
Aug 1, 2018
—
Johnson & Wolman LLC
—
Deed
related
$225,000 · Bank Of Az
Feb 25, 2002
$1,800,000
Johnson & Wolman LLC
Wade Trust
Grant Deed
$1,475,000 · Business Loan Express INC
Jun 23, 1994
—
Allen Bernstein
Bernstein
Quit Claim Deed
related
—
Mar 30, 1994
$640,000
Allen Bernstein
Business Mens As
Grant Deed
$540,000 · Banc One Mortgage Corp
Jul 23, 1993
$779,000
Business Men's Assurance Co Of
Tempe Steeltech
Grant Deed
—
—
—
Johnson & Wolman LLC
—
Deed Of Trust
related
$255,000 · Bok Fin'l
—
—
Johnson & Wolman LLC
—
Deed Of Trust
related
$225,000 · Bank Of Az
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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