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Property profile & analytics
OFF-MARKET
Estimated value
$2,985,000
Medical Office Space
1848 Thomas Rd Phoenix, AZ 85016-8112
Entity Owned
11-yr Hold
~
Est. High Equity
Property ID
US07-3405373
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1985
Construction
CONCRETE
Total area
12,110 SF
Lot
0.44 ac (19,164 SF)
Zoning code
R-5
APN
119-34-071A
UPID
US07-3405373
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
-
Richard Gordon Physician
-
James D'Antonio, MD Physician
-
Vijay Swarup, MD Physician
-
Arizona Heart Rhythm Center - Phoenix Medical Clinic
-
Insight Imaging - Thomas Road Daycare Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.03M
Blend (final)
Blend
$2.99M
Owner & transaction history
Pulse Investments LLC · 11 yrs held
Pulse Investments LLC
since 2015
4 recorded transactions
Zoning & alternative use
R-5 · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The purpose of R-5 is to provide for alternate living styles including rental, condominiums and single ownership of land with multiple units thereon or single or attached townhomes
Zone name
Multifamily Residence Restricted Commercial
General category
COMMERCIAL
Zone area
4,750.37 ac
Source
Realmo
Top alternative use upside
Retail stores
$3.4M
+4.4%
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
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
MEDICAL BUILDING
$3,215,000
Current use
RETAIL STORES
$3,355,000
Change: +4% · Conversion: Difficult
OFFICE BUILDING
$3,150,000
Change: -2% · Conversion: Easy
WAREHOUSE, STORAGE
$3,145,000
Change: -2% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$3,080,000
Change: -4% · Conversion: Difficult
Blend value · Realmo final
$2.99M
Range $2.69M – $3.28M · ±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
$246 / 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
$30,313
Tax year 2023
Assessed value
$383,172
Assessed 2024
Previous assessed
$346,069
+10.7% YoY
Effective rate
7.91%
On assessed value
Land market value
$413,900
Improvement market value
$1,908,355
Total market value
$2,322,255
Applied tax rate
141,300.0000
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1985
Construction
CONCRETE
Heating
HEAT PUMP
Buildings
2
Stories
2
Units
2
Total area
12,110 SF
Lot
0.44 ac (19,164 SF)
Zoning code
R-5
APN
119-34-071A
UPID
US07-3405373
Jurisdiction
MARICOPA
Zoning & alternative use
R-5 · Phoenix, AZZoning R-5 · permitted uses
R-5 · Phoenix, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The purpose of R-5 is to provide for alternate living styles including rental, condominiums and single ownership of land with multiple units thereon or single or attached townhomes
Zone name
Multifamily Residence Restricted Commercial
General category
COMMERCIAL
Zone area
4,750.37 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$3.2M
RETAIL STORES
Est. value
$3.4M
OFFICE BUILDING
Est. value
$3.2M
WAREHOUSE, STORAGE
Est. value
$3.1M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$3.1M
MEDICAL BUILDING Current
RETAIL STORES
OFFICE BUILDING
WAREHOUSE, STORAGE
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
1985
Construction
CONCRETE
Heating
HEAT PUMP
Stories
2
Buildings
2
Units
2
Lot
0.44 ac
Current owner
From public records · entity-resolved
Pulse Investments LLC
Entity
Mailing address
5116 E BUTLER DR, PARADISE VALLEY, AZ 85253-2035
Ownership since
2015
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 31, 2015
$1,550,000
Pulse Investments LLC
Thomas Medical Group LLC
Special Warranty Deed
$2,385,000 · Wells Fargo Bank NA
Apr 13, 2007
$1,750,000
Thomas Medical Group LLC
Fortuna Water Co INC
Grant Deed
$1,138,000 · Bank Of Hemet
Dec 31, 1992
$1,200,000
Fortuna Water Co INC
Barkley
Grant Deed
$1,044,148 · Seller Carry Back
—
—
Fortuna Water Co INC
—
Deed Of Trust
related
$900,000 · Bank Of Hemet
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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