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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1850 Rio Salado Pkwy Tempe, AZ 85281

    • Outlet malls
    • 143,785 SF
    • 10.50 lot acres
    For Lease
    View listing
    $23 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-1034758
    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

    • Centene / Corporate Office
    • Dr. Wendy Orm / Pediatrician / Physician
    • Curative COVID-19 Test Site / Medical Laboratory
    • Dean Franke / Pharmacy
    • Lpt Liberty Property Trust / Real Estate Agency

    Property Details for 1850 Rio Salado Pkwy

    Year built
    2007
    Construction
    CONCRETE
    Lot size
    10.50 lot acres
    Property size
    143,785 SF
    Zone code
    RCC
    Property type
    Outlet malls
    APN
    132-35-964
    APU
    13235964

    Description

    This exceptional Class A office space, located at 1850 W Rio Salado Pkwy in Tempe, Arizona, 85281, offers 37,398 square feet currently available for lease. Built in 2014, the property boasts a LEED Gold Standard certification, reflecting its commitment to sustainability. The building features prominent building signage for excellent visibility and impressive 10-foot windows throughout, maximizing natural light and creating a bright, modern workspace. Tenants will enjoy convenient access with excellent ingress and egress, along with covered parking spaces. Its prime location offers unparalleled convenience, situated adjacent to the Tempe Center for the Arts. High-speed internet access is readily available, with Cox and CenturyLink services directly on Rio Salado Parkway and additional providers accessible on Priest Drive. Furthermore, the Salt River/Rio Salado Multi-Use Path runs along the north edge of the property, promoting a healthy and sustainable work environment. This multi-tenant building offers a variety of office configurations suitable for traditional, creative, and executive office needs. The property is a truly exceptional opportunity for businesses seeking a prestigious and functional office space in a vibrant Tempe location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $59,885,000
      Market price range: $18.6M - $137M
      AI Estimate
      $58,802,000
      Market price range: $18.6M - $137M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $75,715,000
      Current use
      AUTO REPAIR, GARAGE
      $98,840,000
      Change: +31% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $72,195,000
      Change: -5% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Tempe
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.906
    Latitude
    33.4305
    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
    $0.00
    $0.00
    $0.00
    $4,486,285
    -
    $15,093,500
    $14,815,068
    $29,908,568

    Comparable in this City

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      17,658 SF

      2131 Apache Blvd

      WHOLESALE OUTLET, DISCOUNT STORE • 17,658 SF
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      View Details
    • Value Estimation
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      12,960 SF

      1747 Apache Blvd

      WHOLESALE OUTLET, DISCOUNT STORE • 12,960 SF
      1747 Apache Blvd, Tempe, AZ 85281-5957
      View Details
    • Value Estimation
      $9,545,000
      11,800 SF

      1015 Rural Rd

      SHOPPING CENTER, STRIP CENTER • 11,800 SF
      1015 Rural Rd, Tempe, AZ 85281-2005
      View Details
    • Value Estimation
      $10,410,000
      12,870 SF

      690 Ml Ave

      SHOPPING CENTER, STRIP CENTER • 12,870 SF
      690 Ml Ave, Tempe, AZ 85281-3750
      View Details
    • Value Estimation
      $4,335,000
      5,360 SF

      1035 Lemon St

      SHOPPING CENTER, STRIP CENTER • 5,360 SF
      1035 Lemon St, Tempe, AZ 85281-3903
      View Details
    • Value Estimation
      $4,580,000
      9,162 SF

      401 Ml Ave

      SHOPPING CENTER, STRIP CENTER • 9,162 SF
      401 Ml Ave, Tempe, AZ 85281-2838
      View Details

    Similar Nearby for Sale

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      376,404 SF

      Tempe Retail Space Available

      Freestanding retail space in a busy Tempe shopping center.
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      View Details
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      Prime Tempe land, mixed-use potential.
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    Similar Nearby for Lease

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      View Details
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    Tempe, AZ 85281
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    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
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