New search
Property profile & analytics
FOR LEASE
Strip malls
18635 N 35Th Ave, Phoenix, AZ 85027
Entity Owned
19-yr Hold
~
Est. High Equity
Property ID
US07-0631691
For Lease
1 / 4
$4,585,000
18635 N 35Th Ave, Phoenix, AZ 85027
View Listing →
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
2002
Construction
CONCRETE
Total area
19,175 SF
Lot
2.72 ac (118,440 SF)
Zoning code
PSC
APN
206-11-003K
UPID
US07-0631691
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
-
Pink Company Garden Center
-
kids Eye Doctor Ophthalmologist (Bike/Boat/Book/etc) Store
-
Union Hills Plaza Shopping Center & Mall
-
Liquid Vape & Smoke (Bike/Boat/Book/etc) Store Alternative Medicine Practice
-
Dr. Laura Kueny Ophthalmologist
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.81M
Blend (final)
Blend
$4.59M
Owner & transaction history
F & R Union Hills Center II LLC · 19 yrs held
F & R Union Hills Center II LLC
since 2006
7 recorded transactions
Zoning & alternative use
PSC · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$7.1M
+45.8%
Retail stores
$5.7M
+17.1%
Medical building
$5.1M
+4.3%
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
NEIGHBORHOOD: SHOPPING CENTER
$4,880,000
Current use
OFFICE BUILDING
$7,120,000
Change: +46% · Conversion: Moderate
RETAIL STORES
$5,715,000
Change: +17% · Conversion: Easy
MEDICAL BUILDING
$5,090,000
Change: +4% · Conversion: Difficult
WAREHOUSE, STORAGE
$4,795,000
Change: -2% · Conversion: Difficult
Blend value · Realmo final
$4.59M
Range $4.13M – $5.04M · ±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
$239 / 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
$37,819
Tax year 2023
Assessed value
$578,506
Assessed 2024
Previous assessed
$498,746
+16.0% YoY
Effective rate
6.54%
On assessed value
Land market value
$1,038,000
Improvement market value
$2,468,098
Total market value
$3,506,098
Applied tax rate
971,300.0000
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
For Lease
Year built
2002
Construction
CONCRETE
Heating
PACKAGE
Cooling
YES
Stories
1
Rooms
7
Bathrooms
3
Total area
19,175 SF
Lot
2.72 ac (118,440 SF)
Zoning code
PSC
APN
206-11-003K
UPID
US07-0631691
Jurisdiction
MARICOPA
Zoning & alternative use
PSC · Phoenix, AZ
Zoning PSC · permitted uses
PSC · 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
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$4.9M
OFFICE BUILDING
Est. value
$7.1M
RETAIL STORES
Est. value
$5.7M
MEDICAL BUILDING
Est. value
$5.1M
WAREHOUSE, STORAGE
Est. value
$4.8M
NEIGHBORHOOD: SHOPPING CENTER Current
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
2002
Construction
CONCRETE
Heating
PACKAGE
Cooling
Yes
Stories
1
Rooms
7
Bathrooms
3
Lot
2.72 ac
Current owner
From public records · entity-resolved
F & R Union Hills Center II LLC
Entity
Mailing address
795 E WASHINGTON BLVD, LOS ANGELES, CA 90021-3043
Ownership since
2006
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
Jul 1, 2016
—
F & R Union Hills Center II Ll
—
Deed
related
$2,650,000 · Desert Schools FCU
Aug 23, 2006
—
F & R Union Hills Center II LLC
Farahnik,yousef & Zarifeh
Quit Claim Deed
related
—
Sep 6, 2005
—
Yousef Farahnik
First American Title Ins
Quit Claim Deed
related
—
Aug 31, 2005
$6,500,000
Yousef Farahnik
Plaza Properties INC
Special Warranty Deed
$4,875,000 · M & I Marshall & Ilsley Bank
Mar 10, 1998
—
Duraku,merza & Uran
Kosovrasti,hamzo & Lumturja
Trustees Deed
related
$80,290 · Seller
Mar 14, 1997
$1,000,000
Plaza Properties INC
Union Hills L P
Grant Deed
related
—
Dec 23, 1996
—
Hamzo Kosovrasti
Hamzo Kosovrasti
Quit Claim Deed
related
—
Nov 24, 1993
$75,000
Hamzo Kosovrasti
Sippel
Grant Deed
related
$45,000 · Seller Carry Back
—
—
F & R Union Hills Center II Ll
—
Deed Of Trust
related
$2,650,000 · Desert Schools FCU
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
