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Property profile & analytics
OFF-MARKET
Estimated value
$800,000
Industrial properties
1940 Adobe Dr Phoenix, AZ 85027-2007
Entity Owned
2-yr Hold
Free & Clear
Property ID
US07-1347570
Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL LOFT BUILDING
Year built
2004
Construction
CONCRETE
Total area
2,400 SF
Lot
2.24 ac (97,705 SF)
Zoning code
A-1
APN
209-05-023C
UPID
US07-1347570
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
-
Phoenix HydroGraphics LLC Marketing & Advertising (Bike/Boat/Book/etc) Store
-
Car Care Specialist LLC Auto Repair Shop
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$798k
Blend (final)
Blend
$800k
Owner & transaction history
Jaxen Properties LLC · 2 yrs held
Jaxen Properties LLC
since 2024
7 recorded transactions
Zoning & alternative use
A-1 · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$1.0M
+112.9%
Office building
$890,000
+87.0%
Retail stores
$715,000
+50.1%
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
AUTO REPAIR, GARAGE
$1,015,000
Change: +113% · Conversion: Easy
OFFICE BUILDING
$890,000
Change: +87% · Conversion: Difficult
RETAIL STORES
$715,000
Change: +50% · Conversion: Moderate
MEDICAL BUILDING
$635,000
Change: +34% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$610,000
Change: +28% · Conversion: Difficult
WAREHOUSE, STORAGE
$600,000
Change: +26% · Conversion: Easy
Blend value · Realmo final
$800k
Range $720k – $880k · ±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
$333 / 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
$20,878
Tax year 2023
Assessed value
$383,361
Assessed 2024
Previous assessed
$360,366
+6.4% YoY
Effective rate
5.45%
On assessed value
Land market value
$1,248,500
Improvement market value
$1,074,900
Total market value
$2,323,400
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
Industrial properties
Use group
INDUSTRIAL LOFT BUILDING
Status
Off-Market
Year built
2004
Construction
CONCRETE
Heating
PACKAGE
Cooling
YES
Buildings
3
Stories
1
Total area
2,400 SF
Lot
2.24 ac (97,705 SF)
Zoning code
A-1
APN
209-05-023C
UPID
US07-1347570
Jurisdiction
MARICOPA
Zoning & alternative use
A-1 · Phoenix, AZ
Zoning A-1 · permitted uses
A-1 · 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
AUTO REPAIR, GARAGE
Est. value
$1.0M
OFFICE BUILDING
Est. value
$890,000
RETAIL STORES
Est. value
$715,000
MEDICAL BUILDING
Est. value
$635,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$610,000
WAREHOUSE, STORAGE
Est. value
$600,000
AUTO REPAIR, GARAGE
OFFICE BUILDING
RETAIL STORES
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
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
2004
Construction
CONCRETE
Heating
PACKAGE
Cooling
Yes
Stories
1
Buildings
3
Lot
2.24 ac
Current owner
From public records · entity-resolved
Jaxen Properties LLC
Entity
Free & Clear · 2 yrs held
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 19, 2024
—
Jaxen Properties LLC
Lawrence P Meskimen JR
Deed
related
—
Nov 2, 2023
—
Jaxen Properties LLC
Lawrence P Meskimen JR
Warranty Deed
—
Apr 6, 2017
—
Meskimen,lawrence & Nancy Trust
Jaxen Properties LLC
Warranty Deed
—
Jan 25, 2001
$450,000
Jaxen Properties LLC
Parker,jay D & Linda A
Grant Deed
$300,000 · Seller
Oct 3, 1997
$389,279
Jay D Parker
Tmn L P
Grant Deed
—
—
—
Randi Hill Segal
—
Deed Of Trust
related
—
—
—
L P Tmn
—
Deed Of Trust
related
—
—
—
M J R Trust
—
Deed Of Trust
related
—
—
—
Roy E Mcclure
—
Deed Of Trust
related
—
—
—
Itow Family L P
—
Deed Of Trust
related
—
—
—
Mlr Trust
—
Deed Of Trust
related
—
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
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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