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Property profile & analytics
FOR LEASE
Grocery and convenience stores
1940 W Indian School Rd Phoenix, AZ 85015
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US07-0522298
For Lease
1 / 10
Contact for pricing
1940 W Indian School Rd, Phoenix, AZ 85015
View Listing →
Property profile
Verified
Property type
Grocery and convenience stores
Use group
GROCERY, SUPERMARKET
Year built
1990
Construction
CONCRETE
Total area
62,877 SF
Lot
5.35 ac (232,844 SF)
Zoning code
C-2
APN
154-31-004C
UPID
US07-0522298
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
-
KeyExpress Locksmiths Locksmith (Bike/Boat/Book/etc) Store
-
Cloud Digital Download Department Store
-
Walt's Ace Hardware Building Supply Hardware & Home Improvement
-
US Army Career Center Military Recruiting Office
-
Sparks Hall of Fades n braids Barber Shop
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$15.60M
CAP Approach
CAP
$10.94M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$15.60M
Owner & transaction history
Horizon Sc LLC · 2 yrs held
Horizon Sc LLC
since 2024
Last sale
$15.6M
6 recorded transactions
Zoning & alternative use
C-2 · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The purpose C-2 zone is to provide commercial uses of medium intensity designed to be compatible with each other and to provide for a wide range of types of commercial activity within the district
Zone name
Intermediate Commercial
General category
COMMERCIAL
Zone area
13,095.06 ac
Source
Realmo
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
$15,600,000
ML approach
$15,600,000
CAP Approach
CAP Return
Estimation
6%
$11,845,000
6.5%
$10,935,000
7%
$10,150,000
Alternative Use
Use
Estimation
RETAIL STORES
$18,735,000
Current use
MEDICAL BUILDING
$16,690,000
Change: -11% · Conversion: Difficult
WAREHOUSE, STORAGE
$16,320,000
Change: -13% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$16,005,000
Change: -15% · Conversion: Moderate
Blend value · Realmo final
$15.60M
Range $14.04M – $17.16M · ±10% · vs last sale $15.60M (May 1 2024)
Last sale anchor
$15.60M
May 1 2024
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
$248 / 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
$124,740
Tax year 2023
Assessed value
$888,146
Assessed 2024
Previous assessed
$888,146
+0.0% YoY
Effective rate
14.04%
On assessed value
Land market value
$1,903,400
Improvement market value
$3,479,300
Total market value
$5,382,700
Applied tax rate
681,300.0000
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
Grocery and convenience stores
Use group
GROCERY, SUPERMARKET
Status
For Lease
Year built
1990
Construction
CONCRETE
Heating
PACKAGE
Cooling
YES
Stories
1
Total area
62,877 SF
Lot
5.35 ac (232,844 SF)
Zoning code
C-2
APN
154-31-004C
UPID
US07-0522298
Jurisdiction
MARICOPA
Zoning & alternative use
C-2 · Phoenix, AZZoning C-2 · permitted uses
C-2 · Phoenix, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The purpose C-2 zone is to provide commercial uses of medium intensity designed to be compatible with each other and to provide for a wide range of types of commercial activity within the district
Zone name
Intermediate Commercial
General category
COMMERCIAL
Zone area
13,095.06 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$18.7M
MEDICAL BUILDING
Est. value
$16.7M
WAREHOUSE, STORAGE
Est. value
$16.3M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$16.0M
RETAIL STORES Current
MEDICAL 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
1990
Construction
CONCRETE
Heating
PACKAGE
Cooling
Yes
Stories
1
Lot
5.35 ac
Current owner
From public records · entity-resolved
Horizon Sc LLC
Entity
Mailing address
151 BODMAN PL STE #201, RED BANK, NJ 07701-1064
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
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 1, 2024
$15,600,000
Horizon Sc LLC
Indian School Horizon Village LLC
Special Warranty Deed
$8,500,000 · Woodmen Of The World Life Insurance
Jan 13, 2017
$4,979,000
Westport Phoenix Portfolio
East Indian School Props
Trust Deed
$5,100,000 · Bank Of America
Dec 15, 2004
—
Indian Sch Horizon Village LLC
Indian School-19th Ave
Quit Claim Deed
related
$7,350,000 · Bear Stearns Commercial Mtg
May 31, 1995
$5,960,000
Indian School & 19th Ave Co
Westwood Financial Corp
Grant Deed
—
Jan 25, 1995
$5,520,000
Westwood Financial Corp
Horizon Village
Grant Deed
related
$3,900,000 · Seller
—
—
Indian Sch Horizon Village LLC
—
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.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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