Entity Owned 
For Lease
1 / 12
$19 SF/Yr
2034 E Southern Ave, Tempe, AZ 85282
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Property summary
AI-generated overview
This exceptional medical office building, located at 2034 E Southern Ave in Tempe, Arizona, offers a variety of lease options. The Southern Avenue Center boasts a total of 24,020 square feet, situated on a 2.41-acre lot. Multiple tenancy is available, with spaces ranging from a minimum of 1,045 square feet to a maximum contiguous space of 1,938 square feet. Currently, 2,983 square feet are vacant and ready for immediate occupancy. The building is zoned R-O and is conveniently located within the Tempe submarket of Maricopa County. Ample parking is provided, with a ratio of 4.5 spaces per 1,000 square feet. This property presents a fantastic opportunity for medical professionals seeking modern, efficient, and well-located office space in a thriving Arizona community. The zip code is 85282. This is an ideal location for establishing or expanding a medical practice. Inquire today to learn more about leasing opportunities and secure your space in this desirable Tempe medical office building.
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1973
Construction
CONCRETE
Total area
5,968 SF
Lot
2.41 ac (105,197 SF)
Zoning code
RO
APN
133-47-002F
UPID
US07-0926737
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Dental Office
-
Dental Office
-
Medical Clinic
-
Medical Clinic
-
Gym & Fitness Center Alternative Medicine Practice
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.91M
Blend (final)
Blend
$2.34M
Owner & transaction history
since 2014
7 recorded transactions
Zoning & alternative use
RO · Tempe, AZ
Zoning description
The R/O district allows professional and administrative services, live work, and limited retail uses on small parcels located between higher intensity commercial and multi use zones and residential zones.
General category
COMMERCIAL
Top alternative use upside
Retail stores
$3.1M
+157.2%
Neighborhood: shopping center
$3.1M
+150.2%
Office building
$1.8M
+47.9%
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
All 10 comparables with addresses
4 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
Professional Plan · 30 reports
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Summary
1
Valuation conclusion
Included free
Estimated market value
$2.34M
Value range
$2.10M – $2.57M
±10% around blend
Estimated value / SF
$391 / SF
Confidence
High
10 county-verified comps
Property data
100
Market benchmarks
67
Comparable evidence
100
Income certainty
100
$2.10M
blend $2.34M
$2.57M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
5,968 SF
Lot area
2.41 ac
Year built
1973
Stories
1
APN
133-47-002F
Zoning
RO
Assessed value
$1,033,494
Annual tax
$42,635
3
Income approach: direct capitalization
Partial preview
Estimated Stabilized NOI, derived from market rent, vacancy and expense benchmarks. Actual property income not reported.
Estimated market rent / SF
Potential gross income
Vacancy allowance
Effective gross income
Benchmark operating expenses
Stabilized NOI
Property tax
$42,635
Selected cap rate
4
Sales comparison
Partial preview
Sales approach indication
$1.79M
Weighted, 10 comps · high confidence
Evidence
10 found · 6 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
8.7 mi away · 5,101 SF
12.7 mi away · 6,106 SF
15.1 mi away · 6,441 SF
22.1 mi away · 7,603 SF
22.3 mi away · 6,515 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$2.34M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 23 sales
$205
+91%
County 682 sales
$255
+54%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $391/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Retail Stores
Gross theoretical uplift
+157%
vs current-use indication
Neighborhood: Shopping Center
Office Building
Medical Building · current use
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Modeled
Market rent
Market benchmark
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: income and sales evidence cover the value conclusion.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 10 sales
NOI build-up · 9 steps
Market rates by use type
PDF export
Professional Plan · 30 reports
from $99/month
from $99/month
Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$5.17M
Move the market yield to see immediate price impact.
Value / SF
$866
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$326k
$6.51M
$4.65M
$3.62M
$362k
$7.24M
$5.17M
$4.02M
$398k
$7.96M
$5.69M
$4.42M
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
10 found
High confidence · county-verified
Closest comparable
$2.28M
6.5 mi · Oct 2025 · $311/SF
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$42,635
Tax year 2023
Assessed value
$1,033,494
Assessed 2024
Previous assessed
$866,371
+19.3% YoY
Effective rate
4.13%
On assessed value
Land market value
$3,059,000
Improvement market value
$3,204,599
Total market value
$6,263,599
Applied tax rate
31,600.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Status
For Lease
Year built
1973
Construction
CONCRETE
Heating
HEAT PUMP
Buildings
5
Stories
1
Units
5
Total area
5,968 SF
Lot
2.41 ac (105,197 SF)
Zoning code
RO
APN
133-47-002F
UPID
US07-0926737
Jurisdiction
MARICOPA
Zoning & alternative use
RO · Tempe, AZZoning RO · permitted uses
RO · Tempe, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Zoning description
The R/O district allows professional and administrative services, live work, and limited retail uses on small parcels located between higher intensity commercial and multi use zones and residential zones.
General category
COMMERCIAL
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1973
Construction
CONCRETE
Heating
HEAT PUMP
Stories
1
Buildings
5
Units
5
Lot
2.41 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
Matched to the official district catalog
RO
COMMERCIAL
Jurisdiction
Tempe, AZ
Recorded code
RO
Official district
RO
Official district profile
What the municipal code says about RO
Zoning description
The R/O district allows professional and administrative services, live work, and limited retail uses on small parcels located between higher intensity commercial and multi use zones and residential zones.
General category
COMMERCIAL
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for RO in Tempe, AZ.
What opens after registration
Zoning profile
Official descriptionThe district text from the municipal code
District factsZone name, category and district area
Official documentVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
One complete report on every paid plan · 30 · 300 reports per month.
Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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