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Property profile & analytics
FOR LEASE
Medical Office Space
2034 E Southern Ave Tempe, AZ 85282
Entity Owned
12-yr Hold
~
Est. High Equity
Property ID
US07-0926737
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
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Dr. Shandra C. Lee, DMD Dental Office
-
Precision Endodontics, Ltd. Dental Office
-
Passport Health Tempe Travel Vaccine Clinic Medical Clinic
-
Alevea Mental Health Medical Clinic
-
Clean Colonic TEMPE Gym & Fitness Center Alternative Medicine Practice
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.91M
Blend (final)
Blend
$1.92M
Owner & transaction history
United Realty M T A LLC · 12 yrs held
United Realty M T A LLC
since 2014
7 recorded transactions
Zoning & alternative use
RO · Tempe, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$3.1M
+157.2%
Neighborhood: shopping center
$3.1M
+150.2%
Office building
$1.8M
+47.9%
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 Tempe submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Tempe 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
MEDICAL BUILDING
$1,220,000
Current use
RETAIL STORES
$3,145,000
Change: +157% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$3,055,000
Change: +150% · Conversion: Difficult
OFFICE BUILDING
$1,805,000
Change: +48% · Conversion: Easy
Blend value · Realmo final
$1.92M
Range $1.72M – $2.11M · ±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
$321 / 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
$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
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
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, AZ
Zoning RO · permitted uses
RO · Tempe, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Tempe. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$1.2M
RETAIL STORES
Est. value
$3.1M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$3.1M
OFFICE BUILDING
Est. value
$1.8M
MEDICAL BUILDING Current
RETAIL STORES
NEIGHBORHOOD: SHOPPING CENTER
OFFICE BUILDING
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
1973
Construction
CONCRETE
Heating
HEAT PUMP
Stories
1
Buildings
5
Units
5
Lot
2.41 ac
Current owner
From public records · entity-resolved
United Realty M T A LLC
Entity
Mailing address
644 E LEHI RD, MESA, AZ 85203-1860
Ownership since
2014
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
Sep 19, 2025
—
Mta LLC
—
Deed
related
$2,352,000 · Ks Statebank
Sep 24, 2018
—
United Realty Mta LLC
—
Deed
related
$1,850,000 · Wells Fargo Bk
Jan 6, 2014
$2,303,000
United Realty M T A LLC
Southern Hub LLC
Special Warranty Deed
$1,617,000 · Wells Fargo Bank NA
Dec 28, 2011
$1,325,000
Southern Hub LLC
Rj 2034 Sthrn Avenue Invtrs Ll
Grant Deed
$510,000 · Phx Resource LLC
May 21, 2007
$530,000
Rj 2034 Sthrn Avenue Invtrs Ll
Southern Avenue Medical LLC
Grant Deed
$2,120,000 · Bank Of America
Nov 28, 2001
$442,210
Southern Avenue Medical LLC
Kolar,richard
Grant Deed
—
Nov 28, 2001
$1,682,790
Southern Avenue Medical LLC
Mountain Valley Properties INC
Grant Deed
—
Mar 9, 1999
$2,125,000
Richard Kolar
Holualoa Southern Ave Med LLC
Grant Deed
—
Apr 2, 1997
$1,422,000
Holualoa Southern Avenue Medical
Clarence O Furuya
Grant Deed
—
Sep 6, 1996
—
Clarence O Furuya
Lona L Furuya
Quit Claim Deed
related
$900,000 · Business Mens Assurance Compan
—
—
United Realty Mta LLC
—
Loan Modification
related
$1,850,000 · Wells Fargo Bk
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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