Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    21043 Cave Creek Rd Phoenix, AZ 85024

    • Strip malls
    • 40,713 SF
    • 1.06 lot acres
    For Lease
    View listing
    Last Sale
    Apr 28, 2025
    $7,117,000
    Value Estimations
    $8,720,000
    Cap Rate Potential
    8.4%
    Strip malls
    Location Intelligence
    Property ID
    US07-3479673
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Brian Stevens - State Farm Insurance Agent / Auto Insurance Agency / Home Insurance Agency
    • Quiznos / Sandwich Shop
    • Fancy Nails / Nail Salon
    • Azco Properties LLC / Real Estate Agency
    • Moonstone & Muro Hair Salon / Hair Salon

    Property Details for 21043 Cave Creek Rd

    Year built
    2002
    Construction
    CONCRETE
    Lot size
    1.06 lot acres
    Property size
    40,713 SF
    Zone code
    C-2
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    213-10-025
    APU
    21310025

    Description

    This exceptional 41,000 square foot Class B medical retail center, built in 2000 and renovated in 2015, presents a unique investment opportunity in Maricopa County. Situated on a 5-acre lot with convenient access to Loop 101, the property boasts 18 suites, offering flexible space options ranging from a minimum of 1,340 square feet to a maximum contiguous space of 5,257 square feet. Currently, 6,597 square feet are available for lease, providing immediate occupancy potential for multiple tenants. The center benefits from ample parking with 40 spaces and prominent monument signage, ensuring high visibility and attracting a substantial customer base. The location is strategically positioned on Cave Creek Road, near Phoenix, Arizona, within a thriving area characterized by high average household incomes exceeding $75,000 within a 3-mile radius. This prime location, combined with the presence of established national and local tenants, creates a robust and attractive environment for new businesses. The property's blend of established tenancy and available space offers a compelling opportunity for growth and expansion within a dynamic market. The single building structure provides efficient management and streamlined operations.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $7,225,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $10,115,000
      6.5%
      $9,335,000
      7%
      $8,670,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $11,968,000
      Market price range: $4.77M - $18.7M
      AI Estimate
      $10,861,000
      Market price range: $4.40M - $16.7M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $10,365,000
      Current use
      MEDICAL BUILDING
      $10,805,000
      Change: +4% Conversion: Difficult
      WAREHOUSE, STORAGE
      $10,565,000
      Change: +2% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.03
    Latitude
    33.679
    CBSA code
    38060
    CBSA name
    PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $69,225
    $0.00
    $0.00
    $1,440,714
    -
    $1,746,300
    $6,985,300
    $8,731,600

    Comparable in this City

    • Value Estimation by Request
      6,290 SF

      19401 Cave Crk Rd

      SHOPPING CENTER, STRIP CENTER • 6,290 SF
      19401 Cave Crk Rd, Phoenix, AZ 85024-1801
      View Details
    • Value Estimation by Request
      5,752 SF

      21027 Cave Crk Rd Ste, Unit 4

      SHOPPING CENTER, STRIP CENTER • 5,752 SF
      21027 Cave Crk Rd Ste, Phoenix, AZ 85024-5524
      View Details
    • Value Estimation by Request
      10,736 SF

      19411 Cave Crk Rd

      SHOPPING CENTER, STRIP CENTER • 10,736 SF
      19411 Cave Crk Rd, Phoenix, AZ 85024
      View Details
    • Value Estimation by Request
      6,371 SF

      20350 Cave Crk Rd

      SHOPPING CENTER, STRIP CENTER • 6,371 SF
      20350 Cave Crk Rd, Phoenix, AZ 85024-1283
      View Details
    • Value Estimation by Request
      7,420 SF

      21035 Cave Crk Rd Ste 4c

      SHOPPING CENTER, STRIP CENTER • 7,420 SF
      21035 Cave Crk Rd Ste 4c, Phoenix, AZ 85024-5522
      View Details
    • Value Estimation by Request
      7,420 SF

      21035 Cave Crk Rd Ste 1c

      SHOPPING CENTER, STRIP CENTER • 7,420 SF
      21035 Cave Crk Rd Ste 1c, Phoenix, AZ 85024-5522
      View Details

    Similar Nearby for Sale

    • $6,475,000
      41,404 SF

      Mixed-Use Investment Opportunity Near Costco

      Stabilized mixed-use property with office, retail, and freeway access.
      20330-20350 E Beardsley Rd, Phoenix, AZ 85024
      View Details
    • $3,350,000
      9,492 SF

      NNN Leased Day Care Center

      NNN leased day care center with 12 years remaining.
      3300 E Union Hills Dr, Phoenix, AZ 85024
      View Details
    • $2,800,000
      870 SF

      New Starbucks with Drive-Thru

      New build-to-suit Starbucks with drive-thru, opening September 2024.
      710 E Union Hills Dr, Phoenix, AZ 85024
      View Details
    • New
      $349,000
      0.84 Acres

      Phoenix Land For Sale

      Vacant land available in Phoenix, Arizona.
      19844 N Cave Creek Rd, Phoenix, AZ 85024
      View Details
    • Contact for pricing
      500 SF

      Phoenix Land with Paved Yard

      Commercial land with paved yard, easy highway access.
      1974 E Deer Valley Rd, Phoenix, AZ 85024
      View Details
    • New
      $350,000
      1.08 Acres

      Phoenix Hillside Lot with Views

      Land with mountain views, paved driveway, and custom home potential.
      18908 N 22Nd St, Phoenix, AZ 85024
      View Details

    Similar Nearby for Lease

    • $23 SF/Yr
      2,000 SF

      Phoenix Retail Space For Rent

      Retail space available near Loop-101 and SR-51 freeways.
      19235 N Cave Creek Rd, Phoenix, AZ 85024
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space on Cave Creek

      Retail space with high visibility and street frontage.
      19401 N Cave Creek Rd, Phoenix, AZ 85024
      View Details
    • Contact for pricing
      41,000 SF

      Rose Garden Medical Retail Center

      Phoenix Medical Retail Space Available
      21043 Cave Creek Rd, Phoenix, AZ 85024
      View Details
    • $1.50 SF/Yr
      16,480 SF

      Phoenix Industrial Space For Lease

      Deer Valley manufacturing/warehouse space available.
      21602 Central Ave, Phoenix, AZ 85024
      View Details
    • $24,000
      3 SF

      Land Available For Sublease

      Land available for sublease in Phoenix, Arizona.
      1638 East Deer Valley Dr, Phoenix, AZ 85024
      View Details
    • $6 SF/Yr
      6,001 SF

      Phoenix Office Space for Lease

      Flexible Workspaces, Prime Location
      19820 7Th St, Phoenix, AZ 85024
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    21043 Cave Creek Rd
    Phoenix, AZ 85024
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.