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Property profile & analytics
FOR LEASE
Flex space
2121 S Priest Dr, Tempe, AZ 85282
Entity Owned
~
Est. High Equity
Property ID
US07-0345211
For Lease
1 / 19
$1.15 SF/Yr
2121 S Priest Dr, Tempe, AZ 85282
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Property summary
AI-generated overview
Priest Business Park, located at 2121, 2123, 2125, and 2127 S Priest Dr in Tempe, Arizona, presents a compelling opportunity for businesses seeking industrial space. This multi-tenant property, situated on a 3.6-acre lot in the Tempe Southwest Industrial submarket of Maricopa County, offers a total of 56,845 square feet of manufacturing and warehouse space. Currently, 20,685 square feet are available for lease, divisible into units ranging from a minimum of 960 square feet to a maximum contiguous space of 8,800 square feet. The building, constructed in 1974, features high ceilings ranging from 14 to 18 feet, providing ample vertical space for various operational needs. Electrical service includes 100-200 Amps
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
1974
Construction
CONCRETE
Total area
44,538 SF
Lot
7.4 ac (322,344 SF)
Zoning code
GID
APN
123-35-008A
UPID
US07-0345211
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
-
Usunducs Electronics & Wireless Store
-
Day & Night Truck Sales Car Dealership
-
Designs by Zima Wedding Service Event Planning
-
Thrifty Car Sales Gilbert Car Dealership
-
Automotive Xpress Car Dealership
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$28.10M
Owner & transaction history
Tempe 2121 Properties Bk7 LLC
Tempe 2121 Properties Bk7 LLC
since 2025
Last sale
$29.0M
7 recorded transactions
Zoning & alternative use
GID · Tempe, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$31.0M
+17.6%
Auto repair, garage
$30.6M
+16.0%
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
$17,785,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$26,395,000
Current use
RESTAURANT
$31,045,000
Change: +18% · Conversion: Difficult
AUTO REPAIR, GARAGE
$30,615,000
Change: +16% · Conversion: Easy
RETAIL STORES
$23,455,000
Change: -11% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$22,810,000
Change: -14% · Conversion: Difficult
Blend value · Realmo final
$28.10M
Range $25.29M – $30.90M · ±10% · vs last sale $29.00M (Jun 12 2025)
Last sale anchor
$29.00M
Jun 12 2025
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
$631 / 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
$95,937
Tax year 2023
Assessed value
$2,360,622
Assessed 2024
Previous assessed
$1,714,263
+37.7% YoY
Effective rate
4.06%
On assessed value
Land market value
$2,174,800
Improvement market value
$12,132,000
Total market value
$14,306,800
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
Flex space
Use group
LIGHT INDUSTRIAL
Status
For Lease
Year built
1974
Construction
CONCRETE
Heating
PACKAGE
Cooling
YES
Buildings
4
Stories
1
Units
4
Total area
44,538 SF
Lot
7.4 ac (322,344 SF)
Zoning code
GID
APN
123-35-008A
UPID
US07-0345211
Jurisdiction
MARICOPA
Zoning & alternative use
GID · Tempe, AZ
Zoning GID · permitted uses
GID · 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
INDUSTRIAL (GENERAL) Current
Est. value
$26.4M
RESTAURANT
Est. value
$31.0M
AUTO REPAIR, GARAGE
Est. value
$30.6M
RETAIL STORES
Est. value
$23.5M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$22.8M
INDUSTRIAL (GENERAL) Current
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
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
1974
Construction
CONCRETE
Heating
PACKAGE
Cooling
Yes
Stories
1
Buildings
4
Units
4
Lot
7.4 ac
Current owner
From public records · entity-resolved
Tempe 2121 Properties Bk7 LLC
Entity
Mailing address
8888 E RAINTREE DR STE #155, SCOTTSDALE, AZ 85260-3952
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 12, 2025
$29,000,000
Tempe 2121 Properties Bk7 LLC
Pegasus Tempe Owner LLC
Special Warranty Deed
—
Oct 15, 2021
$21,546,000
Pegasus Tempe Owner LLC
Presson Equity Partners LLP
Special Warranty Deed
—
Apr 27, 2017
—
Presson Equity Partners LLP
—
Deed
related
$5,380,000 · Miscellaneous Ins Co
Sep 16, 2008
—
Equity Partners LLP Presson
—
Deed Of Trust
related
$7,300,000 · Compass Bank
Dec 15, 1999
$4,900,000
Equity Partners LLP Presson
Crow Family Holdings Industria
Grant Deed
related
—
Aug 6, 1998
—
Crow Family Holdings Inds LP
Crow-phoenix LP
Quit Claim Deed
related
—
—
—
Equity Partners LLP Presson
—
Deed Of Trust
related
$3,600,716 · National Bank Arizona
—
—
Presson Equity Partners LLP
—
Deed Of Trust
related
$5,380,000 · Miscellaneous Ins Co
—
—
North L P Priest
—
Deed Of Trust
related
$426,042 · Seller
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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