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Property profile & analytics
FOR LEASE
Flex space
2166 E University Dr Tempe, AZ 85281
Entity Owned
2-yr Hold
Free & Clear
Property ID
US07-3284594
For Lease
1 / 2
$33 SF/Yr
2166 E University Dr, Tempe, AZ 85281
View Listing →
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
1986
Construction
CONCRETE
Total area
16,845 SF
Lot
1.23 ac (53,666 SF)
Zoning code
GID
APN
132-37-152D
UPID
US07-3284594
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
-
Delta Wye Electric Electrical Service General Contractor
-
Alpha Realty Real Estate Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.45M
Blend (final)
Blend
$3.45M
Owner & transaction history
Delta Wye Electric INC · 2 yrs held
Delta Wye Electric INC
since 2023
7 recorded transactions
Zoning & alternative use
GID · Tempe, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$4.7M
+76.3%
Medical building
$3.5M
+29.4%
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
INDUSTRIAL (GENERAL)
$2,665,000
Current use
OFFICE BUILDING
$4,700,000
Change: +76% · Conversion: Difficult
MEDICAL BUILDING
$3,450,000
Change: +29% · Conversion: Difficult
Blend value · Realmo final
$3.45M
Range $3.10M – $3.79M · ±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
$205 / 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
$32,206
Tax year 2023
Assessed value
$505,989
Assessed 2024
Previous assessed
$382,092
+32.4% YoY
Effective rate
6.36%
On assessed value
Land market value
$1,770,900
Improvement market value
$1,295,700
Total market value
$3,066,600
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
1986
Construction
CONCRETE
Heating
PACKAGE
Cooling
YES
Stories
1
Total area
16,845 SF
Lot
1.23 ac (53,666 SF)
Zoning code
GID
APN
132-37-152D
UPID
US07-3284594
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
$2.7M
OFFICE BUILDING
Est. value
$4.7M
MEDICAL BUILDING
Est. value
$3.5M
INDUSTRIAL (GENERAL) Current
OFFICE BUILDING
MEDICAL 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
1986
Construction
CONCRETE
Heating
PACKAGE
Cooling
Yes
Stories
1
Lot
1.23 ac
Current owner
From public records · entity-resolved
Delta Wye Electric INC
Entity
Free & Clear · 2 yrs held
Mailing address
4505 E BROADWAY RD, PHOENIX, AZ 85040-8827
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 31, 2023
—
Delta Wye Electric INC
4505 Broadway LLC
Lease
—
Oct 30, 2023
$3,530,000
4505 Broadway LLC
Fox Headquarters LLC
Special Warranty Deed
$2,450,000 · City National Bank
Jun 15, 2021
$2,400,000
Fox Headquarters LLC
101 Tempe LLC
Special Warranty Deed
$3,906,000 · Arizona Bank & Trust
Mar 15, 2018
$1,980,000
101 Tempe LLC
Colletti,scott
Warranty Deed
$1,350,000 · Miscellaneous Ins Co
Sep 27, 2010
—
Scott Colletti
Nandi LLC
Quit Claim Deed
related
—
Jul 13, 2006
—
Nandi LLC
Colletti,scott A
Quit Claim Deed
related
—
Dec 16, 2005
$2,200,000
Scott Colletti
Nhi LLC
Special Warranty Deed
$1,980,000 · Us Bank NA
Jan 14, 2000
$1,325,000
Nhi LLC
Thompson 94 LP
Grant Deed
$900,000 · National Bank Arizona
Apr 6, 1999
—
Varian INC
Varian Associates INC
Quit Claim Deed
related
—
Apr 13, 1998
$1,000,000
Thompson/94th LLC
Eutsey,james R
Grant Deed
$750,000 · 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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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