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Property profile & analytics
FOR LEASE
Office buildings
2198 E Camelback Rd, Phoenix, AZ 85016
Entity Owned
24-yr Hold
~
Est. High Equity
Property ID
US07-0300915
For Lease
1 / 2
$21,715,000
2198 E Camelback Rd, Phoenix, AZ 85016
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1983
Construction
STEEL FRAME
Total area
58,096 SF
Lot
1.03 ac (44,997 SF)
Zoning code
C-1
APN
164-67-012P
UPID
US07-0300915
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
-
Arivis, Inc. (Bike/Boat/Book/etc) Store Corporate Office
-
Levitan & Associates Psychological Services Physician Medical Clinic
-
Rachelle Ferraro Law Firm
-
Law Office of Rachelle S. Ferraro Law Firm
-
Loefgren Law Law Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$21.84M
Blend (final)
Blend
$21.72M
Owner & transaction history
Camelback Building LLC · 24 yrs held
Camelback Building LLC
since 2002
6 recorded transactions
Zoning & alternative use
C-1 · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$31.0M
+105.4%
Auto repair, garage
$24.6M
+62.5%
Retail stores
$16.1M
+6.6%
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 Phoenix submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Phoenix 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
OFFICE BUILDING
$15,105,000
Current use
RESTAURANT
$31,025,000
Change: +105% · Conversion: Moderate
AUTO REPAIR, GARAGE
$24,550,000
Change: +63% · Conversion: Difficult
RETAIL STORES
$16,090,000
Change: +7% · Conversion: Moderate
MEDICAL BUILDING
$15,420,000
Change: +2% · Conversion: Easy
WAREHOUSE, STORAGE
$15,080,000
Change: 0% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$14,785,000
Change: -2% · Conversion: Difficult
Blend value · Realmo final
$21.72M
Range $19.54M – $23.89M · ±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
$374 / 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
$186,733
Tax year 2023
Assessed value
$2,115,041
Assessed 2024
Previous assessed
$2,601,238
-18.7% YoY
Effective rate
8.83%
On assessed value
Land market value
$3,854,800
Improvement market value
$8,963,628
Total market value
$12,818,428
Applied tax rate
381,300.0000
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
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
1983
Construction
STEEL FRAME
Heating
NONE
Buildings
3
Stories
3
Units
2
Total area
58,096 SF
Lot
1.03 ac (44,997 SF)
Zoning code
C-1
APN
164-67-012P
UPID
US07-0300915
Jurisdiction
MARICOPA
Zoning & alternative use
C-1 · Phoenix, AZ
Zoning C-1 · permitted uses
C-1 · Phoenix, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Phoenix. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$15.1M
RESTAURANT
Est. value
$31.0M
AUTO REPAIR, GARAGE
Est. value
$24.6M
RETAIL STORES
Est. value
$16.1M
MEDICAL BUILDING
Est. value
$15.4M
WAREHOUSE, STORAGE
Est. value
$15.1M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$14.8M
OFFICE BUILDING Current
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
MEDICAL BUILDING
WAREHOUSE, STORAGE
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
1983
Construction
STEEL FRAME
Heating
NONE
Stories
3
Buildings
3
Units
2
Lot
1.03 ac
Current owner
From public records · entity-resolved
Camelback Building LLC
Entity
Mailing address
PO BOX 1679, MERCER ISLAND, WA 98040-1679
Ownership since
2002
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 15, 2002
$10
Camelback Building LLC
Lea Trust
Grant Deed
related
—
Jul 7, 2000
$646,890
Lea Trust
Avanti Park Properties LP
Trustees Deed
—
Jan 27, 2000
$9,100,000
David Mojica
Koll Bren Fund Vi
Grant Deed
—
Jun 22, 1993
—
Unum Life Insurance Co Of Americ
Camelback/biltmo
Grant Deed
related
—
—
—
Camelback Building LLC
—
Deed Of Trust
related
$4,200,000 · 40/86 Mortgage Capital INC
—
—
Camelback Building LLC
—
Deed Of Trust
related
$4,250,000 · Miscellaneous Ins Co
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
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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