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Property profile & analytics
OFF-MARKET
Estimated value
$37,740,000
Office buildings
2233 Dunlap Ave Phoenix, AZ 85021-2859
Entity Owned
2-yr Hold
Free & Clear
Property ID
US07-3300974
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1987
Construction
STEEL FRAME
Total area
95,960 SF
Lot
6.32 ac (275,235 SF)
Zoning code
CP/GCP
APN
158-05-037A
UPID
US07-3300974
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
-
The Art Institutes Vocational School
-
10GYM Gym & Fitness Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$38.06M
Blend (final)
Blend
$37.74M
Owner & transaction history
Maricopa County · 2 yrs held
Maricopa County
since 2024
7 recorded transactions
Zoning & alternative use
CP/GCP · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$51.2M
+47.5%
Auto repair, garage
$40.6M
+16.7%
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
$34,750,000
Current use
RESTAURANT
$51,245,000
Change: +47% · Conversion: Moderate
AUTO REPAIR, GARAGE
$40,550,000
Change: +17% · Conversion: Difficult
RETAIL STORES
$28,595,000
Change: -18% · Conversion: Moderate
Blend value · Realmo final
$37.74M
Range $33.97M – $41.51M · ±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
$393 / 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
$113,857
Tax year 2023
Assessed value
$3,232,678
Assessed 2024
Previous assessed
$1,122,000
+188.1% YoY
Effective rate
3.52%
On assessed value
Land market value
$3,833,200
Improvement market value
$15,758,788
Total market value
$19,591,988
Applied tax rate
61,300.0000
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
Off-Market
Year built
1987
Construction
STEEL FRAME
Heating
HOT WATER
Cooling
REFRIGERATOR
Buildings
2
Stories
4
Units
2
Total area
95,960 SF
Lot
6.32 ac (275,235 SF)
Zoning code
CP/GCP
APN
158-05-037A
UPID
US07-3300974
Jurisdiction
MARICOPA
Zoning & alternative use
CP/GCP · Phoenix, AZ
Zoning CP/GCP · permitted uses
CP/GCP · 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
$34.8M
RESTAURANT
Est. value
$51.2M
AUTO REPAIR, GARAGE
Est. value
$40.6M
RETAIL STORES
Est. value
$28.6M
OFFICE BUILDING Current
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
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
1987
Construction
STEEL FRAME
Heating
HOT WATER
Cooling
Yes
Stories
4
Buildings
2
Units
2
Lot
6.32 ac
Current owner
From public records · entity-resolved
Maricopa County
Entity
Free & Clear · 2 yrs held
Mailing address
2801 W DURANGO ST, PHOENIX, AZ 85009-6356
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
30 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 31, 2024
—
Maricopa County
D23 LLC
Special Warranty Deed
—
Nov 16, 2021
—
D23 LLC
Curci Dunlap LLC
Re-recorded Document
related
—
Oct 28, 2021
$6,251,294
D23 LLC
Curci Dunlap LLC
Special Warranty Deed
—
Nov 5, 2007
$22,150,000
Curci Dunlap LLC
2233 Dunlap Associates LLC
Grant Deed
—
Oct 12, 2005
$12,000,000
2233 Dunlap Associates LLC
Carramerica Us West LLC
Grant Deed
—
Dec 15, 1997
$1,623,475
Realty L P Carramerica
Versailles Associates L P
Grant Deed
—
Dec 15, 1997
$1,881,220
Realty L P Carramerica
Phoenix Ltd
Grant Deed
—
Dec 15, 1997
$880,000
Vii L P Prefco
Roller Southeast Florida
Grant Deed
—
Dec 15, 1997
$866,281
Realty L P Carramerica
Pines Ltd
Grant Deed
—
Dec 15, 1997
$869,489
Realty L P Carramerica
Lakeview Ltd
Grant Deed
—
Dec 15, 1997
$894,096
Realty L P Carramerica
Prefco Vii L P
Grant Deed
—
Dec 15, 1997
$5,855,437
Realty L P Carramerica
Prefco Vii L P
Grant Deed
—
Dec 15, 1997
$1,300,503
Realty L P Carramerica
Prefco Vii L P
Grant Deed
—
Dec 15, 1997
$1,260,045
Carramerica Realty L P
Pines Ltd
Trustees Deed
—
Dec 15, 1997
$8,517,000
Carramerica Realty L P
Prefco Vii L P
Trustees Deed
—
Dec 15, 1997
$2,736,320
Carramerica Realty L P
Phoenix Ltd
Trustees Deed
—
Dec 15, 1997
$2,361,418
Carramerica Realty L P
Versailles Associates LP
Trustees Deed
—
Dec 15, 1997
$1,264,712
Carramerica Realty L P
Lakeview Ltd
Trustees Deed
—
Dec 15, 1997
$1,280,000
Vii L P Prefco
Roller Southeast Florida
Grant Deed
—
Dec 15, 1997
$65,945,000
Carramerica,u S West L L C
Carramerica Realty L P
Trustees Deed
related
—
Sep 17, 1997
$35,458
Roller Hockey Of Southeast Flori
5090 INC
Grant Deed
—
Dec 29, 1993
$2,110,089
Cypress,lakes At Boca Rio Associ
Prefco 7 LP
Trustees Deed
—
Dec 29, 1993
$1,813,829
Versailles,asc L P
Prefco 7 LP
Trustees Deed
—
Jul 30, 1993
$916,293
Lakeview 436 Associates Ltd
Prefco 7 LP
Grant Deed
—
Nov 25, 1991
$12,375
5090 INC
Arizona-relco Lt
Trustees Deed
—
Nov 25, 1991
$787,952
Pines Realty Inv
Prefco Vii Ltd
Trustees Deed
—
Jan 2, 1991
$10,829,892
Prefco V I I Ltd
Equity West II V
Trustees Deed
$64,640,000
Jan 2, 1991
$170,108
Arizona Relco Lt
Equity West II V
Trustees Deed
—
—
—
Curci Dunlap LLC
—
Deed Of Trust
related
$15,505,000 · Bank Of The West
—
—
2233 Dunlap Associates LLC
—
Deed Of Trust
related
$600,000 · Transamerica Life Insurance 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.
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