New search
Property profile & analytics
OFF-MARKET
Estimated value
$3,630,000
Flex space
2245 University Dr Tempe, AZ 85281-7246
Entity Owned
2-yr Hold
Free & Clear
Property ID
US07-1183389
Property summary
AI-generated overview
Hohokam Corporate Center offers exceptional industrial flex space for lease in Tempe, Arizona. This property boasts a total of 52,577 square feet across multiple tenancies, with 8,050 square feet currently vacant. Individual units range from a minimum of 2,100 square feet to a maximum contiguous space of 3,210 square feet, providing flexibility for various business needs. The building features a desirable 12-foot clear ceiling height, ample power with 200 amps per suite and 277-480V voltage. Strategically located on approximately 2.86 acres of land, the property enjoys excellent visibility with frontage on University Drive in Tempe. Its convenient location offers easy access to major transportation arteries, including proximity to the SR-143 Freeway and just minutes from Sky Harbor Airport. The property is zoned I-1, ensuring a wide range of permitted uses. This is a prime opportunity for businesses seeking modern, functional, and well-located industrial flex space in a thriving Tempe market. The available space presents a unique chance to establish or expand operations in a highly desirable area. Contact us today to learn more about leasing options and to schedule a viewing.
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
1981
Construction
CONCRETE
Total area
39,500 SF
Lot
3.71 ac (161,500 SF)
Zoning code
GID
APN
124-56-024A
UPID
US07-1183389
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
-
Miche Bag of Arizona Warehouse & Storage
-
Pro-Surfacing Inc General Contractor Renovation Specialist
-
Institute For Drivers Safety Training Center Vocational School
-
Primerica Insurance Agency
-
Pro Micro Electronics & Wireless Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$3.63M
Owner & transaction history
St Paul Fire And Marine Ins Company · 2 yrs held
St Paul Fire And Marine Ins Company
since 2023
Last sale
$3.0M
3 recorded transactions
Zoning & alternative use
GID · Tempe, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
$3,015,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$3.63M
Range $3.27M – $3.99M · ±10% · vs last sale $2.99M (Dec 1 2023)
Last sale anchor
$2.99M
Dec 1 2023
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
$92 / 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
$55,258
Tax year 2023
Assessed value
$1,060,142
Assessed 2024
Previous assessed
$772,837
+37.2% YoY
Effective rate
5.21%
On assessed value
Land market value
$849,800
Improvement market value
$5,575,300
Total market value
$6,425,100
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
Off-Market
Year built
1981
Construction
CONCRETE
Heating
PACKAGE
Cooling
YES
Buildings
2
Stories
1
Units
2
Total area
39,500 SF
Lot
3.71 ac (161,500 SF)
Zoning code
GID
APN
124-56-024A
UPID
US07-1183389
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.
Building & site characteristics
From public records
Year built
1981
Construction
CONCRETE
Heating
PACKAGE
Cooling
Yes
Stories
1
Buildings
2
Units
2
Lot
3.71 ac
Current owner
From public records · entity-resolved
St Paul Fire And Marine Ins Company
Entity
Free & Clear · 2 yrs held
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
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 1, 2023
—
St Paul Fire And Marine Ins Company
St Paul Properties INC
Intrafamily Transfer
related
—
May 1, 1997
$2,990,000
St Paul Properties INC
Newhew Venture
Grant Deed
—
Aug 13, 1991
$1,800,000
Newhew Associate
Sun Life Assuran
Grant Deed
$2,550,000 · 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
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 2245 University Dr?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
