Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2323 University Dr, Unit 101 Tempe, AZ 85281-7223

    • Office buildings
    • 8,834 SF
    • 0.10 lot acres
    OFF-MARKET
    Last Sale
    Dec 15, 2020
    $1,460,000
    Value Estimations
    $2,150,000
    Show details
    Cap Rate Potential
    8.3%
    Office buildings
    Location Intelligence
    Property ID
    US07-1173330
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial Properties, Inc. / Commercial Real Estate Agency / Property Management Company
    • Tyson Breinholt CRE - Commercial Real Estate Broker / Commercial Real Estate Agency

    Property Details for 2323 University Dr

    Year built
    2005
    Construction
    CONCRETE
    Lot size
    0.10 lot acres
    Property size
    8,834 SF
    Zone code
    GID
    Property type
    Office buildings
    APN
    124-56-088
    APU
    12456088

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,025,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,805,000
      6.5%
      $2,590,000
      7%
      $2,405,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,110,000
      Market price range: $388k - $6.10M
      AI Estimate
      $1,761,000
      Market price range: $388k - $5.32M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,380,000
      Current use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Tempe
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.974
    Latitude
    33.4216
    CBSA code
    38060
    CBSA name
    PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $8,905
    $0.00
    $0.00
    $172,524
    -
    $209,100
    $836,500
    $1,045,600

    Comparable in this City

    • Value Estimation by Request
      124,568 SF

      1480 Hohokam Dr

      OFFICE BUILDING • 124,568 SF
      1480 Hohokam Dr, Tempe, AZ 85281-6915
      View Details
    • Value Estimation by Request
      14,048 SF

      502 College Ave

      OFFICE BUILDING • 14,048 SF
      502 College Ave, Tempe, AZ 85281-3746
      View Details
    • Value Estimation by Request
      8,338 SF

      1658 Priest Dr, Unit 104

      OFFICE BUILDING • 8,338 SF
      1658 Priest Dr, Tempe, AZ 85281-6204
      View Details
    • Value Estimation by Request
      95,149 SF

      1720 Rio Salado Pkwy, Unit 4

      OFFICE BUILDING • 95,149 SF
      1720 Rio Salado Pkwy, Tempe, AZ 85281-6590
      View Details
    • Value Estimation by Request
      31,728 SF

      1155 Rio Salado Pkwyb203

      OFFICE BUILDING • 31,728 SF
      1155 Rio Salado Pkwyb203, Tempe, AZ 85281-2598
      View Details
    • Value Estimation by Request
      5,074 SF

      205 Wilson St

      OFFICE BUILDING • 5,074 SF
      205 Wilson St, Tempe, AZ 85281-2703
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      147,495 SF

      New Build Trophy Office Asset

      New office building in Tempe's Novus Innovation Corridor.
      1331 E Rio Salado Pkwy, Tempe, AZ 85281
      View Details
    • $695,000
      37,735 SF

      Class A Office Space Available

      2,361 SF Class A office space near Sky Harbor.
      1095 W Rio Salado Pkwy, Tempe, AZ 85281
      View Details
    • $4,900,000
      10,548 SF

      Downtown Tempe Creative Office

      ±10,548 SF Owner-User Opportunity
      448 Farmer Ave, Tempe, AZ 85281
      View Details
    • Contact for pricing
      48,654 SF

      Tempe Executive Office Building

      48,654 SF Office Space - For Sale
      432 Farmer Ave, Tempe, AZ 85281
      View Details
    • Contact for pricing
      290,383 SF

      Tempe Westin Hotel Investment

      Luxury Hotel, Net Lease, High ROI
      11 7Th St, Tempe, AZ 85281
      View Details
    • $2,200,000
      3,000 SF

      Tempe Retail Property For Sale

      Retail property with 3,000 square feet of space in Tempe.
      221 S Mcclintock Dr, Tempe, AZ 85281
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,800 SF

      Tempe Office Building For Rent

      Office building for rent, located off Loop 101.
      2433-2435 E University Dr, Tempe, AZ 85281
      View Details
    • $45 SF/Yr
      170,000 SF

      Tempe Office Space Available

      170,000 square foot office space for lease.
      777 South Novus Pl, Tempe, AZ 85281
      View Details
    • Contact for pricing
      139,688 SF

      Tempe Office Space Available

      139,688 square foot office building in Tempe, Arizona.
      615 S River Dr, Tempe, AZ 85281
      View Details
    • Contact for pricing
      40,188 SF

      Class A Office Space

      Five-story office building with large, efficient floorplates for rent.
      433 S Farmer Ave, Tempe, AZ 85281
      View Details
    • Contact for pricing
      110,680 SF

      Tempe Single-Story Office Building

      Single-story Tempe office building with recent improvements available for sublease.
      1616 W 17 St | Tempe, Tempe, AZ 85281
      View Details
    • Contact for pricing
      120,300 SF

      Office Space Near Tempe Marketplace

      Office space with freeway visibility and planned supporting retail buildings.
      1475 N Mcclintock Dr, Tempe, AZ 85281
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2323 University Dr, Unit 101
    Tempe, AZ 85281-7223
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.