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    23231 Lake Pleasant Pkwy Peoria, AZ 85383
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    Property profile & analytics

    23231 Lake Pleasant Pkwy Peoria, AZ 85383

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    • Commercial real estate
    • 1.00 lot acres
    Off-Market
    Property ID
    US07-2043505
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 23231 Lake Pleasant Pkwy

    Lot size
    1.00 lot acres
    Property type
    Commercial real estate
    APN
    200-10-013D

    Description

    This exceptional 2.5-acre commercial land parcel presents a remarkable investment opportunity in the thriving Peoria, Arizona market. Strategically located on the main thoroughfare of Lake Pleasant Parkway, this property enjoys high visibility and convenient access. Situated just one mile south of Happy Valley, the site benefits from readily available utilities, with stubs already in place. The property is zoned C-1/O-1, providing flexibility for a variety of commercial uses. The asking price of $1,740,000 reflects a compelling value proposition for developers and investors seeking a prime location with significant development potential. The parcel's size and zoning make it ideal for a range of commercial ventures, capitalizing on the area's robust growth and strong demand for commercial space. The property's address is 23231 N Lake Pleasant Pkwy, Peoria, AZ 85383, within Maricopa County. The Assessor's Parcel Number (APN) is 200-10-013D, and ownership is held by ESSEX COMPANIES LLC. This is a turnkey opportunity to acquire a well-positioned commercial lot ready for immediate development. Don't miss this chance to secure a piece of Peoria's vibrant commercial landscape.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Peoria
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.27524424571
    Latitude
    33.69501347543

    Comparable in this City

    • $1,200,000
      65,340 SF

      Prime Land in Peoria, AZ

      1.5 acre land site in a strong infill location.
      84-xx West Deer Valley Rd, Peoria, AZ 85383
      View Details
    • $369,999
      3.09 Acres

      Peoria, AZ Land For Sale

      3.09 acre commercial land available in Peoria, Arizona.
      W Westwind Dr, Peoria, AZ 85383
      View Details
    • New
      $270,000
      0.67 Acres

      Peoria Land With No HOA

      0.67-acre lot ready for your vision, no HOA.
      10000 W Avenida Del Sol, Peoria, AZ 85383
      View Details
    • New
      $400,000
      1.15 Acres

      Peoria Land with Desert Views

      1.147-acre lot with unobstructed desert and mountain views.
      000xx N 92Nd Ave, Peoria, AZ 85383
      View Details
    • $450,000
      1.42 Acres

      Peoria, AZ Hillside Lot

      Prime lot with mountain views in gated community.
      7423 W Brookhart Way, Peoria, AZ 85383
      View Details
    • $685,000
      2.50 Acres

      2.5 Acres in North Peoria

      Land with mountain views, development potential, desirable North Peoria location.
      -- N 92Nd Ave, Peoria, AZ 85383
      View Details

    Similar Nearby for Sale

    • $1,200,000
      65,340 SF

      Prime Land in Peoria, AZ

      1.5 acre land site in a strong infill location.
      84-xx West Deer Valley Rd, Peoria, AZ 85383
      View Details
    • $369,999
      3.09 Acres

      Peoria, AZ Land For Sale

      3.09 acre commercial land available in Peoria, Arizona.
      W Westwind Dr, Peoria, AZ 85383
      View Details
    • New
      $270,000
      0.67 Acres

      Peoria Land With No HOA

      0.67-acre lot ready for your vision, no HOA.
      10000 W Avenida Del Sol, Peoria, AZ 85383
      View Details
    • New
      $400,000
      1.15 Acres

      Peoria Land with Desert Views

      1.147-acre lot with unobstructed desert and mountain views.
      000xx N 92Nd Ave, Peoria, AZ 85383
      View Details
    • $450,000
      1.42 Acres

      Peoria, AZ Hillside Lot

      Prime lot with mountain views in gated community.
      7423 W Brookhart Way, Peoria, AZ 85383
      View Details
    • $685,000
      2.50 Acres

      2.5 Acres in North Peoria

      Land with mountain views, development potential, desirable North Peoria location.
      -- N 92Nd Ave, Peoria, AZ 85383
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Lake Pleasant Pavilion For Lease

      Waterfront land available for lease at Lake Pleasant.
      24890 N Lake Pleasant Pkwy, Peoria, AZ 85383
      View Details
    • Contact for pricing

      Commercial Land Near Super-Target

      Up to 25,000 SF buildable near major retail.
      24720 N Lake Pleasant Pkwy, Peoria, AZ 85383
      View Details
    • Contact for pricing
      4,481 SF

      Retail Space in Peoria, AZ

      Retail spaces available in master-planned community near Loop 303.
      9940 W Happy Valley Rd, Peoria, AZ 85383
      View Details
    • Contact for pricing
      24,841 SF

      Peoria Retail Power Center Opportunity

      Prime Peoria location, 19,180 SF available
      0 Nwc Lk Pleasant Pkwy & Happy Vly Rd, Peoria, AZ 85383
      View Details
    • Contact for pricing

      Retail and Restaurant Space Available

      Retail and restaurant spaces for lease in Glendale, Arizona.
      Glendale 75Th Ave, Glendale, AZ 85383
      View Details
    • Contact for pricing
      1,625 SF

      Retail Space in Peoria, Arizona

      Retail spaces available in high-traffic community center.
      10270 N 67Th Ave, Peoria, AZ 85383
      View Details
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    Peoria, AZ 85383
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    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
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