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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2342 Thomas Rd Phoenix, AZ 85016-7828

    • Drive through restaurants
    • 4,192 SF
    • 1.21 lot acres
    OFF-MARKET
    Value Estimations
    $2,845,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-1696933
    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

    • Carl's Jr. / Fast Food Restaurant / Hamburger Restaurant
    • Kings & Queens Fries & Wings / Takeout Restaurant / Chicken Wings Restaurant
    • Redbox / Movie Rental Kiosk / Dvd Store
    • Carl's Jr / Green Burrito / Fast Food Restaurant / Burrito Restaurant

    Property Details for 2342 Thomas Rd

    Year built
    1983
    Construction
    CONCRETE
    Lot size
    1.21 lot acres
    Property size
    4,192 SF
    Zone code
    C-C
    Property type
    Drive through restaurants
    APN
    119-17-042B
    APU
    11917042B

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,937,000
      Market price range: $1.09M - $3.47M
      AI Estimate
      $2,748,000
      Market price range: $920k - $3.33M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $2,240,000
      Current use
      COMMERCIAL (GENERAL)
      $2,920,000
      Change: +30% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.031
    Latitude
    33.4807
    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
    $31,714
    $0.00
    $0.00
    $310,565
    -
    $1,295,700
    $586,513
    $1,882,213

    Comparable in this City

    • Value Estimation
      $2,295,000
      2,832 SF

      2024 Camelback Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,832 SF
      2024 Camelback Rd, Phoenix, AZ 85016-4711
      View Details
    • Value Estimation
      $3,410,000
      4,202 SF

      1635 Camelback Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 4,202 SF
      1635 Camelback Rd, Phoenix, AZ 85016-3901
      View Details
    • Value Estimation
      $1,560,000
      2,284 SF

      2241 Indian School Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,284 SF
      2241 Indian School Rd, Phoenix, AZ 85016-6104
      View Details
    • Value Estimation
      $1,780,000
      2,190 SF

      2747 Indian School Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,190 SF
      2747 Indian School Rd, Phoenix, AZ 85016-6855
      View Details
    • Value Estimation
      $3,720,000
      4,588 SF

      1601 Camelback Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 4,588 SF
      1601 Camelback Rd, Phoenix, AZ 85016-3901
      View Details
    • Value Estimation
      $555,000
      686 SF

      2748 Thomas Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 686 SF
      2748 Thomas Rd, Phoenix, AZ 85016
      View Details

    Similar Nearby for Sale

    • $1,375,000
      4,485 SF

      Prime Phoenix Retail Space

      Thomas Road Bar/Restaurant - $1.375M
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      Phoenix Restaurant/Retail Opportunity For Sale

      2520 SF building in a strategic Phoenix location.
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      2,943 SF

      Phoenix Retail NNN Investment Opportunity

      NNN retail property with long-term lease and rental increases.
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    • $3,150,000
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      Phoenix Automotive Property For Sale

      Two buildings on a corner lot with high traffic frontage.
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    • $5,928,000
      8,009 SF

      Phoenix Retail Space For Sale

      8,009 SF retail space in a high-traffic Phoenix location.
      2002 E Camelback Rd, Phoenix, AZ 85016
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,750 SF

      Freestanding Building with Drive-Thru

      Freestanding 2,750 SF building with drive-thru available for lease.
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      View Details
    • Contact for pricing
      23,711 SF

      Prime Phoenix Office Space

      Phoenix Executive Suites, 647-1,623 sqft
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      Freestanding Retail PAD Available

      4,172 SF retail space with high-traffic location.
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      6,308 SF

      Phoenix Executive Office Suite

      Prime Phoenix office space available.
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    • Contact for pricing
      1,015 SF

      Retail Space in Camelback Corridor

      Retail space for rent in a convenient Phoenix location.
      1610-1660 E Camelback Rd, Phoenix, AZ 85016
      View Details
    • Contact for pricing
      2,385 SF

      Former Personal Training Studio

      Retail space available in Phoenix, Arizona.
      3003-3045 E Indian School Rd, Phoenix, AZ 85016
      View Details
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    Phoenix, AZ 85016-7828
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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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