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

    2373 E Southern Ave Phoenix, AZ 85040

    • Drive through restaurants
    • 2,955 SF
    • 1.56 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-1453151
    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

    • Drive through restaurants

    Property Details for 2373 E Southern Ave

    Year built
    2021
    Lot size
    1.56 lot acres
    Property size
    2,955 SF
    Zone code
    C-2
    Property type
    Drive through restaurants
    APN
    122-51-171
    APU
    12251171

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,448,000
      Market price range: $767k - $2.45M
      AI Estimate
      $2,345,000
      Market price range: $649k - $2.35M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $1,580,000
      Current use
      OFFICE BUILDING
      $1,675,000
      Change: +6% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $1,535,000
      Change: -3% 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
    33.3927
    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
    $44,211
    $0.00
    $0.00
    $429,659
    -
    $1,210,300
    $1,393,697
    $2,603,997

    Comparable in this City

    • Value Estimation
      $2,295,000
      3,783 SF

      3130 Broadway Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,783 SF
      3130 Broadway Rd, Phoenix, AZ 85040-2724
      View Details
    • Value Estimation
      $2,335,000
      3,091 SF

      709 Broadway Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,091 SF
      709 Broadway Rd, Phoenix, AZ 85040-2205
      View Details
    • Value Estimation
      $2,470,000
      3,752 SF

      4708 48th St

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,752 SF
      4708 48th St, Phoenix, AZ 85040-8870
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    • Value Estimation by Request
      1,722 SF

      4118 Central Ave

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,722 SF
      4118 Central Ave, Phoenix, AZ 85040-1022
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    • Value Estimation
      $550,000
      1,025 SF

      5602 Central Ave

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,025 SF
      5602 Central Ave, Phoenix, AZ 85040-3053
      View Details
    • Value Estimation by Request
      1,800 SF

      5436 Central Ave

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,800 SF
      5436 Central Ave, Phoenix, AZ 85040-3051
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,083 SF

      New Drive-Thru Restaurant Opportunity

      Brand new, fully built-out drive-thru restaurant for sale.
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    • $1,095,000
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      2.37 Acre C-3 Property

      2.37 acre C-3 property with three buildings totaling 3,883 SF.
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      4,814 SF

      Phoenix Retail Property For Sale

      Retail property with secure yard, high visibility, and signage.
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      Secured shop bays with frontage on Broadway Rd.
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    • $725,000
      865 SF

      Office, Shop, and Secured Lot

      Office, shop, canopies, and secured lot for sale.
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      Large lot near light rail expansion, zoned for multi-family.
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    Similar Nearby for Lease

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      Phoenix Retail Space For Rent

      Retail space available in Phoenix with ample parking.
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      Retail space available in a recently painted shopping center.
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      Retail Spaces For Lease

      Two retail spaces available near University of Phoenix and I-10.
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      20,230 SF

      New Shopping Center Retail Space

      Newly built shopping center retail space for lease.
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    2373 E Southern Ave
    Phoenix, AZ 85040
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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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