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Property profile & analytics
OFF-MARKET
Estimated value
$1,725,000
Strip malls
2401 32nd St, Phoenix, AZ 85008-2100
Individually Owned
2-yr Hold
Free & Clear
Property ID
US07-0593172
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1975
Construction
CONCRETE
Total area
7,791 SF
Lot
0.61 ac (26,659 SF)
Zoning code
C-2
APN
120-05-107J
UPID
US07-0593172
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
-
Casita Del Mar Restaurant
-
Smartactech Hardware & Home Improvement Home Appliance Store
-
El Kiosko Multiservicios 1 Bank Credit Union
-
Mi Ranchito Dancing Bar Bar & Pub
-
Dolls Barber Shop & Beauty Salon Barber Shop
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.81M
Blend (final)
Blend
$1.73M
Owner & transaction history
Thomas Horne · 2 yrs held
Thomas Horne
since 2023
2 recorded transactions
Zoning & alternative use
C-2 · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$2.3M
+18.3%
Medical building
$2.1M
+4.3%
Warehouse, storage
$2.0M
+2.0%
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 Phoenix submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Phoenix 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$1,985,000
Current use
OFFICE BUILDING
$2,345,000
Change: +18% · Conversion: Moderate
MEDICAL BUILDING
$2,070,000
Change: +4% · Conversion: Difficult
WAREHOUSE, STORAGE
$2,020,000
Change: +2% · Conversion: Difficult
RETAIL STORES
$1,875,000
Change: -5% · Conversion: Easy
Blend value · Realmo final
$1.73M
Range $1.55M – $1.90M · ±10%
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
$221 / 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
$12,771
Tax year 2023
Assessed value
$218,027
Assessed 2024
Previous assessed
$160,939
+35.5% YoY
Effective rate
5.86%
On assessed value
Land market value
$554,000
Improvement market value
$767,375
Total market value
$1,321,375
Applied tax rate
141,300.0000
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
Off-Market
Year built
1975
Construction
CONCRETE
Heating
PACKAGE
Cooling
YES
Stories
1
Total area
7,791 SF
Lot
0.61 ac (26,659 SF)
Zoning code
C-2
APN
120-05-107J
UPID
US07-0593172
Jurisdiction
MARICOPA
Zoning & alternative use
C-2 · Phoenix, AZ
Zoning C-2 · permitted uses
C-2 · Phoenix, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Phoenix. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$2.0M
OFFICE BUILDING
Est. value
$2.3M
MEDICAL BUILDING
Est. value
$2.1M
WAREHOUSE, STORAGE
Est. value
$2.0M
RETAIL STORES
Est. value
$1.9M
NEIGHBORHOOD: SHOPPING CENTER Current
OFFICE BUILDING
MEDICAL BUILDING
WAREHOUSE, STORAGE
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1975
Construction
CONCRETE
Heating
PACKAGE
Cooling
Yes
Stories
1
Lot
0.61 ac
Current owner
From public records · entity-resolved
Thomas Horne
Individual
Free & Clear · 2 yrs held
Mailing address
2824 E MSN LN, PHOENIX, AZ 85028-5325
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
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 8, 2023
—
Thomas Horne
Thomas C Horne
Intrafamily Transfer
related
—
Aug 8, 2001
$10
Thomas C Home
Havard Square Associates LP
Grant Deed
related
—
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.
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