Add Listing
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

    2421 W Peoria Ave Phoenix, AZ 85029

    • Office buildings
    • 98,850 SF
    • 6.74 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-0825245
    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

    • American Institute of Dental Assisting / Dental Office / Vocational School
    • Matrix Absence Management / Consultant / Corporate Office
    • TERRA Staffing Group / Employment Agency
    • SGS / Research Institute
    • SGS Clinical Studies / Advertising Agency

    Property Details for 2421 W Peoria Ave

    Year built
    1999
    Construction
    STEEL FRAME
    Lot size
    6.74 lot acres
    Property size
    98,850 SF
    Zone code
    A-1
    Property type
    Office buildings
    APN
    149-09-019
    APU
    14909019

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $70,119,000
      Market price range: $19.0M - $116M
      AI Estimate
      $66,831,000
      Market price range: $18.6M - $116M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $62,150,000
      Current use
      COMMERCIAL (GENERAL)
      $68,840,000
      Change: +11% Conversion: Easy
      RESTAURANT
      $52,790,000
      Change: -15% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.11
    Latitude
    33.5811
    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
    $199,512
    $0.00
    $0.00
    $3,589,007
    -
    $3,332,600
    $18,418,960
    $21,751,560

    Comparable in this City

    • Value Estimation
      $4,815,000
      12,468 SF

      2340 Shangri La Rd

      OFFICE BUILDING • 12,468 SF
      2340 Shangri La Rd, Phoenix, AZ 85029-4724
      View Details
    • Value Estimation
      $17,850,000
      15,234 SF

      2320 Peoria Ave

      OFFICE BUILDING • 15,234 SF
      2320 Peoria Ave, Phoenix, AZ 85029-4753
      View Details
    • Value Estimation
      $1,825,000
      1,557 SF

      2805 Larkspur Dr

      OFFICE BUILDING • 1,557 SF
      2805 Larkspur Dr, Phoenix, AZ 85029-2463
      View Details
    • Value Estimation
      $1,345,000
      1,150 SF

      11040 21st Ave

      OFFICE BUILDING • 1,150 SF
      11040 21st Ave, Phoenix, AZ 85029-4802
      View Details
    • Value Estimation by Request
      579 SF

      2015 Cactus Rd

      OFFICE BUILDING • 579 SF
      2015 Cactus Rd, Phoenix, AZ 85029-2788
      View Details
    • Value Estimation
      $1,705,000
      1,200 SF

      11023 22nd Ave

      OFFICE BUILDING • 1,200 SF
      11023 22nd Ave, Phoenix, AZ 85029-4805
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      65,573 SF

      Phoenix Office Building For Sale

      Two-story office building in Phoenix's Sunnyslope neighborhood.
      11420 N 19Th Ave, Phoenix, AZ 85029
      View Details
    • Contact for pricing
      56,042 SF

      Phoenix Office Building Near Freeway

      Office building with move-in ready space and freeway access.
      2225 W Peoria Ave, Phoenix, AZ 85029
      View Details
    • Contact for pricing
      65,573 SF

      Phoenix Office Building - 65,573 SF

      Spacious Phoenix office, vacant & ready.
      11420 19Th Ave, Phoenix, AZ 85029
      View Details
    • $450,000
      0.26 Acres

      Phoenix Multifamily Development Ready Land

      Shovel-ready 6-unit multifamily development land with approved permits.
      1339 W Peoria Ave, Phoenix, AZ 85029
      View Details
    • $400,000
      1.06 Acres

      Moon Valley Acreage Opportunity

      1.059-acre lot in desirable Moon Valley neighborhood.
      12861 N 8Th Ave, Phoenix, AZ 85029
      View Details

    Similar Nearby for Lease

    • $19 SF/Yr
      19,120 SF

      Class A Office Space

      Multi-tenant office property with lake views and retail proximity.
      11022-11024 N 28Th Dr, Phoenix, AZ 85029
      View Details
    • $23 SF/Yr

      Phoenix Office Space For Rent

      Office building with 102,606 square feet available for lease.
      2401 W Peoria Ave - Desert Cyn, Phoenix, AZ 85029
      View Details
    • Contact for pricing
      5,640 SF

      Renovated Office Building For Rent

      Well-maintained office building with high occupancy and identity opportunity.
      13430 N Black Canyon Hwy, Phoenix, AZ 85029
      View Details
    • Contact for pricing
      1,003 SF

      Class A Office Tower Space

      Eight-story office tower with efficient floorplates and excellent amenities.
      10851 N Black Canyon Hwy, Phoenix, AZ 85029
      View Details
    • $14 SF/Yr
      10,252 SF

      Phoenix Office Space for Lease

      Prime Northwest Phoenix Office Suites Available
      12020 35Th Ave, Phoenix, AZ 85029
      View Details
    • $19 SF/Yr
      102,000 SF

      Lake Biltmore Corporate Center

      Phoenix Office Space: Move-in Ready
      1 28Th Dr, Phoenix, AZ 85029
      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.
    2421 W Peoria Ave
    Phoenix, AZ 85029
    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.
    Sign Up Successful!
    You now have access to more from Realmo!