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Property profile & analytics
OFF-MARKET
Estimated value
$2,790,000
Flex space
2532 Morningside Dr, Phoenix, AZ 85023-2124
Individually Owned
11-yr Hold
Free & Clear
Property ID
US07-0952706
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
1988
Construction
CONCRETE
Total area
24,167 SF
Lot
0.06 ac (2,613 SF)
Zoning code
IND.PK.
APN
208-05-650
UPID
US07-0952706
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.84M
Blend (final)
Blend
$2.79M
Owner & transaction history
Michael Schmelling · 11 yrs held
Michael Schmelling
since 2014
7 recorded transactions
Zoning & alternative use
IND.PK. · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
Blend value · Realmo final
$2.79M
Range $2.51M – $3.07M · ±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
$115 / 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 2022Property tax & assessments
Tax year 2022
Tax billed
$2,017
Tax year 2022
Assessed value
$23,876
Assessed 2024
Previous assessed
$19,142
+24.7% YoY
Effective rate
8.45%
On assessed value
Land market value
$28,900
Improvement market value
$115,800
Total market value
$144,700
Applied tax rate
971,300.0000
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
Flex space
Use group
LIGHT INDUSTRIAL
Status
Off-Market
Year built
1988
Construction
CONCRETE
Heating
PACKAGE
Cooling
YES
Stories
1
Total area
24,167 SF
Lot
0.06 ac (2,613 SF)
Zoning code
IND.PK.
APN
208-05-650
UPID
US07-0952706
Jurisdiction
MARICOPA
Zoning & alternative use
IND.PK. · Phoenix, AZ
Zoning IND.PK. · permitted uses
IND.PK. · 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.
Building & site characteristics
From public records
Year built
1988
Construction
CONCRETE
Heating
PACKAGE
Cooling
Yes
Stories
1
Lot
0.06 ac
Current owner
From public records · entity-resolved
Michael Schmelling
Individual
Free & Clear · 11 yrs held
Mailing address
15589 N 77TH ST STE A, SCOTTSDALE, AZ 85260-1657
Ownership since
2014
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 31, 2014
$126,000
Michael Schmelling
Chroma Signs LLC
Grant Deed
—
Jul 3, 2012
$70,000
Chroma Signs LLC
Sbaz Real Estate Holdings LLC
Grant Deed
—
Jun 28, 2012
$70,000
Chroma Signs LLC
Sbaz Real Estate Holdings LLC
Grant Deed
—
Feb 10, 2012
$70,000
Chroma Signs LLC
Sbaz Real Estate Holdings LLC
Grant Deed
—
Oct 26, 2011
$443,777
Sbaz Real Estate Holdings LLC
Horwitz,ronald M
Trustees Deed
related
—
May 15, 2006
—
Weatherman Phoenix Inv Prop 28
Weatherman,stuart J & Martha C
Quit Claim Deed
—
Jun 30, 1999
$240,240
Stuart Weatherman
Cbc Associates
Grant Deed
$216,216 · Seller
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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