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

    2617 24th St Phoenix, AZ 85008-1807

    • Office buildings
    • 2,999 SF
    • 0.22 lot acres
    OFF-MARKET
    Last Sale
    Dec 15, 2020
    Value Estimations
    $970,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-1435375
    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

    • PIP Coffee + Clay / Vocational School
    • Phoenix Virtual Offices / Real Estate Agency

    Property Details for 2617 24th St

    Year built
    1959
    Lot size
    0.22 lot acres
    Property size
    2,999 SF
    Property type
    Office buildings
    APN
    120-36-077C
    APU
    12036077C

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $982,000
      Market price range: $413k - $1.23M
      AI Estimate
      $956,000
      Market price range: $413k - $1.23M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $905,000
      Current use
      AUTO REPAIR, GARAGE
      $1,265,000
      Change: +40% Conversion: Difficult
      MEDICAL BUILDING
      $795,000
      Change: -12% Conversion: Easy
      WAREHOUSE, STORAGE
      $780,000
      Change: -14% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $765,000
      Change: -15% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.03
    Latitude
    33.4764
    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
    $8,546
    $0.00
    $0.00
    $89,925
    -
    $215,700
    $329,300
    $545,000

    Comparable in this City

    • Value Estimation
      $28,040,000
      75,904 SF

      6201 Oak St

      OFFICE BUILDING • 75,904 SF
      6201 Oak St, Phoenix, AZ 85008-3412
      View Details
    • Value Estimation
      $4,845,000
      30,187 SF

      4909 Mcdowell Rd

      OFFICE BUILDING • 30,187 SF
      4909 Mcdowell Rd, Phoenix, AZ 85008-4227
      View Details
    • Value Estimation
      $34,215,000
      111,595 SF

      426 44th St

      OFFICE BUILDING • 111,595 SF
      426 44th St, Phoenix, AZ 85008-6508
      View Details
    • Value Estimation
      $2,015,000
      4,916 SF

      411 30th St

      OFFICE BUILDING • 4,916 SF
      411 30th St, Phoenix, AZ 85008
      View Details
    • Value Estimation
      $670,000
      1,638 SF

      1802 32nd St

      OFFICE BUILDING • 1,638 SF
      1802 32nd St, Phoenix, AZ 85008-3807
      View Details
    • Value Estimation by Request
      231,077 SF

      410 44th St

      OFFICE BUILDING • 231,077 SF
      410 44th St, Phoenix, AZ 85008-7605
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Phoenix Office Building Investment Opportunity

      138,240 SF office building in a strategic Phoenix location.
      444 North 44Th St, Phoenix, AZ 85008
      View Details
    • $392,730
      1,482 SF

      Phoenix Office Condo: Prime Location

      1,482 SF, Updated Medical/Creative Office
      4801 Mcdowell Rd, Phoenix, AZ 85008
      View Details
    • $1,387,093
      6,427 SF

      Leased Office Condo Investment Opportunity

      100% leased office condo near Sky Harbor and ASU.
      730 N 52Nd St, Phoenix, AZ 85008
      View Details
    • $499,999
      0.90 Acres

      Phoenix Land Development Opportunity

      Nearly 1 acre R-4 zoned lot near Loop 202.
      412 N 52Nd St, Phoenix, AZ 85008
      View Details
    • Contact for pricing

      Phoenix Commercial Property for Sale

      Commercial property in Phoenix with long-term tenant.
      330 N 24Th St, Phoenix, AZ 85008
      View Details
    • Contact for pricing

      Phoenix Land Near Sky Harbor

      1.13 acre site with utilities and freeway access.
      2820 S 36Th St, Phoenix, AZ 85008
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,100 SF

      Freestanding Office Building For Rent

      Freestanding office building with ample parking and excellent visibility.
      2840 N 35Th Pl, Phoenix, AZ 85008
      View Details
    • $29 SF/Yr
      1,757 SF

      Class A Office Building

      Class A office building with suites available for rent.
      501 N 44Th St, Phoenix, AZ 85008
      View Details
    • Contact for pricing
      9,890 SF

      Phoenix Office Space for Lease

      Centrally located, renovated office space with city views.
      2800 N 44Th St, Phoenix, AZ 85008
      View Details
    • Contact for pricing

      Office Space Near Sky Harbor

      Two-story office project located near Sky Harbor Airport.
      2048 N 44Th St, Phoenix, AZ 85008
      View Details
    • $28 SF/Yr

      Phoenix Office Building with Freeway Access

      Office building with rooftop deck and convenient freeway access.
      1048 North 44Th St, Phoenix, AZ 85008
      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.
    2617 24th St
    Phoenix, AZ 85008-1807
    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!