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Property profile & analytics
OFF-MARKET
Estimated value
$16,580,000
Warehouses
2829 Thomas Rd Phoenix, AZ 85016-8036
Entity Owned
8-yr Hold
Absentee Owner
Free & Clear
Property ID
US07-1043068
Property profile
Verified
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Year built
2020
Construction
CONCRETE
Total area
70,976 SF
Lot
1.28 ac (55,631 SF)
Zoning code
C-2
APN
120-24-115
UPID
US07-1043068
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
-
Public Storage Storage Facility
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$16.82M
Blend (final)
Blend
$16.58M
Owner & transaction history
Thomas Storage LLC · 8 yrs held
Thomas Storage LLC
since 2018
4 recorded transactions
Zoning & alternative use
C-2 · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The purpose C-2 zone is to provide commercial uses of medium intensity designed to be compatible with each other and to provide for a wide range of types of commercial activity within the district
Zone name
Intermediate Commercial
General category
COMMERCIAL
Zone area
13,095.06 ac
Source
Realmo
Top alternative use upside
Retail stores
$19.7M
+6.7%
Medical building
$18.8M
+2.3%
Office building
$18.5M
+0.2%
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
WAREHOUSE, STORAGE
$18,420,000
Current use
RETAIL STORES
$19,660,000
Change: +7% · Conversion: Moderate
MEDICAL BUILDING
$18,840,000
Change: +2% · Conversion: Difficult
OFFICE BUILDING
$18,450,000
Change: +0% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$18,065,000
Change: -2% · Conversion: Moderate
Blend value · Realmo final
$16.58M
Range $14.92M – $18.24M · ±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
$234 / 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
$148,459
Tax year 2023
Assessed value
$1,407,236
Assessed 2024
Previous assessed
$1,283,177
+9.7% YoY
Effective rate
10.55%
On assessed value
Land market value
$1,061,100
Improvement market value
$7,467,600
Total market value
$8,528,700
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
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Status
Off-Market
Year built
2020
Construction
CONCRETE
Heating
HEAT PUMP
Buildings
2
Stories
3
Units
2
Total area
70,976 SF
Lot
1.28 ac (55,631 SF)
Zoning code
C-2
APN
120-24-115
UPID
US07-1043068
Jurisdiction
MARICOPA
Zoning & alternative use
C-2 · Phoenix, AZZoning 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
Zoning description
The purpose C-2 zone is to provide commercial uses of medium intensity designed to be compatible with each other and to provide for a wide range of types of commercial activity within the district
Zone name
Intermediate Commercial
General category
COMMERCIAL
Zone area
13,095.06 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$18.4M
RETAIL STORES
Est. value
$19.7M
MEDICAL BUILDING
Est. value
$18.8M
OFFICE BUILDING
Est. value
$18.5M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$18.1M
WAREHOUSE, STORAGE Current
RETAIL STORES
MEDICAL BUILDING
OFFICE BUILDING
NEIGHBORHOOD: SHOPPING CENTER
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
2020
Construction
CONCRETE
Heating
HEAT PUMP
Stories
3
Buildings
2
Units
2
Lot
1.28 ac
Current owner
From public records · entity-resolved
Thomas Storage LLC
Entity
Free & Clear · 8 yrs held
Mailing address
11811 N TATUM BLVDP-1771, PHOENIX, AZ 85028-1614
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 14, 2018
—
Thomas Storage LLC
—
Grant Deed
related
$6,429,000 · Bank Of Az
Jun 28, 2018
$855,000
Thomas Storage LLC
Ejg Investments LLC
Grant Deed
—
Sep 11, 2014
$445,000
Ejg Investments LLC
Bernard Howard Realty LLC
Grant Deed
—
Oct 22, 2004
—
Bernard Howard Realty LLC
Rosenblum,bernard & Lynette
Quit Claim 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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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