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    Property profile & analytics

    2921 83rd Ave Phoenix, AZ 85033-4761

    • Drug stores
    • 13,968 SF
    • 2.48 lot acres
    OFF-MARKET
    Value Estimations
    $5,155,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-0372721
    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

    • Walgreens Photo / (Bike/Boat/Book/etc) Store
    • Walgreens Pharmacy / Pharmacy
    • COVID-19 Drive-thru Testing at Walgreens / Pharmacy
    • Walgreens / Pharmacy
    • Redbox / Cinema / (Bike/Boat/Book/etc) Store

    Property Details for 2921 83rd Ave

    Year built
    1998
    Construction
    CONCRETE
    Lot size
    2.48 lot acres
    Property size
    13,968 SF
    Zone code
    C-2
    Property type
    Drug stores
    APN
    102-72-178
    APU
    10272178

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,196,000
      Market price range: $1.64M - $7.70M
      AI Estimate
      $5,116,000
      Market price range: $1.60M - $7.56M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $4,160,000
      Current use
      RESTAURANT
      $7,460,000
      Change: +79% Conversion: Easy
      AUTO REPAIR, GARAGE
      $5,900,000
      Change: +42% Conversion: Difficult
      OFFICE BUILDING
      $4,190,000
      Change: +1% Conversion: Easy
      MEDICAL BUILDING
      $3,710,000
      Change: -11% Conversion: Difficult
      WAREHOUSE, STORAGE
      $3,625,000
      Change: -13% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $3,555,000
      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
    -112.237
    Latitude
    33.4808
    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
    $70,726
    $0.00
    $0.00
    $545,447
    -
    $682,700
    $2,623,037
    $3,305,737

    Comparable in this City

    • Value Estimation
      $4,945,000
      14,418 SF

      2930 67th Ave

      DRUG STORE, PHARMACY • 14,418 SF
      2930 67th Ave, Phoenix, AZ 85033-5610
      View Details
    • Value Estimation
      $2,435,000
      15,166 SF

      7434 Indian School Rd

      DRUG STORE, PHARMACY • 15,166 SF
      7434 Indian School Rd, Phoenix, AZ 85033-3138
      View Details
    • Value Estimation
      $4,210,000
      11,552 SF

      8245 Thomas Rd

      DRUG STORE, PHARMACY • 11,552 SF
      8245 Thomas Rd, Phoenix, AZ 85033-4722
      View Details
    • Value Estimation
      $2,425,000
      3,382 SF

      7723 Thomas Rd

      FINANCIAL BUILDING • 3,382 SF
      7723 Thomas Rd, Phoenix, AZ 85033-5446
      View Details
    • Value Estimation
      $800,000
      1,936 SF

      6601 Thomas Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,936 SF
      6601 Thomas Rd, Phoenix, AZ 85033-5700
      View Details
    • Value Estimation
      $1,000,000
      2,872 SF

      8260 Indian School Rd

      CANNABIS DISPENSARY • 2,872 SF
      8260 Indian School Rd, Phoenix, AZ 85033-2980
      View Details

    Similar Nearby for Sale

    • $17,150,000
      82,396 SF

      West Highlands Shopping Center For Sale

      82,515 SF shopping center shadow-anchored by Food City.
      6544 W Thomas Rd, Phoenix, AZ 85033
      View Details
    • Contact for pricing
      142,750 SF

      Phoenix Redevelopment Opportunity

      142,750 SF redevelopment opportunity in Phoenix, zoned RSC.
      7611 W Thomas Rd, Phoenix, AZ 85033
      View Details
    • Contact for pricing

      Commercial Land in Established Community

      Commercial land with access to amenities, roads, and transportation.
      7505 W Indian School Rd, Phoenix, AZ 85033
      View Details
    • $1,500,000

      Phoenix Land Parcel For Sale

      Land available west of Loop 202, north of Salt River.
      4815 S 67Th Ave, Phoenix, AZ 85033
      View Details
    • Contact for pricing

      Phoenix Commercial Pad Site Available

      Prime commercial land for sale in Phoenix, Arizona.
      7550 W Indian School Rd, Phoenix, AZ 85033
      View Details
    • $1,689,715
      2.28 Acres

      Prime Phoenix Commercial Land

      2.28 Acres, C-2 Zoning, High Traffic
      77th Ave & Indian School Rd, Phoenix, AZ 85033
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,000 SF

      Retail Endcap Space Available

      Retail space available in Phoenix, anchored by El Super.
      7502-7710 W Thomas Rd, Phoenix, AZ 85033
      View Details
    • Contact for pricing
      7,000 SF

      Retail Space in Anchored Center

      Retail space available in a Fry’s Marketplace anchored center.
      3940 N 83Rd Ave, Phoenix, AZ 85033
      View Details
    • Contact for pricing
      1,414 SF

      Retail Space Near Desert Sky

      Retail spaces and undeveloped pad available for lease.
      7510 W Thomas Rd, Phoenix, AZ 85033
      View Details
    • Contact for pricing
      1,020 SF

      Retail Space Near Major Intersections

      Retail spaces available near I-10, Loop 101, and Fry's.
      4130 N 83Rd Ave, Phoenix, AZ 85033
      View Details
    • Contact for pricing
      2,358 SF

      Retail Space on Indian School

      High visibility retail space with frontage on Indian School Road.
      6725 W Indian School Rd, Phoenix, AZ 85033
      View Details
    • Contact for pricing
      9,555 SF

      Retail Space with High Visibility

      Retail space available in well-maintained center near I-10.
      4024 N 67Th Ave, Phoenix, AZ 85033
      View Details
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    Phoenix, AZ 85033-4761
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    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
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