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Property profile & analytics
OFF-MARKET
Estimated value
$6,385,000
Medical Office Space
2929 Thomas Rd Phoenix, AZ 85016-8034
Entity Owned
14-yr Hold
~
Est. High Equity
Property ID
US07-1499166
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1960
Construction
CONCRETE
Total area
33,771 SF
Lot
1.67 ac (72,869 SF)
Zoning code
C-2
APN
120-24-116
UPID
US07-1499166
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
-
Zachary Robbins Pediatrician Medical Clinic
-
Ross Goldberg Physician
-
Shirley Shao Physician
-
Beeletsega Yeneneh Physician
-
Amelia Van Handel, MD Physician Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$6.48M
Blend (final)
Blend
$6.39M
Owner & transaction history
District Medical Group INC · 14 yrs held
District Medical Group INC
since 2012
5 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
$9.4M
+4.4%
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
MEDICAL BUILDING
$8,965,000
Current use
RETAIL STORES
$9,355,000
Change: +4% · Conversion: Difficult
OFFICE BUILDING
$8,780,000
Change: -2% · Conversion: Easy
WAREHOUSE, STORAGE
$8,765,000
Change: -2% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$8,595,000
Change: -4% · Conversion: Difficult
Blend value · Realmo final
$6.39M
Range $5.75M – $7.02M · ±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
$189 / 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
$402
Tax year 2022
Assessed value
$820,227
Assessed 2024
Previous assessed
$807,975
+1.5% YoY
Effective rate
0.05%
On assessed value
Land market value
$1,346,900
Improvement market value
$4,121,278
Total market value
$5,468,178
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1960
Construction
CONCRETE
Heating
PACKAGE
Cooling
YES
Stories
2
Total area
33,771 SF
Lot
1.67 ac (72,869 SF)
Zoning code
C-2
APN
120-24-116
UPID
US07-1499166
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
MEDICAL BUILDING Current
Est. value
$9.0M
RETAIL STORES
Est. value
$9.4M
OFFICE BUILDING
Est. value
$8.8M
WAREHOUSE, STORAGE
Est. value
$8.8M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$8.6M
MEDICAL BUILDING Current
RETAIL STORES
OFFICE BUILDING
WAREHOUSE, STORAGE
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
1960
Construction
CONCRETE
Heating
PACKAGE
Cooling
Yes
Stories
2
Lot
1.67 ac
Current owner
From public records · entity-resolved
District Medical Group INC
Entity
Mailing address
2929 E THOMAS RD, PHOENIX, AZ 85016-8034
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2012
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 3, 2012
$2,500,000
District Medical Group INC
Medical Professional Associates Of
Special Warranty Deed
$1,875,000 · Us Bank NA
May 29, 2008
—
Medical Prof Assocs Of Az PC
Owner Name Unavailable
Grant Deed
related
—
Oct 1, 2007
$2,950,000
Medical Professional Associates Of
American Cancer Society Great West
Special Warranty Deed
$2,960,000 · Us Bank NA
—
—
Medical Prof Assocs Of Arizona PC
—
Deed Of Trust
related
$2,960,000 · Us Bank NA
—
—
Medical Prof Assocs Of Arizona PC
—
Deed Of Trust
related
$2,960,000 · Us Bank NA
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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