Sign Up Successful!
You now have access to more from Realmo!
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

    2940 Virginia Ave Phoenix, AZ 85009-1607

    • Individual retail properties
    • 9,184 SF
    • 0.88 lot acres
    OFF-MARKET
    Last Sale
    Aug 16, 2022
    $3,200,000
    Value Estimations
    $3,495,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-0144312
    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

    • Individual retail properties

    Property Details for 2940 Virginia Ave

    Year built
    1971
    Lot size
    0.88 lot acres
    Property size
    9,184 SF
    Property type
    Individual retail properties
    APN
    108-32-034C
    APU
    10832034C

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,080,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.123
    Latitude
    33.4771
    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
    $21,999
    $0.00
    $0.00
    $277,596
    -
    $223,000
    $1,459,400
    $1,682,400

    Comparable in this City

    • Value Estimation
      $4,685,000
      432 SF

      4040 Van Buren St

      LAUNDROMAT (SELF-SERVICE) • 432 SF
      4040 Van Buren St, Phoenix, AZ 85009-4008
      View Details
    • Value Estimation
      $3,780,000
      2,196 SF

      610 35th Ave

      LAUNDROMAT (SELF-SERVICE) • 2,196 SF
      610 35th Ave, Phoenix, AZ 85009-3330
      View Details
    • Value Estimation
      $1,415,000
      3,798 SF

      2402 Grant St

      FINANCIAL BUILDING • 3,798 SF
      2402 Grant St, Phoenix, AZ 85009-5834
      View Details
    • Value Estimation by Request
      230,901 SF

      4225 Buckeye Rd

      SHOW ROOM, WAREHOUSE • 230,901 SF
      4225 Buckeye Rd, Phoenix, AZ 85009-5782
      View Details
    • Value Estimation by Request
      900 SF

      4010 Buckeye Rd

      RETAIL STORES (PERSONAL SERVICES) • 900 SF
      4010 Buckeye Rd, Phoenix, AZ 85009-5317
      View Details
    • Value Estimation by Request
      980 SF

      2829 Buckeye Rd

      RETAIL STORES (PERSONAL SERVICES) • 980 SF
      2829 Buckeye Rd, Phoenix, AZ 85009
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,621 SF

      Phoenix Retail Space For Sale

      Retail space in a high-growth Phoenix location.
      27Th Ave, Phoenix, AZ 85009
      View Details
    • Contact for pricing
      9,450 SF

      Phoenix Retail Property For Sale

      Retail property in densely populated Phoenix trade area for sale.
      2212 N 35Th Ave, Phoenix, AZ 85009
      View Details
    • Contact for pricing
      2,715 SF

      Retail Property on Baseline Road

      Retail property with high traffic and explosive residential growth.
      27Th Ave, Phoenix, AZ 85009
      View Details
    • $2,500,000
      66,490 SF

      Phoenix Industrial Property: 66,490 SF

      Owner-user opportunity; prime Phoenix location.
      1938 Buckeye Rd, Phoenix, AZ 85009
      View Details
    • $2,213,833
      6,382 SF

      Phoenix Warehouse Near Downtown

      6,500 SF warehouse near downtown Phoenix and Sky Harbor Airport.
      2643 N 36Th Ave, Phoenix, AZ 85009
      View Details
    • Contact for pricing

      Phoenix Freeway Redevelopment Land

      1.2 acres of commercial land near Phoenix freeway.
      1201 N 35Th Ave, Phoenix, AZ 85009
      View Details

    Similar Nearby for Lease

    • $29 SF/Yr
      900 SF

      Phoenix Retail Space For Rent

      Retail space available in a vibrant Phoenix location.
      2330 E Mcdowell Rd, Phoenix, AZ 85009
      View Details
    • Contact for pricing
      12,530 SF

      Prime Phoenix Retail Space

      West Phoenix Office & Retail Shops
      835 43Rd Ave, Phoenix, AZ 85009
      View Details
    • Contact for pricing
      1,600 SF

      Retail Space in Busy Plaza

      Retail space available in high-traffic Phoenix location.
      4108-4130 N 27Th Ave, Phoenix, AZ 85009
      View Details
    • Contact for pricing
      3,512 SF

      Retail Space Near I-17 Freeway

      Retail space with high visibility and traffic, near I-17.
      6801-6823 N 35Th Ave, Phoenix, AZ 85009
      View Details
    • $17 SF/Yr
      1,028 SF

      Freestanding Retail Building For Rent

      Retail building with frontage on 35th Ave & Van Buren St.
      3458 W Van Buren St, Phoenix, AZ 85009
      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.
    2940 Virginia Ave
    Phoenix, AZ 85009-1607
    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.