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    Property profile & analytics

    2988 Alma School Rd Chandler, AZ 85224-6710

    • Strip malls
    • 20,967 SF
    • 2.82 lot acres
    OFF-MARKET
    Value Estimations
    $9,510,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-3427491
    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

    • Bricks & Minifigs Chandler / (Bike/Boat/Book/etc) Store / Arcade & Gaming Center
    • Giggles. Chandler / Family Recreation Center
    • Simply Uniforms / Clothing Store
    • Full Garden Floral Shop / (Bike/Boat/Book/etc) Store / Florist
    • AZ CPA Svc LLC / Accounting Firm / Tax Preparation

    Property Details for 2988 Alma School Rd

    Year built
    1985
    Construction
    CONCRETE
    Lot size
    2.82 lot acres
    Property size
    20,967 SF
    Zone code
    C-2
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    302-25-002S
    APU
    30225002S

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $10,075,000
      Market price range: $5.14M - $27.7M
      AI Estimate
      $8,949,000
      Market price range: $3.05M - $24.6M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $13,310,000
      Current use
      RESTAURANT
      $10,880,000
      Change: -18% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Chandler
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.86
    Latitude
    33.3483
    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
    $39,239
    $0.00
    $0.00
    $749,793
    -
    $1,233,100
    $3,311,100
    $4,544,200

    Comparable in this City

    • Value Estimation
      $3,830,000
      17,911 SF

      2095 Alma School Rd

      SHOPPING CENTER, STRIP CENTER • 17,911 SF
      2095 Alma School Rd, Chandler, AZ 85224-2877
      View Details
    • Value Estimation
      $38,745,000
      31,067 SF

      2885 Ray Rd

      SHOPPING CENTER, STRIP CENTER • 31,067 SF
      2885 Ray Rd, Chandler, AZ 85224-3629
      View Details
    • Value Estimation
      $1,690,000
      8,153 SF

      3150 Alma School Rd Ste, Unit 7

      SHOPPING CENTER, STRIP CENTER • 8,153 SF
      3150 Alma School Rd Ste, Chandler, AZ 85224-1400
      View Details
    • Value Estimation
      $10,775,000
      8,638 SF

      2984 Alma School Rd

      SHOPPING CENTER, STRIP CENTER • 8,638 SF
      2984 Alma School Rd, Chandler, AZ 85224-1998
      View Details
    • Value Estimation
      $1,810,000
      8,153 SF

      Chandler, AZ 85224

      SHOPPING CENTER, STRIP CENTER • 8,153 SF
      Chandler, AZ 85224
      View Details
    • Value Estimation
      $8,335,000
      25,902 SF

      1989 Elliot Rd

      SHOPPING CENTER, STRIP CENTER • 25,902 SF
      1989 Elliot Rd, Chandler, AZ 85224-8800
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,895 SF

      Retail Space on Hard Corner

      Retail space in high-traffic location near employment districts.
      2998 N Alma School Rd, Chandler, AZ 85224
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    • Contact for pricing
      2,800 SF

      Free Standing Retail Showroom

      Retail showroom with drive-thru, located in a residential community.
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      8,760 SF

      Retail Space in Busy Intersection

      Retail spaces available in high-traffic Chandler location.
      3150 N Alma School Rd, Chandler, AZ 85224
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    • $7,999,000

      Fully Leased Investment Opportunity

      Fully leased property providing immediate and stable rental income.
      590 N Alma School Rd, Chandler, AZ 85224
      View Details
    • Contact for pricing
      8,610 SF

      Turnkey Restaurant Opportunity

      Multi-suite property with established and vacant restaurant spaces.
      1381 N Alma School Rd, Chandler, AZ 85224
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    Similar Nearby for Lease

    • $11 SF/Yr
      58,061 SF

      Rio Salado Courtyard Retail Space

      Goodwill-anchored shopping center; two suites available.
      1290 Scottsdale Rd, Chandler, AZ 85224
      View Details
    • Contact for pricing
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      Prime Chandler location, 1,498 sq ft available.
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    • Contact for pricing
      40,963 SF

      Chandler Retail Space For Lease

      Retail space in a high-traffic Chandler location.
      1964-1996 N Alma School Rd, Chandler, AZ 85224
      View Details
    • $24 SF/Yr
      1,052 SF

      Retail Space in Esporta Anchored Center

      Retail space available in a high-traffic, easily accessible location.
      2080 N Dobson Rd, Chandler, AZ 85224
      View Details
    • Contact for pricing
      2,400 SF

      Retail Space Near Loop 202

      Retail space anchored by Fry’s Food & Drug Store.
      2040 S Alma School Rd, Chandler, AZ 85224
      View Details
    • Contact for pricing
      1,500 SF

      Retail Space in Chandler Center

      Retail space available in Goodwill anchored shopping center.
      940 N Alma School Rd, Chandler, AZ 85224
      View Details
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    Chandler, AZ 85224-6710
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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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