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3003 N 3Rd St, Phoenix, AZ 85012
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Property summary
AI-generated overview
The property at 3003 North 3rd Street in Phoenix (Central Phoenix area) is a three-story medical office building originally specially built for Evernorth (Cigna) in 2012. The building contains existing office and medical buildouts, including a surgery center equipped with four operating rooms and an urgent care facility. Space configurations within the building support medical-office use across approximately 20,000 to 91,293 square feet. The site is located near major hospitals, healthcare providers, healthcare educational facilities, and the Phoenix Biomedical Campus, with access to major freeways including I-10, I-17, and SR51, and it is within walking distance of the Light Rail.
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2012
Construction
STEEL FRAME
Total area
92,325 SF
Lot
6.99 ac (304,642 SF)
Zoning code
R-5
APN
118-21-006C
UPID
US07-1735105
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Pharmacy
-
Pediatrician Physician
-
Pediatrician Physician
-
Ophthalmologist
-
Medical Clinic
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$36.43M
Blend (final)
Blend
$36.10M
Owner & transaction history
since 2022
3 recorded transactions
Zoning & alternative use
R-5 · Phoenix, AZ
Zoning description
The purpose of R-5 is to provide for alternate living styles including rental, condominiums and single ownership of land with multiple units thereon or single or attached townhomes
General category
COMMERCIAL
Top alternative use upside
Restaurant
$49.3M
+101.2%
Auto repair, garage
$39.0M
+59.2%
Retail stores
$27.5M
+12.3%
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
17% off on annual
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
6 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Summary
1
Valuation conclusion
Included free
Estimated market value
$36.10M
Value range
$32.49M – $39.70M
±10% around blend
Estimated value / SF
$391 / SF
Confidence
Property data
100
Market benchmarks
67
Comparable evidence
60
$32.49M
blend $36.10M
$39.70M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
92,325 SF
Lot area
6.99 ac
Year built
2012
Stories
3
APN
118-21-006C
Zoning
R-5
Assessed value
$9,366,709
Annual tax
$490,851
3
Income approach: direct capitalization
Partial preview
Not enough income data on file for a CAP-approach estimation.
4
Sales comparison
Partial preview
Sales approach indication
$36.43M
Range $14.53M – $36.43M
Evidence
6 found
Recent peer sales in this city
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$36.10M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 143 sales
$265
+47%
County 682 sales
$255
+54%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $391/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Restaurant
Gross theoretical uplift
+101%
vs current-use indication
Auto Repair, Garage
Retail Stores
Medical Building · current use
Warehouse, Storage
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Not available
Market rent
Not available
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: replacement-cost inputs are not on file.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$9.37M
Move the market yield to see immediate price impact.
Value / SF
$101
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$590k
$11.80M
$8.43M
$6.56M
$656k
$13.11M
$9.37M
$7.29M
$721k
$14.42M
$10.30M
$8.01M
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$490,851
Tax year 2023
Assessed value
$9,366,709
Assessed 2024
Previous assessed
$6,482,712
+44.5% YoY
Effective rate
5.24%
On assessed value
Land market value
$19,801,700
Improvement market value
$36,966,236
Total market value
$56,767,936
Applied tax rate
81,300.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Status
For Lease
Year built
2012
Construction
STEEL FRAME
Heating
HOT WATER
Cooling
REFRIGERATOR
Stories
3
Total area
92,325 SF
Lot
6.99 ac (304,642 SF)
Zoning code
R-5
APN
118-21-006C
UPID
US07-1735105
Jurisdiction
MARICOPA
Zoning & alternative use
R-5 · Phoenix, AZZoning R-5 · permitted uses
R-5 · Phoenix, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Zoning description
The purpose of R-5 is to provide for alternate living styles including rental, condominiums and single ownership of land with multiple units thereon or single or attached townhomes
General category
COMMERCIAL
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
2012
Construction
STEEL FRAME
Heating
HOT WATER
Cooling
Yes
Stories
3
Lot
6.99 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
Matched to the official district catalog
R-5
COMMERCIAL
Jurisdiction
Phoenix, AZ
Recorded code
R-5
Official district
R-5
Official district profile
What the municipal code says about R-5
Zoning description
The purpose of R-5 is to provide for alternate living styles including rental, condominiums and single ownership of land with multiple units thereon or single or attached townhomes
General category
COMMERCIAL
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for R-5 in Phoenix, AZ.
What opens after registration
Zoning profile
Official descriptionThe district text from the municipal code
District factsZone name, category and district area
2 official documentsVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
One complete report on every paid plan · 5 · 30 · 100 reports per month.
Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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