Your AI Navigator in Commercial Real Estate
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
    Property profile & analytics

    3008 3rd St Phoenix, AZ 85012-3002

    • Assisted living facilities
    • 33,108 SF
    • 1.80 lot acres
    OFF-MARKET
    Last Sale
    Dec 21, 2024
    $9,500,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-0155037
    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

    • Ivy K. Radciffe, APN / Doctor
    • Dr. Lanita A. Morrison, DMD / Dentist
    • Ali Hariri / Dentist

    Property Details for 3008 3rd St

    Year built
    1975
    Construction
    STEEL FRAME
    Lot size
    1.80 lot acres
    Property size
    33,108 SF
    Zone code
    P-1
    Property type
    Assisted living facilities
    Property subtype
    Retirement homes
    APN
    118-35-156
    APU
    11835156

    Description

    This exceptional 37,078 square foot medical office building, situated on a 1.8-acre lot in Phoenix, Arizona (APN 118-35-156), presents a unique owner-user investment opportunity. The Class B property, built in 1975 and extensively renovated in 2016, features 46 individual patient rooms with a potential for 92 beds with double occupancy. The building boasts a comprehensive array of amenities including a physical therapy center complete with a pool, and a full commercial kitchen. Zoned R-5, this three-story building offers significant potential for a variety of medical uses. Its prime location in Phoenix, within five miles of nine hospitals, ensures high visibility and accessibility. The property's Matterport 3D virtual tour provides a comprehensive view of the facility's layout and condition. This is a rare opportunity to acquire a well-maintained, established medical facility in a thriving healthcare market. The property is for sale by owner.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.07
    Latitude
    33.4826
    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
    $76,421
    $0.00
    $0.00
    $1,465,960
    -
    $3,967,300
    $10,692,300
    $14,659,600

    Comparable in this City

    • Value Estimation
      $515,000
      4,892 SF

      302 Maryland Ave

      HOMES (RETIRED, NURSING) • 4,892 SF
      302 Maryland Ave, Phoenix, AZ 85012-1128
      View Details
    • Value Estimation by Request
      3,208 SF

      5301 6th St

      HOMES (RETIRED, NURSING) • 3,208 SF
      5301 6th St, Phoenix, AZ 85012-1451
      View Details
    • Value Estimation
      $935,000
      4,311 SF

      5505 6th St

      HOMES (RETIRED, NURSING) • 4,311 SF
      5505 6th St, Phoenix, AZ 85012-1308
      View Details
    • Value Estimation by Request
      96,463 SF

      4141 Ns Herrera Way

      HOMES (RETIRED, NURSING) • 96,463 SF
      4141 Ns Herrera Way, Phoenix, AZ 85012-1814
      View Details
    • Value Estimation by Request
      92,325 SF

      3003 3rd St

      MEDICAL BUILDING • 92,325 SF
      3003 3rd St, Phoenix, AZ 85012-3031
      View Details
    • Value Estimation by Request
      4,837 SF

      515 Thomas Rd

      MEDICAL BUILDING • 4,837 SF
      515 Thomas Rd, Phoenix, AZ 85012-3203
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      722,000 SF

      Midtown Phoenix Executive Office Space

      Class A Office, Retail, & Hotel
      3800 Central Ave, Phoenix, AZ 85012
      View Details
    • $1,018,215
      2,057 SF

      Mid-Century Office Building For Sale

      Freestanding 2,057 SF office building with high visibility.
      506 E Camelback Rd, Phoenix, AZ 85012
      View Details
    • $9,000,000

      Prime Uptown Infill Land

      Land in the heart of Uptown, North Central Phoenix submarket.
      4801 N Central Ave, Phoenix, AZ 85012
      View Details
    • $495,000
      1,608 SF

      Phoenix Office Building For Sale

      Stand-alone office building with 1,608 square feet of space.
      219 E Lexington Ave, Phoenix, AZ 85012
      View Details
    • $2,975,040
      12,396 SF

      Midtown Phoenix Office/Warehouse Property

      Office and warehouse buildings in Midtown Phoenix, fully leased.
      3806 N 3Rd St, Phoenix, AZ 85012
      View Details
    • Contact for pricing
      1,132 SF

      Midtown Phoenix Office Building

      1,132 SF Office, Land for Sale
      215 Lexington St, Phoenix, AZ 85012
      View Details

    Similar Nearby for Lease

    • $375,000

      Commercial Land on Camelback Road

      Strategic commercial land available for rent on Camelback Road.
      654 W Camelback Rd, Phoenix, AZ 85012
      View Details
    • $32 SF/Yr
      80 SF

      Renovated Office Space in Midtown

      Newly renovated office space with on-site amenities and community space.
      3141 N 3Rd Ave, Phoenix, AZ 85012
      View Details
    • $15 SF/Yr
      1,650 SF

      Retail Space on Camelback Road

      1650 SF retail space available on Camelback Road.
      525-533 E Camelback Rd, Phoenix, AZ 85012
      View Details
    • Contact for pricing
      37,650 SF

      Corner Land Parcel For Lease

      High-visibility corner land parcel available for lease.
      W Indian School Rd, Phoenix, AZ 85012
      View Details
    • Contact for pricing
      33,790 SF

      Phoenix Office Space For Rent

      Move-in ready office space with high density capabilities.
      4010 N 3Rd St, Phoenix, AZ 85012
      View Details
    • Contact for pricing
      56,649 SF

      Retail Space in Central Phoenix

      Anchored neighborhood center near freeways and affluent historic neighborhoods.
      100 E Camelback Rd, Phoenix, AZ 85012
      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.
    3008 3rd St
    Phoenix, AZ 85012-3002
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.