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

    3131 Peoria Ave Phoenix, AZ 85029-5226

    • Medical offices
    • 26,832 SF
    OFF-MARKET
    Value Estimations
    $5,820,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-1722590
    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

    • Durham Heating & Air Conditioning / Air Filter Supplier
    • SpringBoard Recovery Arizona / Addiction Treatment Center
    • Brown Nichole T / Pain Management Physician

    Property Details for 3131 Peoria Ave

    Year built
    1979
    Property size
    26,832 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    149-15-133F
    APU
    14915133F

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,905,000
      Market price range: $4.22M - $10.6M
      AI Estimate
      $5,735,000
      Market price range: $3.98M - $10.4M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $7,120,000
      Current use
      RETAIL STORES
      $7,995,000
      Change: +12% Conversion: Difficult
      WAREHOUSE, STORAGE
      $6,965,000
      Change: -2% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $6,830,000
      Change: -4% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.1274642
    Latitude
    33.5809232
    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
    $29,827
    $0.00
    $0.00
    $747,703
    -
    $454,600
    $4,076,935
    $4,531,535

    Comparable in this City

    • Value Estimation
      $1,165,000
      2,974 SF

      2933 Cactus Rd

      MEDICAL BUILDING • 2,974 SF
      2933 Cactus Rd, Phoenix, AZ 85029-2346
      View Details
    • Value Estimation by Request
      4,928 SF

      3201 Peoria Ave

      MEDICAL BUILDING • 4,928 SF
      3201 Peoria Ave, Phoenix, AZ 85029-4608
      View Details
    • Value Estimation by Request
      16,656 SF

      11035 19th Ave

      MEDICAL BUILDING • 16,656 SF
      11035 19th Ave, Phoenix, AZ 85029-4816
      View Details
    • Value Estimation by Request
      896 SF

      12612 28th Dr

      MEDICAL BUILDING • 896 SF
      12612 28th Dr, Phoenix, AZ 85029-6317
      View Details
    • Value Estimation
      $810,000
      4,403 SF

      3440 Cactus Rd

      MEDICAL BUILDING • 4,403 SF
      3440 Cactus Rd, Phoenix, AZ 85029-2238
      View Details
    • Value Estimation
      $1,360,000
      2,737 SF

      10621 35th Ave

      MEDICAL BUILDING • 2,737 SF
      10621 35th Ave, Phoenix, AZ 85029-4260
      View Details

    Similar Nearby for Sale

    • $1,500,000
      3,969 SF

      Assisted Living Homes in Phoenix

      Two assisted living homes in a growing Phoenix metropolis.
      Phoenix, AZ 85029
      View Details
    • Contact for pricing
      56,042 SF

      Phoenix Office Building Near Freeway

      Office building with move-in ready space and freeway access.
      2225 W Peoria Ave, Phoenix, AZ 85029
      View Details
    • Contact for pricing
      65,573 SF

      Phoenix Office Building For Sale

      Two-story office building in Phoenix's Sunnyslope neighborhood.
      11420 N 19Th Ave, Phoenix, AZ 85029
      View Details
    • Contact for pricing
      65,573 SF

      Phoenix Office Building - 65,573 SF

      Spacious Phoenix office, vacant & ready.
      11420 19Th Ave, Phoenix, AZ 85029
      View Details
    • $13,802,000
      56,806 SF

      CVS Pharmacy Portfolio: 4 Locations

      High-yield, NNN leasehold investment.
      3560 Peoria Ave, Phoenix, AZ 85029
      View Details
    • $2,000,000
      14,537 SF

      Phoenix Retail Strip Center ForSale

      Retail strip center located just off I-17 in Phoenix.
      12654 N 28Th Dr, Phoenix, AZ 85029
      View Details

    Similar Nearby for Lease

    • $11 SF/Yr
      17,499 SF

      Move-in Ready Phoenix Facility

      Furnished, move-in-ready facility suitable for detox or behavioral health services.
      12814 N 28Th Dr, Phoenix, AZ 85029
      View Details
    • $14 SF/Yr
      10,252 SF

      Phoenix Office Space for Lease

      Prime Northwest Phoenix Office Suites Available
      12020 35Th Ave, Phoenix, AZ 85029
      View Details
    • Contact for pricing
      54,430 SF

      Metro Medical Plaza: Phoenix Office Space

      Phoenix medical & office suites available. Prime location, flexible sizes.
      3201 Peoria Ave, Phoenix, AZ 85029
      View Details
    • $19 SF/Yr
      135,501 SF

      Lakeside Center: Phoenix Office Suites

      Prime Glendale Office Space: Flexible layouts, modern amenities.
      11225 28Th Dr, Phoenix, AZ 85029
      View Details
    • $1.10 SF/Yr
      4,881 SF

      Phoenix Office and Industrial Space

      Office and warehouse suites available near I-17.
      2329 W Mescal St, Phoenix, AZ 85029
      View Details
    • $23 SF/Yr
      3,000 SF

      Class A Office Tower Space

      Eight-story office tower with efficient floorplates and excellent amenities.
      10851 N Black Canyon Hwy, Phoenix, AZ 85029
      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.
    3131 Peoria Ave
    Phoenix, AZ 85029-5226
    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.