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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3232 Ml Ave Tempe, AZ 85282-3656

    • Grocery and convenience stores
    • 56,819 SF
    • 7.14 lot acres
    OFF-MARKET
    Value Estimations
    $30,005,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-1506546
    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

    • Fry's / Grocery & Convenience Store / Food Market
    • Fry's Pharmacy / Pharmacy
    • Redbox / Cinema / (Bike/Boat/Book/etc) Store
    • Fry's Money Services / Check Cashing
    • Western Union / Bank / Credit Union

    Property Details for 3232 Ml Ave

    Year built
    1976
    Construction
    CONCRETE
    Lot size
    7.14 lot acres
    Property size
    56,819 SF
    Zone code
    CSS
    Property type
    Grocery and convenience stores
    APN
    133-29-079
    APU
    13329079

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $30,278,000
      Market price range: $7.35M - $54.3M
      AI Estimate
      $29,731,000
      Market price range: $7.35M - $54.3M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $29,920,000
      Current use
      RESTAURANT
      $39,605,000
      Change: +32% Conversion: Easy
      AUTO REPAIR, GARAGE
      $39,060,000
      Change: +31% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $33,670,000
      Change: +13% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $29,095,000
      Change: -3% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Tempe
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.941
    Latitude
    33.3937
    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
    $112,133
    $0.00
    $0.00
    $2,268,321
    -
    $9,990,700
    $3,756,700
    $13,747,400

    Comparable in this City

    • Value Estimation
      $4,105,000
      5,026 SF

      1106 Broadway Rd

      CONVENIENCE STORE • 5,026 SF
      1106 Broadway Rd, Tempe, AZ 85282-1506
      View Details
    • Value Estimation
      $15,980,000
      83,789 SF

      5100 Mcclintock Dr

      GROCERY, SUPERMARKET • 83,789 SF
      5100 Mcclintock Dr, Tempe, AZ 85282-7374
      View Details
    • Value Estimation
      $4,620,000
      5,600 SF

      3300 Price Rd

      CONVENIENCE STORE • 5,600 SF
      3300 Price Rd, Tempe, AZ 85282-7513
      View Details
    • Value Estimation
      $2,845,000
      4,995 SF

      3875 Priest Dr

      CONVENIENCE STORE • 4,995 SF
      3875 Priest Dr, Tempe, AZ 85282-4424
      View Details
    • Value Estimation
      $860,000
      2,700 SF

      2115 Mcclintock Dr

      CONVENIENCE STORE • 2,700 SF
      2115 Mcclintock Dr, Tempe, AZ 85282-2605
      View Details
    • Value Estimation
      $2,030,000
      2,633 SF

      15 Southern Ave

      CONVENIENCE STORE • 2,633 SF
      15 Southern Ave, Tempe, AZ 85282-4962
      View Details

    Similar Nearby for Sale

    • $1,475,000
      3,230 SF

      Tempe Hard Corner Building

      Hard corner building in Tempe with drive-through and large parking.
      833 W Broadway Rd, Tempe, AZ 85282
      View Details
    • Contact for pricing
      5,200 SF

      Tempe Redevelopment Opportunity

      Freestanding building and land available for redevelopment in Tempe.
      1301 E Broadway Rd, Tempe, AZ 85282
      View Details
    • Contact for pricing
      2,061 SF

      Retail Property Near Loop 101

      Retail property with existing building and access to Loop 101.
      2188 E Southern Ave, Tempe, AZ 85282
      View Details
    • Contact for pricing
      8,752 SF

      Land Available at Arizona Mills

      Land parcel available for ground lease or build to suit.
      1530 W Baseline Rd, Tempe, AZ 85282
      View Details
    • Contact for pricing
      3,482 SF

      Tempe Restaurant - I-10 & US-60

      High-traffic Tempe restaurant, 3,482 SF.
      0 Sec Of I-10 & Us-60, Tempe, AZ 85282
      View Details
    • Contact for pricing
      4,976 SF

      Freestanding Restaurant Building in Tempe

      Fully fixturized restaurant for sale in a bustling Tempe location.
      1705 East Broadway Rd, Tempe, AZ 85282
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,201 SF

      Retail Space Near ASU

      Retail space for lease near Downtown Tempe and ASU.
      764-790 W Broadway Rd, Tempe, AZ 85282
      View Details
    • Contact for pricing
      1,277 SF

      Retail Space on Broadway Road

      Retail space in high-traffic Tempe location near ASU.
      1537 W Broadway Rd, Tempe, AZ 85282
      View Details
    • Contact for pricing
      4,897 SF

      Tempe Retail Space For Rent

      Retail space available in a newly remodeled Tempe shopping center.
      3214-3228 S Mill Ave, Tempe, AZ 85282
      View Details
    • Contact for pricing
      2,147 SF

      Retail Space on Broadway Road

      Retail spaces available in high-traffic Tempe location.
      930-1010 W Broadway Rd, Tempe, AZ 85282
      View Details
    • Contact for pricing
      3,318 SF

      Tempe Retail Space Available

      Retail spaces available in high-traffic Tempe location.
      1030 W Broadway Rd, Tempe, AZ 85282
      View Details
    • Contact for pricing
      930 SF

      Tempe Retail Space Available

      Retail spaces available in Tempe, with high visibility.
      3129-3223 S Mill Ave, Tempe, AZ 85282
      View Details

    Property Visit Statistics

    • Visits by month
      93.9k
    • Visitors by month
      49.8k
    • Avg Time on site
      20 min
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    3232 Ml Ave
    Tempe, AZ 85282-3656
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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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