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Property profile & analytics
OFF-MARKET
Estimated value
$3,835,000
Office buildings
329 Virginia Ave Phoenix, AZ 85004
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US07-0402056
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1981
Construction
CONCRETE
Total area
22,480 SF
Lot
0.13 ac (5,842 SF)
Zoning code
R-5
APN
118-45-124
UPID
US07-0402056
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.67M
Blend (final)
Blend
$3.84M
Owner & transaction history
Ras Developments INC · 3 yrs held
Ras Developments INC
since 2022
Last sale
$4.0M
6 recorded transactions
Zoning & alternative use
R-5 · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Phoenix submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Phoenix submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$4,710,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$5,965,000
Change: -12% · Conversion: Easy
WAREHOUSE, STORAGE
$5,835,000
Change: -14% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$5,720,000
Change: -16% · Conversion: Difficult
Blend value · Realmo final
$3.84M
Range $3.45M – $4.22M · ±10% · vs last sale $4.00M (Jul 29 2022)
Last sale anchor
$4.00M
Jul 29 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$171 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$25,350
Tax year 2023
Assessed value
$372,092
Assessed 2024
Previous assessed
$483,021
-23.0% YoY
Effective rate
6.81%
On assessed value
Land market value
$379,700
Improvement market value
$1,875,400
Total market value
$2,255,100
Applied tax rate
81,300.0000
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
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1981
Construction
CONCRETE
Heating
PACKAGE
Cooling
YES
Buildings
2
Stories
3
Units
2
Total area
22,480 SF
Lot
0.13 ac (5,842 SF)
Zoning code
R-5
APN
118-45-124
UPID
US07-0402056
Jurisdiction
MARICOPA
Zoning & alternative use
R-5 · Phoenix, AZ
Zoning R-5 · permitted uses
R-5 · Phoenix, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Phoenix. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING
Est. value
$6.0M
WAREHOUSE, STORAGE
Est. value
$5.8M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$5.7M
MEDICAL BUILDING
WAREHOUSE, STORAGE
NEIGHBORHOOD: SHOPPING CENTER
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1981
Construction
CONCRETE
Heating
PACKAGE
Cooling
Yes
Stories
3
Buildings
2
Units
2
Lot
0.13 ac
Current owner
From public records · entity-resolved
Ras Developments INC
Entity
Mailing address
PO BOX 97743, PHOENIX, AZ 85060-7743
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 29, 2022
$4,000,000
Ras Developments INC
320 Piedmont LLC
Special Warranty Deed
$2,100,000 · Rls Capital INC
Jun 24, 2021
$2,500,000
320 Piedmont LLC
Virginia Circle Properties LLC
Special Warranty Deed
$1,625,000 · Firstbank
Jan 30, 2006
—
Virginia Circle Properties LLC
Taylor,richard E & Antoinette
Grant Deed
$1,750,000 · General Electric Capital Corp
Oct 19, 2001
$1,747,500
Richard E Taylor
Ribble Trust
Grant Deed
$2,000,000 · Southwest Bank Of Phoenix
Jun 19, 1995
—
Helen M Ribble
Helen M Ribble
Quit Claim Deed
related
—
—
—
Virginia Circle Properties LLC
—
Deed Of Trust
related
$1,100,000 · Miscellaneous Ins Co
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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