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Property profile & analytics
OFF-MARKET
Estimated value
$5,085,000
Office buildings
3509 Shea Blvd Phoenix, AZ 85028-3336
Entity Owned
5-yr Hold
~
Est. High Equity
Property ID
US07-0471494
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1982
Construction
STEEL FRAME
Total area
13,542 SF
Lot
1.81 ac (79,018 SF)
Zoning code
C-O
APN
165-25-040D
UPID
US07-0471494
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
Current use
Occupant on record · Public records
-
Rachael Anne Lewis Photography (Bike/Boat/Book/etc) Store Photography Service
-
ADT Security Services Security Service
-
Outsmarting Anxiety & OCD Medical Clinic
-
Robert B Kerns Agency Llc American Family Insurance Insurance Agency
-
Calliope Event Planning Wedding Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$5.08M
Blend (final)
Blend
$5.09M
Owner & transaction history
Shea Court LLC · 5 yrs held
Shea Court LLC
since 2020
7 recorded transactions
Zoning & alternative use
C-O · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The purpose of C-O zone is intended to provide office use as an appropriate transition between intense commercial activities and nearby residential uses
Zone name
Restricted Commercial Office
General category
COMMERCIAL
Zone area
947.73 ac
Source
Realmo
Top alternative use upside
Restaurant
$7.2M
+108.9%
Auto repair, garage
$5.7M
+65.3%
Retail stores
$4.0M
+16.6%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$3,460,000
Current use
RESTAURANT
$7,230,000
Change: +109% · Conversion: Moderate
AUTO REPAIR, GARAGE
$5,720,000
Change: +65% · Conversion: Difficult
RETAIL STORES
$4,035,000
Change: +17% · Conversion: Moderate
MEDICAL BUILDING
$3,595,000
Change: +4% · Conversion: Easy
WAREHOUSE, STORAGE
$3,515,000
Change: +2% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$3,445,000
Change: 0% · Conversion: Difficult
Blend value · Realmo final
$5.09M
Range $4.58M – $5.59M · ±10%
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
$375 / 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
$36,667
Tax year 2023
Assessed value
$449,036
Assessed 2024
Previous assessed
$522,019
-14.0% YoY
Effective rate
8.17%
On assessed value
Land market value
$1,571,400
Improvement market value
$1,150,029
Total market value
$2,721,429
Applied tax rate
691,300.0000
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
1982
Construction
STEEL FRAME
Heating
PACKAGE
Cooling
YES
Buildings
3
Stories
1
Units
2
Total area
13,542 SF
Lot
1.81 ac (79,018 SF)
Zoning code
C-O
APN
165-25-040D
UPID
US07-0471494
Jurisdiction
MARICOPA
Zoning & alternative use
C-O · Phoenix, AZZoning C-O · permitted uses
C-O · Phoenix, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The purpose of C-O zone is intended to provide office use as an appropriate transition between intense commercial activities and nearby residential uses
Zone name
Restricted Commercial Office
General category
COMMERCIAL
Zone area
947.73 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$3.5M
RESTAURANT
Est. value
$7.2M
AUTO REPAIR, GARAGE
Est. value
$5.7M
RETAIL STORES
Est. value
$4.0M
MEDICAL BUILDING
Est. value
$3.6M
WAREHOUSE, STORAGE
Est. value
$3.5M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$3.4M
OFFICE BUILDING Current
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
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
1982
Construction
STEEL FRAME
Heating
PACKAGE
Cooling
Yes
Stories
1
Buildings
3
Units
2
Lot
1.81 ac
Current owner
From public records · entity-resolved
Shea Court LLC
Entity
Mailing address
3323 N MNR DR W, PHOENIX, AZ 85014-5530
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 26, 2023
—
Shea Court LLC
—
Deed
related
$75,000 · Bokf NA
Apr 21, 2023
—
Shea Court LLC
—
Deed
related
$75,000 · Bokf NA
Aug 21, 2020
—
Shea Court LLC
Raymond F Fagain
Warranty Deed
$1,633,713 · Bokf NA
Apr 12, 2019
—
Fagain Yee Living Trust
—
Deed
related
$150,000 · Bokf NA
Jul 24, 2015
$2,330,000
Fagain & Yee Living Trust
Norse Leasing Corp
Grant Deed
$1,430,000 · Bank Of Az
Oct 26, 1999
$2,700,000
Norse Leasing Corp
Azcal Fund 200 LLC
Grant Deed
$1,500,000 · Stancorp Mortgage Investors
Oct 15, 1997
$1,900,000
Fund 200 L L C Azcal
Presson Shea L L C
Grant Deed
related
$1,270,000 · Standard Insurance Co
Jun 25, 1993
$1,055,000
Presson,shea LLC
General American
Grant Deed
$896,750 · General American Life Insuranc
Apr 30, 1993
$756,000
General American Life Insurance
Collet Family Tr
Trustees Deed
—
Apr 27, 1993
—
Collet Family Partnership
Collet
Quit Claim Deed
related
—
Sep 2, 1987
—
Theodore Collet
—
Deed Of Trust
related
—
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.
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