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

    3600 2nd Ave Phoenix, AZ 85013-3941

    • Parking lots & garages
    • 83,981 SF
    • 3.38 lot acres
    OFF-MARKET
    Last Sale
    May 19, 2022
    $16,035,000
    Value Estimations
    $16,200,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-2663675
    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

    • Midtown Garden Hotel / Hotel & Motel

    Property Details for 3600 2nd Ave

    Year built
    1986
    Construction
    CONCRETE
    Lot size
    3.38 lot acres
    Property size
    83,981 SF
    Zone code
    C-2
    Property type
    Parking lots & garages
    APN
    118-30-044B
    APU
    11830044B

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $16,530,000

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $25,025,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.077
    Latitude
    33.4887
    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
    $201,108
    $0.00
    $0.00
    $2,953,533
    -
    $8,811,600
    $9,088,600
    $17,900,200

    Comparable in this City

    • Value Estimation by Request
      114,390 SF

      101 Highland Ave

      PARKING GARAGE, PARKING STRUCTURE • 114,390 SF
      101 Highland Ave, Phoenix, AZ 85013
      View Details
    • Value Estimation
      $21,760,000
      19,197 SF

      425 Osborn Rd

      PARKING GARAGE, PARKING STRUCTURE • 19,197 SF
      425 Osborn Rd, Phoenix, AZ 85013-1014
      View Details
    • Value Estimation by Request
      1,119 SF

      536 Missouri Ave

      Automotive properties • 1,119 SF
      536 Missouri Ave, Phoenix, AZ 85013
      View Details
    • Value Estimation
      $32,755,000
      118,800 SF

      1302 Thomas Rd

      PARKING GARAGE, PARKING STRUCTURE • 118,800 SF
      1302 Thomas Rd, Phoenix, AZ 85013
      View Details
    • Value Estimation by Request
      74,730 SF

      4333 6th Dr

      PARKING GARAGE, PARKING STRUCTURE • 74,730 SF
      4333 6th Dr, Phoenix, AZ 85013-3148
      View Details
    • Value Estimation by Request
      308,400 SF

      110 Muhammad Ali Way

      PARKING GARAGE, PARKING STRUCTURE • 308,400 SF
      110 Muhammad Ali Way, Phoenix, AZ 85013-4500
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,680 SF

      Phoenix Restaurant - 1680 SF

      Downtown Phoenix restaurant space, ideal location.
      450 Indian School Rd, Phoenix, AZ 85013
      View Details
    • $1,995,000
      8 SF

      Retail Building in Melrose District

      8,100 SF retail building with fenced yard and monument sign.
      4238 N 7Th Ave, Phoenix, AZ 85013
      View Details
    • $1,995,000
      8,100 SF

      Melrose District Mixed-Use Investment

      Phoenix Retail Property: High-Return Potential
      4238 7Th Ave, Phoenix, AZ 85013
      View Details
    • $4,665,780
      20,286 SF

      Phoenix Retail Opportunity Near Medical

      Retail property near major medical centers and transportation.
      1201 E Thomas Rd, Phoenix, AZ 85013
      View Details
    • $7,141,950
      24,210 SF

      The Melrose Building: Phoenix Office

      Prime Phoenix Executive Office, 24,210 SF
      555 Turney Ave, Phoenix, AZ 85013
      View Details
    • $1,200,000
      1,581 SF

      Redevelopment Opportunity in Phoenix Midtown

      Two properties for sale in revitalizing Phoenix Midtown district.
      505 E Osborn Rd, Phoenix, AZ 85013
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,062 SF

      Retail Space in High-Traffic Center

      Remodeled retail space in a high-traffic Phoenix shopping center.
      5825-5897 W Indian School Rd, Phoenix, AZ 85013
      View Details
    • Contact for pricing
      39,000 SF

      Park Central Retail Space - Central Ave.

      High-traffic retail space, multiple tenants.
      3121 3Rd Ave, Phoenix, AZ 85013
      View Details
    • Contact for pricing
      200 SF

      Phoenix Commercial Kitchen Space

      200 sq ft Ghost Kitchen - Ready to Lease
      720 Highland Ave, Phoenix, AZ 85013
      View Details
    • $26 SF/Yr
      4,320 SF

      Retail Space Near St. Joseph Hospital

      Retail space for lease with high visibility on Thomas Road.
      501-515 W Thomas Rd, Phoenix, AZ 85013
      View Details
    • Contact for pricing
      10,019 SF

      Freestanding Retail Building For Rent

      Freestanding retail building with flexible zoning and ample parking.
      4116 N 7Th Ave, Phoenix, AZ 85013
      View Details
    • Contact for pricing
      4,888 SF

      Plaza on 7th: Phoenix Retail Space

      Prime Phoenix retail space, 2,102 sq ft available.
      0 7Th Ave, Phoenix, AZ 85013
      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.
    3600 2nd Ave
    Phoenix, AZ 85013-3941
    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.