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

    3724 3rd St Phoenix, AZ 85012-2034

    • Office buildings
    • 19,620 SF
    • 0.75 lot acres
    OFF-MARKET
    Last Sale
    Sep 18, 2020
    $3,950,000
    Value Estimations
    $5,250,000
    Show details
    Cap Rate Potential
    6.4%
    Office buildings
    Location Intelligence
    Property ID
    US07-3216124
    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

    • Claudia Macias / Nurse Practitioner / Family Practice Physician
    • Genesis Medical Management / Medical Group
    • Caliber Anesthesia / Medical Clinic / Anesthesiologist
    • Dr. Thomas Hulm / Chiropractor
    • Dr. Joel Braun / Pain Management Physician

    Property Details for 3724 3rd St

    Year built
    1982
    Construction
    CONCRETE
    Lot size
    0.75 lot acres
    Property size
    19,620 SF
    Zone code
    R-5
    Property type
    Office buildings
    APN
    118-33-138
    APU
    11833138

    Description

    This exceptional three-story, 19,259 square foot medical office building in Phoenix, Arizona, presents a unique owner-user opportunity. Built in 1982, the Class B property boasts distinctive architecture with a concrete exterior and tapered third-floor windows. Its prime location at the southwest corner of 3rd Street and Clarendon Avenue offers high visibility and accessibility. Zoned R-5, the property allows for a variety of uses, potentially including overnight stays with a special use permit. Situated in Phoenix's thriving Central Corridor, this transit-oriented location is within walking distance of the Metro light rail, and less than four miles from four freeways and Sky Harbor Airport. The building benefits from its proximity to five major hospitals and five universities, all within a four-mile radius. The entire building is available for an owner-user, making it an ideal investment for a healthcare provider or related business seeking a prominent and well-connected location. The property's APN is 118-33-138.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,585,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,970,000
      6.5%
      $5,510,000
      7%
      $5,120,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,732,000
      Market price range: $155k - $5.80M
      AI Estimate
      $3,660,000
      Market price range: $162k - $5.80M

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $8,290,000
      RETAIL STORES
      $5,845,000
      MEDICAL BUILDING
      $5,210,000
      WAREHOUSE, STORAGE
      $5,090,000
      NEIGHBORHOOD: SHOPPING CENTER
      $4,995,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.07
    Latitude
    33.4909
    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
    $32,233
    $0.00
    $0.00
    $437,597
    -
    $2,133,400
    $518,700
    $2,652,100

    Comparable in this City

    • Value Estimation by Request
      123,379 SF

      3033 Central Ave Ste, Unit 145

      OFFICE BUILDING • 123,379 SF
      3033 Central Ave Ste, Phoenix, AZ 85012-2808
      View Details
    • Value Estimation by Request
      9,708 SF

      4502 Central Ave

      OFFICE BUILDING • 9,708 SF
      4502 Central Ave, Phoenix, AZ 85012-1817
      View Details
    • Value Estimation by Request
      1,615 SF

      342 Thomas Rd

      OFFICE BUILDING • 1,615 SF
      342 Thomas Rd, Phoenix, AZ 85012-3202
      View Details
    • Value Estimation by Request
      9,274 SF

      5134 Central Ave

      OFFICE BUILDING • 9,274 SF
      5134 Central Ave, Phoenix, AZ 85012-1475
      View Details
    • Value Estimation by Request
      3,528 SF

      210 Catalina Dr

      OFFICE BUILDING • 3,528 SF
      210 Catalina Dr, Phoenix, AZ 85012-3045
      View Details
    • Value Estimation by Request
      3,146 SF

      341 Flower St

      OFFICE BUILDING • 3,146 SF
      341 Flower St, Phoenix, AZ 85012
      View Details

    Similar Nearby for Sale

    • $1,018,215
      2,057 SF

      Mid-Century Office Building For Sale

      Freestanding 2,057 SF office building with high visibility.
      506 E Camelback Rd, Phoenix, AZ 85012
      View Details
    • $495,000
      1,608 SF

      Phoenix Office Building For Sale

      Stand-alone office building with 1,608 square feet of space.
      219 E Lexington Ave, Phoenix, AZ 85012
      View Details
    • $2,975,040
      12,396 SF

      Midtown Phoenix Office/Warehouse Property

      Office and warehouse buildings in Midtown Phoenix, fully leased.
      3806 N 3Rd St, Phoenix, AZ 85012
      View Details
    • $2,620,000
      15,868 SF

      Midtown Phoenix Office Building

      Office building in Midtown Phoenix location for sale.
      67 E Weldon Ave, Phoenix, AZ 85012
      View Details
    • $14,400,000
      96,100 SF

      Renovated Phoenix Office Complex For Sale

      Garden-style office complex in central Phoenix with value-add opportunity.
      301 E Bethany Home Rd, Phoenix, AZ 85012
      View Details
    • Contact for pricing
      722,000 SF

      Midtown Phoenix Executive Office Space

      Class A Office, Retail, & Hotel
      3800 Central Ave, Phoenix, AZ 85012
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Office Building with Under-Building Parking

      Office building featuring a carpeted lobby and under-building parking.
      645 E Missouri Ave, Phoenix, AZ 85012
      View Details
    • $28 SF/Yr
      6,900 SF

      Phoenix Midtown Two-Story Office Building

      Two-story office building in Phoenix Midtown available for rent.
      3450 N 3Rd St, Phoenix, AZ 85012
      View Details
    • Contact for pricing

      Office Building with Unique Features

      Office building featuring polished granite floors, garden, and waterfall.
      3636 N Central Ave, Phoenix, AZ 85012
      View Details
    • $2,500,000
      9,435 SF

      Phoenix Freestanding Office Building

      Freestanding office building available for sale or lease.
      3820 N 3Rd St, Phoenix, AZ 85012
      View Details
    • Contact for pricing

      Mixed-Use Facility with Athletic Amenities

      Integrated building featuring parking, storage, and athletic facilities.
      3839 N 3Rd St, Phoenix, AZ 85012
      View Details
    • $32 SF/Yr
      80 SF

      Renovated Office Space in Midtown

      Newly renovated office space with on-site amenities and community space.
      3141 N 3Rd Ave, Phoenix, AZ 85012
      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.
    3724 3rd St
    Phoenix, AZ 85012-2034
    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.