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Property profile & analytics
FOR LEASE
Strip malls
3820 E Ray Rd, Phoenix, AZ 85044
Entity Owned
28-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US07-0398346
For Lease
1 / 2
$10,075,000
3820 E Ray Rd, Phoenix, AZ 85044
View Listing →
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1997
Construction
CONCRETE
Total area
31,118 SF
Lot
4.56 ac (198,503 SF)
Zoning code
C-2
APN
306-04-129
UPID
US07-0398346
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
-
Fred Astaire Dance Studios - Ahwatukee Training Center
-
Dragonfly Hair Design Hair Salon Nail Salon
-
Epic Natural Beauty Hair Salon Nail Salon
-
Dream Dinners Restaurant Take-out & Catering
-
Vine Tavern & Eatery Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$10.57M
Blend (final)
Blend
$10.08M
Owner & transaction history
Mountain Park Pavilions LLC · 28 yrs held
Mountain Park Pavilions LLC
since 1998
1 recorded transaction
Zoning & alternative use
C-2 · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$16.6M
+109.8%
Auto repair, garage
$13.2M
+66.0%
Retail stores
$9.3M
+17.1%
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
NEIGHBORHOOD: SHOPPING CENTER
$7,920,000
Current use
RESTAURANT
$16,620,000
Change: +110% · Conversion: Difficult
AUTO REPAIR, GARAGE
$13,150,000
Change: +66% · Conversion: Difficult
RETAIL STORES
$9,275,000
Change: +17% · Conversion: Easy
MEDICAL BUILDING
$8,260,000
Change: +4% · Conversion: Difficult
WAREHOUSE, STORAGE
$8,075,000
Change: +2% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$6,845,000
Change: -14% · Conversion: Difficult
Blend value · Realmo final
$10.08M
Range $9.07M – $11.08M · ±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
$324 / 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
$69,678
Tax year 2023
Assessed value
$1,271,844
Assessed 2024
Previous assessed
$1,125,349
+13.0% YoY
Effective rate
5.48%
On assessed value
Land market value
$3,911,000
Improvement market value
$3,797,147
Total market value
$7,708,147
Applied tax rate
281,300.0000
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
For Lease
Year built
1997
Construction
CONCRETE
Heating
PACKAGE
Cooling
YES
Stories
1
Total area
31,118 SF
Lot
4.56 ac (198,503 SF)
Zoning code
C-2
APN
306-04-129
UPID
US07-0398346
Jurisdiction
MARICOPA
Zoning & alternative use
C-2 · Phoenix, AZ
Zoning C-2 · permitted uses
C-2 · 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
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$7.9M
RESTAURANT
Est. value
$16.6M
AUTO REPAIR, GARAGE
Est. value
$13.2M
RETAIL STORES
Est. value
$9.3M
MEDICAL BUILDING
Est. value
$8.3M
WAREHOUSE, STORAGE
Est. value
$8.1M
INDUSTRIAL (GENERAL)
Est. value
$6.8M
NEIGHBORHOOD: SHOPPING CENTER Current
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
MEDICAL BUILDING
WAREHOUSE, STORAGE
INDUSTRIAL (GENERAL)
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
1997
Construction
CONCRETE
Heating
PACKAGE
Cooling
Yes
Stories
1
Lot
4.56 ac
Current owner
From public records · entity-resolved
Mountain Park Pavilions LLC
Entity
Mailing address
2400 E ARIZONA BILTMORE CIR STE #1135, PHOENIX, AZ 85016-2134
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
1998
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 11, 1998
—
Mountain Park Pavilions LLC
Samuelson/hornaday
Grant Deed
$2,800,000 · Column Financial INC
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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