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Property profile & analytics
OFF-MARKET
Estimated value
$1,520,000
Warehouses
384 1st Ave Phoenix, AZ 85003
Individually Owned
10-yr Hold
~
Est. High Equity
Property ID
US07-0826449
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1955
Construction
CONCRETE
Total area
3,510 SF
Lot
0.16 ac (7,000 SF)
Zoning code
DTC-BCORE
APN
111-42-085
UPID
US07-0826449
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
$1.54M
Blend (final)
Blend
$1.52M
Owner & transaction history
Arizona State University · 10 yrs held
Arizona State University
since 2016
6 recorded transactions
Zoning & alternative use
DTC-BCORE · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The Business Core character area should function as a strong regional center for employment, entertainment, conventions, tourism, and cultural institutions, drawing visitors from around the country and attracting residents from throughout the region
Zone name
Downtown Code Business Core
General category
COMMERCIAL
Zone area
369.63 ac
Source
Realmo
Top alternative use upside
Auto repair, garage
$1.5M
+62.8%
Office building
$1.1M
+15.6%
Retail stores
$1.0M
+14.8%
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
AUTO REPAIR, GARAGE
$1,485,000
Change: +63% · Conversion: Easy
OFFICE BUILDING
$1,055,000
Change: +16% · Conversion: Difficult
RETAIL STORES
$1,045,000
Change: +15% · Conversion: Moderate
MEDICAL BUILDING
$930,000
Change: +2% · Conversion: Difficult
Blend value · Realmo final
$1.52M
Range $1.37M – $1.67M · ±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
$433 / 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
Assessed value
$131,289
Assessed 2024
Previous assessed
$105,930
+23.9% YoY
Land market value
$700,000
Improvement market value
$175,259
Total market value
$875,259
Applied tax rate
11,301.0000
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1955
Construction
CONCRETE
Heating
NONE
Cooling
EVAPORATIVE
Stories
1
Total area
3,510 SF
Lot
0.16 ac (7,000 SF)
Zoning code
DTC-BCORE
APN
111-42-085
UPID
US07-0826449
Jurisdiction
MARICOPA
Zoning & alternative use
DTC-BCORE · Phoenix, AZZoning DTC-BCORE · permitted uses
DTC-BCORE · Phoenix, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The Business Core character area should function as a strong regional center for employment, entertainment, conventions, tourism, and cultural institutions, drawing visitors from around the country and attracting residents from throughout the region
Zone name
Downtown Code Business Core
General category
COMMERCIAL
Zone area
369.63 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
AUTO REPAIR, GARAGE
Est. value
$1.5M
OFFICE BUILDING
Est. value
$1.1M
RETAIL STORES
Est. value
$1.0M
MEDICAL BUILDING
Est. value
$930,000
AUTO REPAIR, GARAGE
OFFICE BUILDING
RETAIL STORES
MEDICAL BUILDING
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
1955
Construction
CONCRETE
Heating
NONE
Cooling
Yes
Stories
1
Lot
0.16 ac
Current owner
From public records · entity-resolved
Arizona State University
Individual
Mailing address
PO BOX 873908, TEMPE, AZ 85287-3908
Ownership since
2016
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
Dec 5, 2019
—
Downtown Phoenix Student Hsng
—
Deed
related
$985,885 · Bank Of Ny Mellon
Apr 12, 2016
—
Arizona State University
Pterodactyl Holdings Phoenix
Grant Deed
related
—
Sep 14, 2012
$1,250,000
Pterodactyl Holdings Phoenix
Dk Real Estate Holdings LLC
Grant Deed
—
Dec 5, 2002
—
Dk Real Estate Holdings LLC
Kaye,david
Quit Claim Deed
related
$340,000 · Scottsdale Community Bank
Sep 18, 1998
$190,000
David Kaye
Ba Properties INC
Grant Deed
—
—
—
Downtown Phoenix Student Hsng
—
Deed Of Trust
related
$985,885 · Bank Of Ny Mellon
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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