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Property profile & analytics
FOR LEASE
Strip malls
3923 E Thomas Rd, Phoenix, AZ 85008
Entity Owned
2-yr Hold
Free & Clear
Property ID
US07-3303790
For Lease
1 / 3
$3,965,000
3923 E Thomas Rd, Phoenix, AZ 85008
View Listing →
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
2000
Construction
CONCRETE
Total area
9,103 SF
Lot
4 ac (174,049 SF)
Zoning code
C-2
APN
120-02-009
UPID
US07-3303790
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
-
Panda Express Restaurant
-
Ono Hawaiian BBQ Restaurant
-
ATL Wings Restaurant
-
Choon Authentic Mexican Burritos Restaurant
-
Neveria Los Tios Grocery & Convenience Store Specialty Food Shop
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.19M
Blend (final)
Blend
$3.97M
Owner & transaction history
Whataburger Restaurants LLC · 2 yrs held
Whataburger Restaurants LLC
since 2024
7 recorded transactions
Zoning & alternative use
C-2 · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$6.3M
+173.6%
Restaurant
$4.9M
+109.8%
Auto repair, garage
$3.8M
+66.0%
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
COMMERCIAL (GENERAL)
$6,340,000
Change: +174% · Conversion: Easy
RESTAURANT
$4,860,000
Change: +110% · Conversion: Difficult
AUTO REPAIR, GARAGE
$3,845,000
Change: +66% · Conversion: Difficult
OFFICE BUILDING
$3,685,000
Change: +59% · Conversion: Moderate
RETAIL STORES
$2,715,000
Change: +17% · Conversion: Easy
MEDICAL BUILDING
$2,415,000
Change: +4% · Conversion: Difficult
Blend value · Realmo final
$3.97M
Range $3.57M – $4.36M · ±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
$436 / 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
$74,603
Tax year 2023
Assessed value
$838,481
Assessed 2024
Previous assessed
$838,481
+0.0% YoY
Effective rate
8.90%
On assessed value
Land market value
$2,933,200
Improvement market value
$2,148,500
Total market value
$5,081,700
Applied tax rate
141,300.0000
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
2000
Construction
CONCRETE
Heating
PACKAGE
Cooling
YES
Buildings
2
Stories
1
Units
2
Total area
9,103 SF
Lot
4 ac (174,049 SF)
Zoning code
C-2
APN
120-02-009
UPID
US07-3303790
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
COMMERCIAL (GENERAL)
Est. value
$6.3M
RESTAURANT
Est. value
$4.9M
AUTO REPAIR, GARAGE
Est. value
$3.8M
OFFICE BUILDING
Est. value
$3.7M
RETAIL STORES
Est. value
$2.7M
MEDICAL BUILDING
Est. value
$2.4M
COMMERCIAL (GENERAL)
RESTAURANT
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
2000
Construction
CONCRETE
Heating
PACKAGE
Cooling
Yes
Stories
1
Buildings
2
Units
2
Lot
4 ac
Current owner
From public records · entity-resolved
Whataburger Restaurants LLC
Entity
Free & Clear · 2 yrs held
Mailing address
300 CONCORD PLZ DR, SAN ANTONIO, TX 78216-6903
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 4, 2024
—
Whataburger Restaurants LLC
Hot Burgers LLC
Lease
—
Jun 28, 2023
—
Hot Burgers LLC
Imagine Properties Ent
Lease
$1,978,212 · The Foothills Bank
Dec 15, 2020
—
Imagine Properties Ent LLC
—
Deed
related
$13,000,000 · Washington Fed'l Bk
Jun 2, 2017
$11,625,000
Imagine Properties Ent LLC
Desert Palms Holding LLC
Trustees Deed
$8,718,750 · Ks Statebank
Jul 13, 2005
$38,500
Desert Palms Holding LLC
Desert Oceanside Holdings Ll
Grant Deed
—
Dec 31, 2003
$32,000,000
Desert Hillside Holdings LLC
Cole Desert Palms Holdings LLC
Grant Deed
related
—
Nov 29, 2001
$27,000,000
Cole Desert Palms Holdings LLC
Lnr Florida Funding INC
Grant Deed
related
$21,400,000 · Canadian Imperial Bank Commerc
—
—
Imagine Properties Ent LLC
—
Deed Of Trust
related
$13,000,000 · Washington Fed'l Bk
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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