Back to Search
Property profile & analytics
FOR LEASE
Office buildings
3930 E Ray Rd Phoenix, AZ 85044
Individually Owned
29-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US07-0913734
For Lease
1 / 45
Contact for pricing
3930 E Ray Rd, Phoenix, AZ 85044
View Listing →
Property summary
AI-generated overview
This exceptional Phoenix office space, located within the Foothills Center at 3930 E Ray Rd, 85044, offers 1,567 square feet of high-end, first-floor office/medical space. The building, a Class B property totaling 41,084 square feet, underwent renovations in 2022 and boasts a desirable location in Ahwatukee. The space features a modern build-out, ready for immediate occupancy. The Foothills Center provides ample covered and surface parking for tenants and visitors. Common areas include a striking lobby/atrium entrance and well-maintained restrooms. The property sits on a 2.85-acre lot and is zoned C-2, Phoenix. Built in 1998, this property offers a blend of established infrastructure and recent upgrades. With only this one space remaining, this presents a unique opportunity to secure prime office space in a thriving Phoenix neighborhood. The Maricopa County location offers easy access to major transportation routes and local amenities. The property's APN is 306-04-115. Currently, 2,634 square feet of the building is vacant. This is a multi-tenant building.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1998
Construction
STEEL FRAME
Total area
41,136 SF
Lot
2.86 ac (124,538 SF)
Zoning code
C-2
APN
306-04-115
UPID
US07-0913734
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
-
Dr. Karthik Ramanan Crisis Center Medical Clinic
-
Cardinal Financial Company, Limited Partnership Financial Advisor
-
Kendall Glover-Cardinal Financial Company, Limited Partnership Loan Service Bank
-
David Whitlach-Cardinal Financial Company, Limited Partnership Loan Service Bank
-
Kim Zuik-Cardinal Financial Company, Limited Partnership Loan Service Bank
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$11.77M
Blend (final)
Blend
$11.77M
Owner & transaction history
Foothills L L C Orsett · 29 yrs held
Foothills L L C Orsett
since 1997
4 recorded transactions
Zoning & alternative use
C-2 · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The purpose C-2 zone is to provide commercial uses of medium intensity designed to be compatible with each other and to provide for a wide range of types of commercial activity within the district
Zone name
Intermediate Commercial
General category
COMMERCIAL
Zone area
13,095.06 ac
Source
Realmo
Top alternative use upside
Auto repair, garage
$17.4M
+153.0%
Retail stores
$12.3M
+78.4%
Medical building
$10.9M
+58.9%
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
$17,380,000
Change: +153% · Conversion: Difficult
RETAIL STORES
$12,260,000
Change: +78% · Conversion: Moderate
MEDICAL BUILDING
$10,920,000
Change: +59% · Conversion: Easy
WAREHOUSE, STORAGE
$10,675,000
Change: +55% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$10,470,000
Change: +52% · Conversion: Difficult
Blend value · Realmo final
$11.77M
Range $10.59M – $12.95M · ±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
$286 / 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
$81,900
Tax year 2023
Assessed value
$1,643,326
Assessed 2024
Previous assessed
$1,661,801
-1.1% YoY
Effective rate
4.98%
On assessed value
Land market value
$2,648,700
Improvement market value
$7,310,850
Total market value
$9,959,550
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
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
1998
Construction
STEEL FRAME
Heating
PACKAGE
Cooling
YES
Stories
2
Total area
41,136 SF
Lot
2.86 ac (124,538 SF)
Zoning code
C-2
APN
306-04-115
UPID
US07-0913734
Jurisdiction
MARICOPA
Zoning & alternative use
C-2 · Phoenix, AZZoning 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
Zoning description
The purpose C-2 zone is to provide commercial uses of medium intensity designed to be compatible with each other and to provide for a wide range of types of commercial activity within the district
Zone name
Intermediate Commercial
General category
COMMERCIAL
Zone area
13,095.06 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
AUTO REPAIR, GARAGE
Est. value
$17.4M
RETAIL STORES
Est. value
$12.3M
MEDICAL BUILDING
Est. value
$10.9M
WAREHOUSE, STORAGE
Est. value
$10.7M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$10.5M
AUTO REPAIR, GARAGE
RETAIL STORES
MEDICAL BUILDING
WAREHOUSE, STORAGE
NEIGHBORHOOD: SHOPPING CENTER
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
1998
Construction
STEEL FRAME
Heating
PACKAGE
Cooling
Yes
Stories
2
Lot
2.86 ac
Current owner
From public records · entity-resolved
Foothills L L C Orsett
Individual
Mailing address
5353 N 16TH ST STE #105, PHOENIX, AZ 85016-3282
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
1997
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 26, 2018
—
Orsett Foothills LLC
—
Deed
related
$3,200,000 · Starwood Mortgage Capital LLC
Mar 2, 2016
—
Orsett Of Foothills LLC
—
Trustees Deed
related
$2,500,000 · National Bk/az
Jun 25, 1997
$778,363
Foothills L L C Orsett
Ag Land Associates L L C
Grant Deed
$700,527 · Omaha State Bank
—
—
Orsett Of Foothills LLC
—
Deed Of Trust
related
$5,878,000 · Pnc Bank
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
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
