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Property profile & analytics
OFF-MARKET
Estimated value
$33,920,000
Office buildings
403 University Dr, Tempe, AZ 85281
Individually Owned
Free & Clear
Property ID
US07-1005787
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1957
Construction
CONCRETE
Total area
54,904 SF
Lot
12.33 ac (536,971 SF)
Zoning code
R-3
APN
132-48-001B
UPID
US07-1005787
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
-
Thai Basil Restaurant
-
Rare Lion Antiques & Jewelry Home Decor Store (Bike/Boat/Book/etc) Store
-
Tops Liquors (Bike/Boat/Book/etc) Store Wine and Liquor Store
-
Taste of Tops Bar & Pub
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$36.97M
Blend (final)
Blend
$33.92M
Owner & transaction history
ARIZONA BOARD OF REGENTS ASU
ARIZONA BOARD OF REGENTS ASU
Zoning & alternative use
R-3 · Tempe, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$38.3M
+158.8%
Auto repair, garage
$37.7M
+155.2%
Retail stores
$28.9M
+95.5%
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 Tempe submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Tempe 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
RESTAURANT
$38,270,000
Change: +159% · Conversion: Moderate
AUTO REPAIR, GARAGE
$37,740,000
Change: +155% · Conversion: Difficult
RETAIL STORES
$28,910,000
Change: +96% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$27,565,000
Change: +86% · Conversion: Difficult
Blend value · Realmo final
$33.92M
Range $30.53M – $37.31M · ±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
$618 / 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
$20,347,041
Assessed 2024
Previous assessed
$17,458,620
+16.5% YoY
Land market value
$17,556,700
Improvement market value
$118,090,243
Total market value
$135,646,943
Applied tax rate
31,600.0000
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
Off-Market
Year built
1957
Construction
CONCRETE
Heating
PACKAGE
Cooling
YES
Buildings
18
Stories
3
Total area
54,904 SF
Lot
12.33 ac (536,971 SF)
Zoning code
R-3
APN
132-48-001B
UPID
US07-1005787
Jurisdiction
MARICOPA
Zoning & alternative use
R-3 · Tempe, AZ
Zoning R-3 · permitted uses
R-3 · Tempe, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Tempe. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT
Est. value
$38.3M
AUTO REPAIR, GARAGE
Est. value
$37.7M
RETAIL STORES
Est. value
$28.9M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$27.6M
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
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
1957
Construction
CONCRETE
Heating
PACKAGE
Cooling
Yes
Stories
3
Buildings
18
Lot
12.33 ac
Current owner
From public records · entity-resolved
ARIZONA BOARD OF REGENTS ASU
Individual
Free & Clear · 0 yrs held
Mailing address
PO BOX 873908, TEMPE, AZ 85287-3908
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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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