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Property profile & analytics
OFF-MARKET
Estimated value
$4,970,000
Distribution centers
421 99th Ave Tolleson, AZ 85353-9701
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US07-1104642
Property profile
Verified
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Year built
1982
Construction
CONCRETE
Total area
14,184 SF
Lot
13.61 ac (593,054 SF)
Zoning code
I-2
APN
101-05-973
UPID
US07-1104642
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
-
Bay State Milling Industrial Manufacturer Production Facility
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$5.07M
Blend (final)
Blend
$4.97M
Owner & transaction history
Bay State Milling Company · 1 yrs held
Bay State Milling Company
since 2024
5 recorded transactions
Zoning & alternative use
I-2 · Tolleson, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
General Industrial District (I-2): promote and protect large and intensive industrial manufacturing plants and their appurtenant uses, to provide attractive and well maintained planned industrial parks for the location of the activities. (Ord. 274, passed 7-28-1987)
Zone name
General Industrial
General category
INDUSTRIAL
Zone area
580.21 ac
Source
code of ordinances
Top alternative use upside
Restaurant
$8.1M
+178.6%
Auto repair, garage
$6.3M
+117.0%
Retail stores
$4.8M
+64.4%
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 Tolleson submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Tolleson 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
$8,085,000
Change: +179% · Conversion: Difficult
AUTO REPAIR, GARAGE
$6,300,000
Change: +117% · Conversion: Easy
RETAIL STORES
$4,770,000
Change: +64% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$4,480,000
Change: +54% · Conversion: Moderate
MEDICAL BUILDING
$3,610,000
Change: +24% · Conversion: Difficult
OFFICE BUILDING
$3,390,000
Change: +17% · Conversion: Difficult
Blend value · Realmo final
$4.97M
Range $4.47M – $5.47M · ±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
$350 / 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
$168,201
Tax year 2023
Assessed value
$1,680,382
Assessed 2024
Previous assessed
$1,919,200
-12.4% YoY
Effective rate
10.01%
On assessed value
Land market value
$3,419,100
Improvement market value
$6,827,200
Total market value
$10,246,300
Applied tax rate
171,700.0000
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
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Status
Off-Market
Year built
1982
Construction
CONCRETE
Heating
PACKAGE
Cooling
YES
Buildings
7
Stories
1
Units
7
Total area
14,184 SF
Lot
13.61 ac (593,054 SF)
Zoning code
I-2
APN
101-05-973
UPID
US07-1104642
Jurisdiction
MARICOPA
Zoning & alternative use
I-2 · Tolleson, AZZoning I-2 · permitted uses
I-2 · Tolleson, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
General Industrial District (I-2): promote and protect large and intensive industrial manufacturing plants and their appurtenant uses, to provide attractive and well maintained planned industrial parks for the location of the activities. (Ord. 274, passed 7-28-1987)
Zone name
General Industrial
General category
INDUSTRIAL
Zone area
580.21 ac
Source
code of ordinances
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT
Est. value
$8.1M
AUTO REPAIR, GARAGE
Est. value
$6.3M
RETAIL STORES
Est. value
$4.8M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$4.5M
MEDICAL BUILDING
Est. value
$3.6M
OFFICE BUILDING
Est. value
$3.4M
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
NEIGHBORHOOD: SHOPPING CENTER
MEDICAL BUILDING
OFFICE 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
1982
Construction
CONCRETE
Heating
PACKAGE
Cooling
Yes
Stories
1
Buildings
7
Units
7
Lot
13.61 ac
Current owner
From public records · entity-resolved
Bay State Milling Company
Entity
Mailing address
421 S 99TH AVE, TOLLESON, AZ 85353-9701
Mailing matches property
Yes
Owner-occupied
Yes
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
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 1, 2024
—
Bay State Milling Company
—
Deed
related
$40,000,000 · Pgim Real Estate Finance LLC
May 20, 2020
—
Bay State Milling Co
—
Deed
related
$100,000,000 · Pgim R/e Fin LLC
Apr 1, 2013
—
Bay State Milling Co
—
Grant Deed
related
$40,000,000 · Cooperatieve Centrale Raiffeis
—
—
Bay State Milling Co
—
Loan Modification
related
$45,000,000 · * Other Institutional Lenders
—
—
Bay State Milling Co
—
Deed Of Trust
related
$100,000,000 · Pgim R/e Fin LLC
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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