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    425 S Mill Ave Tempe, AZ 85281
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    425 S Mill Ave, Tempe, AZ 85281

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    • Retail space
    • 6,376 SF
    • 0.28 lot acres
    For Lease
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    Retail Space in Tempe, Arizona For Lease
    Contact for pricing
    11,425 SF

    Retail Space in Tempe, Arizona

    Retail space available for lease in Tempe, Arizona.

    425 S Mill Ave, Tempe, AZ
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    Property ID
    US07-0412655
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Colour Style Bar / Hair Salon
    • Comerica Bank / Bank / Loan Service
    • Elite on Mill / Barber Shop
    • Elevate Tickets, LLC / Rental Equipment Company / Tech Support Center
    • SeaTec / Aviation Consultant

    Property Details for 425 S Mill Ave

    Year built
    1979
    Construction
    CONCRETE
    Lot size
    0.28 lot acres
    Zone code
    CC
    Property type
    Retail space
    APN
    132-28-931
    APU
    13228931

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Sep 17, 2021 — Nicola South Mill LP — Deed · related $23M · Voya Investment Management LLC
    Jun 17, 2021 $16,550,000 Nicola South Mill LP Tempe 425 Mill LP Special Warranty Deed —
    May 2, 2016 — Tempe 425 Mill LP — Deed · related —
    Jan 15, 2016 $9,995,000 Tempe 425 Mill LP 425 S Mill LLC Grant Deed —
    Aug 30, 2012 — 425 S Mill LLC Plato Of Lee Trust Grant Deed —
    Nov 30, 2009 — Plato Of Lee Trust — Trustees Deed · related $6.1M · Copper Star Bank
    Feb 26, 2008 — Donald J Plato Owner Name Unavailable Grant Deed · related —
    Feb 22, 2008 — Plato-lee Trust — Trustees Deed · related $2.3M · Copper Star Bank
    Dec 28, 2006 — Plato Of Lee Trust Plato Of Lee Plato Trust Quit Claim Deed · related $2.3M · Copper Star Bank
    Nov 14, 2002 $1,340,000 Plato/lee,tr Wealth Properties I Grant Deed $1.1M · Scottsdale Community Bank
    — — Plato Of Lee Trust — Deed Of Trust · related $5.5M · Stearns Bank NA
    — — Plato Of Lee Trust — Deed Of Trust · related $300k · Copper Star Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Tempe
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.94
    Latitude
    33.4258
    CBSA code
    38060
    CBSA name
    PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $86,022
    $0.00
    $0.00
    $1,031,102
    -
    $988,300
    $5,260,800
    $6,249,100

    Comparable in this City

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      740 Ml Ave

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    • Value Estimation
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      12,665 SF

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      Tempe Retail/Restaurant Space Available

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      Retail Space Near Arizona State

      Retail space for sale adjacent to Arizona State University.
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      Retail Space Near Phoenix Metro

      Retail property near Sky Harbor Airport, Downtown Tempe, and ASU.
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      Tempe Retail Space Available

      Freestanding retail space in a busy Tempe shopping center.
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      Retail Space Near ASU

      Retail space for sale near Arizona State University.
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      3,412 SF

      Tempe Retail/Restaurant Space Available

      Ground floor retail/restaurant space in new Class A building.
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      8,015 SF

      Retail Space in High-Traffic Area

      Retail space in Tempe with high pedestrian traffic.
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      Historic Building Near Arizona State

      Retail space in historic landmark near Arizona State University.
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    Tempe, AZ 85281
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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