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Property profile & analytics
FOR LEASE
Outlet malls
4515 E Thomas Rd, Phoenix, AZ 85008
Entity Owned
4-yr Hold
Free & Clear
Property ID
US07-1022768
For Lease
1 / 2
$47,300,000
4515 E Thomas Rd, Phoenix, AZ 85008
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Property profile
Verified
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Year built
1994
Construction
CONCRETE
Total area
123,351 SF
Lot
11.12 ac (484,213 SF)
Zoning code
C-2
APN
126-08-137G
UPID
US07-1022768
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
-
Pizza Hut Express Restaurant
-
CVS Pharmacy Pharmacy
-
Target Grocery Grocery & Convenience Store Food Market
-
Target Mobile Mobile Phone Store Electronics & Wireless Store
-
Target Optical (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$47.30M
Owner & transaction history
Sfrco LLC · 4 yrs held
Sfrco LLC
since 2021
Last sale
$65.8M
2 recorded transactions
Zoning & alternative use
C-2 · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$65.9M
+79.2%
Auto repair, garage
$52.1M
+41.8%
Office building
$50.0M
+35.9%
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
RETAIL STORES
$36,755,000
Current use
RESTAURANT
$65,870,000
Change: +79% · Conversion: Easy
AUTO REPAIR, GARAGE
$52,120,000
Change: +42% · Conversion: Difficult
OFFICE BUILDING
$49,955,000
Change: +36% · Conversion: Easy
MEDICAL BUILDING
$32,740,000
Change: -11% · Conversion: Difficult
WAREHOUSE, STORAGE
$32,015,000
Change: -13% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$31,395,000
Change: -15% · Conversion: Moderate
Blend value · Realmo final
$47.30M
Range $42.57M – $52.03M · ±10% · vs last sale $65.80M (Nov 9 2021)
Last sale anchor
$65.80M
Nov 9 2021
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
$383 / 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
$192,372
Tax year 2023
Assessed value
$2,909,709
Assessed 2024
Previous assessed
$2,701,912
+7.7% YoY
Effective rate
6.61%
On assessed value
Land market value
$10,012,800
Improvement market value
$7,621,800
Total market value
$17,634,600
Applied tax rate
311,300.0000
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
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Status
For Lease
Year built
1994
Construction
CONCRETE
Heating
PACKAGE
Cooling
YES
Buildings
3
Stories
1
Units
2
Total area
123,351 SF
Lot
11.12 ac (484,213 SF)
Zoning code
C-2
APN
126-08-137G
UPID
US07-1022768
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
RETAIL STORES Current
Est. value
$36.8M
RESTAURANT
Est. value
$65.9M
AUTO REPAIR, GARAGE
Est. value
$52.1M
OFFICE BUILDING
Est. value
$50.0M
MEDICAL BUILDING
Est. value
$32.7M
WAREHOUSE, STORAGE
Est. value
$32.0M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$31.4M
RETAIL STORES Current
RESTAURANT
AUTO REPAIR, GARAGE
OFFICE BUILDING
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
1994
Construction
CONCRETE
Heating
PACKAGE
Cooling
Yes
Stories
1
Buildings
3
Units
2
Lot
11.12 ac
Current owner
From public records · entity-resolved
Sfrco LLC
Entity
Free & Clear · 4 yrs held
Mailing address
PO BOX 1392, MINNEAPOLIS, MN 55440-1392
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 9, 2021
$65,800,000
Sfrco LLC
Arcadia Crossing LLC
Special Warranty Deed
—
Mar 23, 2000
$10,000,000
Arcadia Crossing LLC
Amerishop Arcadia LLC
Grant Deed
related
—
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?”
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