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Property profile & analytics
OFF-MARKET
Estimated value
$6,545,000
Medical Office Space
4602 16th St Phoenix, AZ 85016-5189
Entity Owned
8-yr Hold
~
Est. High Equity
Property ID
US07-3102775
Property summary
AI-generated overview
The Atrium, located at 4602 N 16th St, Phoenix, AZ 85016, offers versatile office space in the desirable Camelback Corridor, East Phoenix submarket. This Class B, three-story building, constructed in 1980, totals 19,518 square feet and sits on a 0.68-acre lot. The property features one elevator and ample parking (5.25 spaces per 1,000 square feet). Suites range from a minimum of 1,700 square feet to a maximum contiguous space of 8,117 square feet, with a total of five suites available across multiple tenancies. The building is zoned C-2 and its APN is 155-02-001H. Its convenient location offers easy access to 16th Street, just south of Highland, and provides easy pull-up parking. The property's diverse subtypes include Medical Office, Traditional Office, R&D, Creative Office, and Executive Office spaces, making it suitable for a variety of businesses. Numerous amenities are nearby, and the location offers convenient access to SR-51. The cross streets are 16th Street and Meadowbrook.
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1980
Construction
STEEL FRAME
Total area
19,213 SF
Lot
0.68 ac (29,490 SF)
Zoning code
C-2
APN
155-02-001H
UPID
US07-3102775
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
-
NoesisPharma Clinical Trials Pharmacy
-
Lee Ann Kelley, MD Physician
-
BioAccel Charitable Organization Social Service Agency
-
Andrea Arrieta Counselor Addiction Treatment Center
-
Ken Lepinskas Dental Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$6.64M
Blend (final)
Blend
$6.55M
Owner & transaction history
Sleeping Indian Properties LLC · 8 yrs held
Sleeping Indian Properties LLC
since 2018
6 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
Restaurant
$10.3M
+101.2%
Auto repair, garage
$8.1M
+59.2%
Retail stores
$5.3M
+4.4%
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 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
MEDICAL BUILDING
$5,100,000
Current use
RESTAURANT
$10,260,000
Change: +101% · Conversion: Difficult
AUTO REPAIR, GARAGE
$8,120,000
Change: +59% · Conversion: Difficult
RETAIL STORES
$5,320,000
Change: +4% · Conversion: Difficult
OFFICE BUILDING
$4,995,000
Change: -2% · Conversion: Easy
WAREHOUSE, STORAGE
$4,985,000
Change: -2% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$4,890,000
Change: -4% · Conversion: Difficult
Blend value · Realmo final
$6.55M
Range $5.89M – $7.20M · ±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
$341 / 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
$34,113
Tax year 2023
Assessed value
$840,691
Assessed 2024
Previous assessed
$670,395
+25.4% YoY
Effective rate
4.06%
On assessed value
Land market value
$769,400
Improvement market value
$4,325,698
Total market value
$5,095,098
Applied tax rate
381,300.0000
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1980
Construction
STEEL FRAME
Heating
PACKAGE
Cooling
YES
Buildings
2
Stories
3
Total area
19,213 SF
Lot
0.68 ac (29,490 SF)
Zoning code
C-2
APN
155-02-001H
UPID
US07-3102775
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
MEDICAL BUILDING Current
Est. value
$5.1M
RESTAURANT
Est. value
$10.3M
AUTO REPAIR, GARAGE
Est. value
$8.1M
RETAIL STORES
Est. value
$5.3M
OFFICE BUILDING
Est. value
$5.0M
WAREHOUSE, STORAGE
Est. value
$5.0M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$4.9M
MEDICAL BUILDING Current
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
OFFICE 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
1980
Construction
STEEL FRAME
Heating
PACKAGE
Cooling
Yes
Stories
3
Buildings
2
Lot
0.68 ac
Current owner
From public records · entity-resolved
Sleeping Indian Properties LLC
Entity
Mailing address
3351 VENADO ST, CARLSBAD, CA 92009-7850
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 15, 2018
$4,318,000
Sleeping Indian Properties LLC
Mob Investment Meadowbrook LLC
Grant Deed
$1,390,000 · Miscellaneous Ins Co
Oct 24, 2016
$1,600,000
Mob Investment Meadowbrook LLC
Windsor West Partners LLC
Special Warranty Deed
$2,050,000 · Midfirst Bank
Jan 10, 2013
$1,125,000
Windsor West Partners LLC
Wingmar Properties 16 LLC
Special Warranty Deed
$731,250 · Bokf NA
Feb 12, 2008
$2,300,000
Wingmar Properties 16 LLC
Khan,kevin A
Warranty Deed
$1,725,000 · Bank Of Oklahoma
Jul 25, 2003
$1,740,000
Kevin A Khan
Southwest Medical LLC
Grant Deed
$1,305,000 · Union Bank
Jun 30, 1987
—
Arthur J Mollen
—
Deed Of Trust
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.
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