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    Property profile & analytics

    4602 16Th St Phoenix, AZ 85016

    • Medical Office Space
    • 19,213 SF
    • 0.68 lot acres
    For Lease
    View listing
    $19 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-3102775
    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.

    Current Use by Public Records

    • NoesisPharma Clinical Trials / Pharmacy
    • Lee Ann Kelley, MD / Physician
    • BioAccel / Charitable Organization / Social Service Agency
    • Andrea Arrieta / Addiction Treatment Center / Counselor
    • Ken Lepinskas / Dental Office

    Property Details for 4602 16Th St

    Year built
    1980
    Construction
    STEEL FRAME
    Lot size
    0.68 lot acres
    Property size
    19,213 SF
    Zone code
    C-2
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    155-02-001H
    APU
    15502001H

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,639,000
      Market price range: $3.02M - $7.58M
      AI Estimate
      $6,448,000
      Market price range: $2.85M - $7.44M

    • 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

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

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.048
    Latitude
    33.504
    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
    $34,113
    $0.00
    $0.00
    $840,691
    -
    $769,400
    $4,325,698
    $5,095,098

    Comparable in this City

    • Value Estimation
      $810,000
      3,848 SF

      1641 Osborn Rd Ste, Unit 2

      MEDICAL BUILDING • 3,848 SF
      1641 Osborn Rd Ste, Phoenix, AZ 85016-7146
      View Details
    • Value Estimation
      $5,940,000
      15,200 SF

      3115 Lincoln Dr

      MEDICAL BUILDING • 15,200 SF
      3115 Lincoln Dr, Phoenix, AZ 85016-2317
      View Details
    • Value Estimation
      $2,985,000
      12,110 SF

      1848 Thomas Rd

      MEDICAL BUILDING • 12,110 SF
      1848 Thomas Rd, Phoenix, AZ 85016-8112
      View Details
    • Value Estimation
      $1,980,000
      12,930 SF

      1701 Thomas Rd Ste, Unit 101

      MEDICAL BUILDING • 12,930 SF
      1701 Thomas Rd Ste, Phoenix, AZ 85016-7669
      View Details
    • Value Estimation by Request
      2,736 SF

      6031 16th St

      MEDICAL BUILDING • 2,736 SF
      6031 16th St, Phoenix, AZ 85016-1800
      View Details
    • Value Estimation
      $6,385,000
      33,771 SF

      2929 Thomas Rd

      MEDICAL BUILDING • 33,771 SF
      2929 Thomas Rd, Phoenix, AZ 85016-8034
      View Details

    Similar Nearby for Sale

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    • Contact for pricing
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    Similar Nearby for Lease

    • $28 SF/Yr
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      Prime Phoenix Medical Office Space

      6,209 SF Medical Office Available
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    • $10 SF/Yr
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      Phoenix Office Space for Lease

      Flexible Workspaces, Prime Location
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      Phoenix Medical Office Space

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    • $19 SF/Yr
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      The Atrium: Phoenix Office Space

      Camelback Corridor medical & office suites available.
      4602 16Th St, Phoenix, AZ 85016
      View Details
    • $23 SF/Yr
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      SAGE Building: Phoenix Office Space

      Phoenix office building, multiple suites available.
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      View Details
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    Phoenix, AZ 85016
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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.

    More about this property
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