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Property profile & analytics
OFF-MARKET
Estimated value
$28,675,000
Outlet malls
4734 Ray Rd, Phoenix, AZ 85044-6225
Entity Owned
12-yr Hold
Free & Clear
Property ID
US07-2294062
Property profile
Verified
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Year built
1994
Construction
CONCRETE
Total area
140,917 SF
Lot
9.06 ac (394,863 SF)
Zoning code
C-2
APN
301-58-884B
UPID
US07-2294062
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
-
Target Photo Center (Bike/Boat/Book/etc) Store
-
Target Grocery Grocery & Convenience Store Food Market
-
CVS Pharmacy Pharmacy
-
CVS Pharmacy
-
Target Optical Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$28.90M
Blend (final)
Blend
$28.68M
Owner & transaction history
Marco Polo INC · 12 yrs held
Marco Polo INC
since 2014
5 recorded transactions
Zoning & alternative use
C-2 · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
$41,990,000
Current use
MEDICAL BUILDING
$37,405,000
Change: -11% · Conversion: Difficult
WAREHOUSE, STORAGE
$36,575,000
Change: -13% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$35,870,000
Change: -15% · Conversion: Moderate
Blend value · Realmo final
$28.68M
Range $25.81M – $31.54M · ±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
$203 / 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
$171,566
Tax year 2023
Assessed value
$3,033,212
Assessed 2024
Previous assessed
$2,671,754
+13.5% YoY
Effective rate
5.66%
On assessed value
Land market value
$9,177,100
Improvement market value
$9,206,000
Total market value
$18,383,100
Applied tax rate
281,300.0000
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
Off-Market
Year built
1994
Construction
CONCRETE
Heating
PACKAGE
Cooling
YES
Stories
1
Total area
140,917 SF
Lot
9.06 ac (394,863 SF)
Zoning code
C-2
APN
301-58-884B
UPID
US07-2294062
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
$42.0M
MEDICAL BUILDING
Est. value
$37.4M
WAREHOUSE, STORAGE
Est. value
$36.6M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$35.9M
RETAIL STORES Current
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
Lot
9.06 ac
Current owner
From public records · entity-resolved
Marco Polo INC
Entity
Free & Clear · 12 yrs held
Mailing address
1000 NICOLLET MALL, MINNEAPOLIS, MN 55403-2542
Ownership since
2014
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
Feb 21, 2014
$2,220,000
Marco Polo INC
Ffg Dev LLC
Grant Deed
—
Jul 16, 2013
$800,000
Tight Loop LLC
Target Corp
Grant Deed
—
Feb 8, 2013
—
Target Corp
Target Corp
Quit Claim Deed
related
—
—
—
Tight Loop LLC
—
Deed Of Trust
related
$200,000 · Verl & Gale Wagstaff
—
—
Tight Loop LLC
—
Deed Of Trust
related
$4,000,000 · Neibauer Unlimited 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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