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Property profile & analytics
FOR LEASE
Bars & Pubs
501 S Mill Ave, Tempe, AZ 85281
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US07-1251499
For Lease
1 / 2
$22,200,000
501 S Mill Ave, Tempe, AZ 85281
View Listing →
Property profile
Verified
Property type
Bars & Pubs
Use group
BAR, TAVERN
Year built
1996
Construction
CONCRETE
Total area
18,826 SF
Lot
0.08 ac (3,332 SF)
Zoning code
CC
APN
132-27-154
UPID
US07-1251499
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
-
Tacos & Mas Restaurant
-
Varsity Tavern Restaurant
-
Rodeo Ranch Restaurant
-
One One Bar Restaurant
-
Low Key Piano Bar Bar & Pub Nightclub
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$22.20M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$22.20M
Owner & transaction history
Summit Hurley Plaza LLC · 2 yrs held
Summit Hurley Plaza LLC
since 2024
Last sale
$22.2M
6 recorded transactions
Zoning & alternative use
CC · Tempe, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Industrial (general)
$27.5M
+109.4%
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 Tempe submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Tempe 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
$22,200,000
ML approach
$22,200,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$27,475,000
Change: +109% · Conversion: Difficult
Blend value · Realmo final
$22.20M
Range $19.98M – $24.42M · ±10% · vs last sale $22.20M (Jan 4 2024)
Last sale anchor
$22.20M
Jan 4 2024
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
$1,179 / 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
$58,394
Tax year 2023
Assessed value
$804,029
Assessed 2024
Previous assessed
$692,036
+16.2% YoY
Effective rate
7.26%
On assessed value
Land market value
$266,500
Improvement market value
$4,606,400
Total market value
$4,872,900
Applied tax rate
31,602.0000
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
Bars & Pubs
Use group
BAR, TAVERN
Status
For Lease
Year built
1996
Construction
CONCRETE
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
2
Stories
3
Units
2
Total area
18,826 SF
Lot
0.08 ac (3,332 SF)
Zoning code
CC
APN
132-27-154
UPID
US07-1251499
Jurisdiction
MARICOPA
Zoning & alternative use
CC · Tempe, AZ
Zoning CC · permitted uses
CC · Tempe, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Tempe. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL)
Est. value
$27.5M
INDUSTRIAL (GENERAL)
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
1996
Construction
CONCRETE
Heating
FORCED AIR
Cooling
Yes
Stories
3
Buildings
2
Units
2
Lot
0.08 ac
Current owner
From public records · entity-resolved
Summit Hurley Plaza LLC
Entity
Mailing address
1545 FARADAY AVE, CARLSBAD, CA 92008-7449
Ownership since
2024
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
Jan 4, 2024
$22,200,000
Summit Hurley Plaza LLC
Century Drive Investments LLC
Special Warranty Deed
$11,700,000 · Mountain America FCU
Jun 13, 2023
—
Century Drive Investments LLC
—
Deed
related
$9,700,000 · Meadows Bank
Jan 20, 2016
$13,800,000
Century Drive Investments LLC
Mill Avenue Properties LLC
Special Warranty Deed
$10,250,000 · Wells Fargo Bank NA
Feb 15, 2005
$6,265,500
Mill Avenue Properties LLC
Street Retail Tempe I LLC
Grant Deed
$7,200,000 · Tri-center Group INC
Jun 14, 1994
—
City Of Tempe
Laird & Dines Jo
Grant Deed
related
$2,900,000 · Caliber Bank
Oct 2, 1992
—
Simpson Revocable Living Trust A
Simpson Enterpri
Quit Claim 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.
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