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Property profile & analytics
FOR LEASE
Flex space
502 W 3Rd Ave Mesa, AZ 85210
Entity Owned
18-yr Hold
~
Est. High Equity
Property ID
US07-2809107
For Lease
1 / 4
$5,185,000
502 W 3Rd Ave, Mesa, AZ 85210
View Listing →
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
1985
Construction
CONCRETE
Total area
30,840 SF
Lot
1.26 ac (54,886 SF)
Zoning code
GI
APN
134-08-005F
UPID
US07-2809107
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
-
DuMaurier Woodworking Artist Service Establishment
-
GM Studios LLC General Contractor Renovation Specialist
-
B & M Upholstery Furniture & Home Goods
-
RIU Cyber Security - Big Daddy's Garage Business Park Industrial Park
-
A/C Rangers Heating & Cooling Hardware & Home Improvement HVAC Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$5.19M
Blend (final)
Blend
$5.19M
Owner & transaction history
Zimmerman I LLC · 18 yrs held
Zimmerman I LLC
since 2008
6 recorded transactions
Zoning & alternative use
GI · Mesa, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$8.1M
+24.3%
Retail stores
$8.0M
+22.4%
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 Mesa submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Mesa 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
INDUSTRIAL (GENERAL)
$6,495,000
Current use
MEDICAL BUILDING
$8,075,000
Change: +24% · Conversion: Difficult
RETAIL STORES
$7,950,000
Change: +22% · Conversion: Moderate
Blend value · Realmo final
$5.19M
Range $4.67M – $5.70M · ±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
$168 / 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
$18,663
Tax year 2023
Assessed value
$459,657
Assessed 2024
Previous assessed
$323,476
+42.1% YoY
Effective rate
4.06%
On assessed value
Land market value
$585,400
Improvement market value
$2,200,400
Total market value
$2,785,800
Applied tax rate
41,000.0000
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
Flex space
Use group
LIGHT INDUSTRIAL
Status
For Lease
Year built
1985
Construction
CONCRETE
Heating
PACKAGE
Cooling
YES
Stories
1
Rooms
5
Total area
30,840 SF
Lot
1.26 ac (54,886 SF)
Zoning code
GI
APN
134-08-005F
UPID
US07-2809107
Jurisdiction
MARICOPA
Zoning & alternative use
GI · Mesa, AZ
Zoning GI · permitted uses
GI · Mesa, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Mesa. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$6.5M
MEDICAL BUILDING
Est. value
$8.1M
RETAIL STORES
Est. value
$8.0M
INDUSTRIAL (GENERAL) Current
MEDICAL BUILDING
RETAIL STORES
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
1985
Construction
CONCRETE
Heating
PACKAGE
Cooling
Yes
Stories
1
Rooms
5
Lot
1.26 ac
Current owner
From public records · entity-resolved
Zimmerman I LLC
Entity
Mailing address
2150 E HIGHLAND AVE STE #207, PHOENIX, AZ 85016-4721
Ownership since
2008
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
Apr 30, 2019
—
Zimmerman I LLC
—
Deed
related
$503,769 · Wells Fargo Bk
Mar 19, 2008
$1,260,000
Zimmerman I LLC
Frank Anton Brannen
Special Warranty Deed
$775,000 · Wells Fargo Bank NA
Jun 7, 2006
—
Frank A Brannen
Brannen,frank A & Kathleen J
Quit Claim Deed
related
—
Dec 3, 2002
$700,000
Jack T Brannen
Brannen,jack T
Quit Claim Deed
related
—
Jul 13, 1994
$441,000
Frank A Brannen
State Street Ban
Grant Deed
—
—
—
Zimmerman I LLC
—
Loan Modification
related
$503,769 · Wells Fargo Bk
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
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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