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Property profile & analytics
OFF-MARKET
Estimated value
$5,200,000
Flex space
503 3rd Ave Mesa, AZ 85210-1246
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US07-0558947
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
1964
Construction
CONCRETE
Total area
22,385 SF
Lot
2.16 ac (94,090 SF)
Zoning code
GI
APN
134-08-003B
UPID
US07-0558947
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
-
United Rentals (Bike/Boat/Book/etc) Store Rental Equipment Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$3.43M
Comparable Approach
Comparable
$6.56M
Blend (final)
Blend
$5.20M
Owner & transaction history
National Retail Properties LP · 3 yrs held
National Retail Properties LP
since 2022
Last sale
$5.0M
7 recorded transactions
Zoning & alternative use
GI · Mesa, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$7.0M
+47.9%
Office building
$6.7M
+42.7%
Medical building
$5.9M
+24.3%
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
$4,655,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$3,715,000
6.5%
$3,430,000
7%
$3,185,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$4,715,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$6,970,000
Change: +48% · Conversion: Difficult
OFFICE BUILDING
$6,725,000
Change: +43% · Conversion: Difficult
MEDICAL BUILDING
$5,865,000
Change: +24% · Conversion: Difficult
RETAIL STORES
$5,770,000
Change: +22% · Conversion: Moderate
Blend value · Realmo final
$5.20M
Range $4.68M – $5.72M · ±10% · vs last sale $5.00M (Aug 31 2022)
Last sale anchor
$5.00M
Aug 31 2022
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
$232 / 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
$32,764
Tax year 2023
Assessed value
$581,328
Assessed 2024
Previous assessed
$440,912
+31.8% YoY
Effective rate
5.64%
On assessed value
Land market value
$911,700
Improvement market value
$2,611,500
Total market value
$3,523,200
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
Off-Market
Year built
1964
Construction
CONCRETE
Heating
PACKAGE
Cooling
YES
Buildings
3
Stories
1
Units
2
Total area
22,385 SF
Lot
2.16 ac (94,090 SF)
Zoning code
GI
APN
134-08-003B
UPID
US07-0558947
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
$4.7M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$7.0M
OFFICE BUILDING
Est. value
$6.7M
MEDICAL BUILDING
Est. value
$5.9M
RETAIL STORES
Est. value
$5.8M
INDUSTRIAL (GENERAL) Current
NEIGHBORHOOD: SHOPPING CENTER
OFFICE BUILDING
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
1964
Construction
CONCRETE
Heating
PACKAGE
Cooling
Yes
Stories
1
Buildings
3
Units
2
Lot
2.16 ac
Current owner
From public records · entity-resolved
National Retail Properties LP
Entity
Mailing address
450 S ORANGE AVE STE #900, ORLANDO, FL 32801-3339
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 31, 2022
$5,000,000
National Retail Properties LP
Dfa LLC
Special Warranty Deed
—
Aug 20, 2021
$3,300,000
Dfa LLC
Terri J Hamlin
Special Warranty Deed
$2,320,000 · Lexicon Bank
Aug 16, 2017
—
Hamlin,edward Living Trust
Hamlin,edward
Quit Claim Deed
related
—
Jul 24, 2013
—
Hamlin,tainsh Living Trust
Hamlin,terri J
Quit Claim Deed
related
—
Jul 12, 2013
—
Terri J Hamlin
Hamlin J Edward & T Trust
Quit Claim Deed
related
—
Jun 17, 1997
$421,000
J Edward Hamlin
Bass Manufacturing INC
Grant Deed
—
Feb 7, 1994
$450,000
Bass Cabinet Manufacturing INC V
Brinton Trust
Grant Deed
$441,160 · Seller Carry Back
—
—
Hamlin J Edward & Terri Trust
—
Deed Of Trust
related
$1,000,000 · Biltmore Bank Of Arizona
—
—
Hamlin J E & Terri Trust
—
Deed Of Trust
related
$800,000 · Merrill Lynch Business Finl Sv
—
—
Hamlin,j E & Terri Trust
—
Deed Of Trust
related
$700,000 · Merrill Lynch Business Finl Sv
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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