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Property profile & analytics
OFF-MARKET
Estimated value
$2,320,000
Retail space
509 Mcdowell Rd Phoenix, AZ 85003-1216
Entity Owned
5-yr Hold
Free & Clear
Property ID
US07-0008253
Property summary
AI-generated overview
Easley's Center, a Class A, stabilized retail investment property located at 509 W McDowell Rd, Phoenix, AZ 85003, presents a compelling opportunity. This multi-tenant property, encompassing 13,259 square feet across two buildings on a 24,924 square foot lot, boasts 100% occupancy with seven tenants. The property features a mix of uses including restaurant, shopping center, and storefront spaces, totaling 11,959 net rentable square feet. Recently renovated in 2022, the property offers modern finishes and a distinctive design. The asking price is $5,500,000, representing a price per square foot of $414.81 and a 5.00% cap rate. The property benefits from a high-traffic location on McDowell Road, within a densely populated area with strong daytime population and income levels from nearby historic neighborhoods. Seller financing is available. The property's location provides excellent street-front exposure and is situated near the Willo and Encanto districts. This is a truly exceptional opportunity to acquire a trophy asset in a prime downtown Phoenix submarket. The property is a NNN lease type and has a Maricopa County APN of 111-31-137A.
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1956
Total area
9,042 SF
Lot
0.57 ac (24,924 SF)
APN
111-31-137A
UPID
US07-0008253
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
-
Roses by the Stairs Brewing Production Facility Brewery & Distillery
-
Caffe Vita Coffee Roasting Cafe & Coffee Shop
-
Cave & Post Trading Co. (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.34M
Blend (final)
Blend
$2.32M
Owner & transaction history
City Of Phoenix · 5 yrs held
City Of Phoenix
since 2021
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$3.8M
+41.8%
Office building
$2.7M
+0.7%
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
$2,695,000
Current use
AUTO REPAIR, GARAGE
$3,820,000
Change: +42% · Conversion: Difficult
OFFICE BUILDING
$2,715,000
Change: +1% · Conversion: Easy
MEDICAL BUILDING
$2,400,000
Change: -11% · Conversion: Difficult
WAREHOUSE, STORAGE
$2,345,000
Change: -13% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$2,300,000
Change: -15% · Conversion: Moderate
Blend value · Realmo final
$2.32M
Range $2.09M – $2.55M · ±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
$257 / 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 2022Property tax & assessments
Tax year 2022
Tax billed
$14,232
Tax year 2022
Assessed value
$245,594
Assessed 2024
Previous assessed
$68,768
+257.1% YoY
Effective rate
5.79%
On assessed value
Land market value
$625,500
Improvement market value
$1,047,622
Total market value
$1,673,122
Applied tax rate
11,300.0000
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1956
Buildings
2
Stories
2
Total area
9,042 SF
Lot
0.57 ac (24,924 SF)
APN
111-31-137A
UPID
US07-0008253
Jurisdiction
MARICOPA
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$2.7M
AUTO REPAIR, GARAGE
Est. value
$3.8M
OFFICE BUILDING
Est. value
$2.7M
MEDICAL BUILDING
Est. value
$2.4M
WAREHOUSE, STORAGE
Est. value
$2.3M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$2.3M
RETAIL STORES Current
AUTO REPAIR, GARAGE
OFFICE BUILDING
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
1956
Stories
2
Buildings
2
Lot
0.57 ac
Current owner
From public records · entity-resolved
City Of Phoenix
Entity
Free & Clear · 5 yrs held
Mailing address
4211 N MARSHALL WAY STE #200, SCOTTSDALE, AZ 85251-3299
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 31, 2025
—
Vita On Mcdowell LLC
—
Deed
related
$900,000 · Zb NA
Jun 22, 2021
—
City Of Phoenix
Vita On Mcdowell LLC
Warranty Deed
—
Mar 9, 2021
$2,897,633
Vita On Mcdowell LLC
Harrell Aviation LLC
Special Warranty Deed
—
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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