New search
Property profile & analytics
OFF-MARKET
Estimated value
$15,985,000
Parking lots & garages
650 2nd Ave, Phoenix, AZ 85003-1546
Entity Owned
13-yr Hold
~
Est. High Equity
Property ID
US07-2337346
Property profile
Verified
Property type
Parking lots & garages
Use group
PARKING GARAGE, PARKING STRUCTURE
Year built
2013
Construction
CONCRETE
Total area
26,116 SF
Lot
0.88 ac (38,514 SF)
Zoning code
DTC-E-ROO
APN
111-40-123
UPID
US07-2337346
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
-
Urban Living on 2nd Ave | Native American Connections Apartment Complex
-
SmokeFire Media Advertising Agency Marketing & Advertising
-
Marc Center of Mesa Industrial Manufacturer
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$16.28M
Blend (final)
Blend
$15.99M
Owner & transaction history
650 N Second Avenue LP · 13 yrs held
650 N Second Avenue LP
since 2012
4 recorded transactions
Zoning & alternative use
DTC-E-ROO · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$20.8M
+134.5%
Restaurant
$13.9M
+57.4%
Auto repair, garage
$11.0M
+24.6%
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
COMMERCIAL (GENERAL)
$20,770,000
Change: +134% · Conversion: Difficult
RESTAURANT
$13,945,000
Change: +57% · Conversion: Difficult
AUTO REPAIR, GARAGE
$11,035,000
Change: +25% · Conversion: Difficult
Blend value · Realmo final
$15.99M
Range $14.39M – $17.58M · ±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
$612 / 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
Assessed value
$1,433,745
Assessed 2024
Previous assessed
$924,390
+55.1% YoY
Land market value
$1,911,600
Improvement market value
$7,646,700
Total market value
$9,558,300
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
Parking lots & garages
Use group
PARKING GARAGE, PARKING STRUCTURE
Status
Off-Market
Year built
2013
Construction
CONCRETE
Heating
NONE
Buildings
3
Stories
1
Units
70
Total area
26,116 SF
Lot
0.88 ac (38,514 SF)
Zoning code
DTC-E-ROO
APN
111-40-123
UPID
US07-2337346
Jurisdiction
MARICOPA
Zoning & alternative use
DTC-E-ROO · Phoenix, AZ
Zoning DTC-E-ROO · permitted uses
DTC-E-ROO · 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
COMMERCIAL (GENERAL)
Est. value
$20.8M
RESTAURANT
Est. value
$13.9M
AUTO REPAIR, GARAGE
Est. value
$11.0M
COMMERCIAL (GENERAL)
RESTAURANT
AUTO REPAIR, GARAGE
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
2013
Construction
CONCRETE
Heating
NONE
Stories
1
Buildings
3
Units
70
Lot
0.88 ac
Current owner
From public records · entity-resolved
650 N Second Avenue LP
Entity
Mailing address
4520 N CENTRAL AVE STE #600, PHOENIX, AZ 85012-1848
Ownership since
2012
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 24, 2012
$850,000
650 N Second Avenue LP
Native American Connections INC
Special Warranty Deed
$8,687,711 · Wells Fargo Bank NA
—
—
Native American Connections In
—
Deed Of Trust
related
$1,000,000 · Johnson Bk
—
—
650 N Second Avenue LP
—
Deed Of Trust
related
$629,630 · 650 N Second Avenue LLC
—
—
Native American Connections In
—
Deed Of Trust
related
$68,900 · Johnson Bk/az
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
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 650 2nd Ave?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
