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Property profile & analytics
FOR LEASE
Parking lots & garages
707 S Farmer Ave, Tempe, AZ 85281
Entity Owned
4-yr Hold
Property ID
US07-2259220
For Lease
1 / 2
$11,675,000
707 S Farmer Ave, Tempe, AZ 85281
View Listing →
Property profile
Verified
Property type
Parking lots & garages
Use group
PARKING GARAGE, PARKING STRUCTURE
Year built
2021
Total area
24,678 SF
Lot
1.38 ac (60,185 SF)
Zoning code
MU-4
APN
124-33-361
UPID
US07-2259220
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
-
Blink Charging Station Electric Vehicle Charging Station
-
Parlor Doughnuts Bakery Discount Store
-
TRND Setters Barbershop Barber Shop
-
Hudson on Farmer Apartment Complex Apartment Building
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$11.69M
Blend (final)
Blend
$11.68M
Owner & transaction history
City Of Tempe · 4 yrs held
City Of Tempe
since 2021
7 recorded transactions
Zoning & alternative use
MU-4 · Tempe, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$17.2M
+198.3%
Auto repair, garage
$17.0M
+194.2%
Retail stores
$13.0M
+125.4%
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
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
RESTAURANT
$17,200,000
Change: +198% · Conversion: Difficult
AUTO REPAIR, GARAGE
$16,965,000
Change: +194% · Conversion: Difficult
RETAIL STORES
$12,995,000
Change: +125% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$12,390,000
Change: +115% · Conversion: Difficult
Blend value · Realmo final
$11.68M
Range $10.51M – $12.84M · ±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
$473 / 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
$5,912,410
Assessed 2024
Previous assessed
$4,422,880
+33.7% YoY
Land market value
$11,824,800
Improvement market value
$47,299,300
Total market value
$59,124,100
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
Parking lots & garages
Use group
PARKING GARAGE, PARKING STRUCTURE
Status
For Lease
Year built
2021
Heating
NONE
Buildings
5
Stories
1
Units
171
Total area
24,678 SF
Lot
1.38 ac (60,185 SF)
Zoning code
MU-4
APN
124-33-361
UPID
US07-2259220
Jurisdiction
MARICOPA
Zoning & alternative use
MU-4 · Tempe, AZ
Zoning MU-4 · permitted uses
MU-4 · 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
RESTAURANT
Est. value
$17.2M
AUTO REPAIR, GARAGE
Est. value
$17.0M
RETAIL STORES
Est. value
$13.0M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$12.4M
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
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
2021
Heating
NONE
Stories
1
Buildings
5
Units
171
Lot
1.38 ac
Current owner
From public records · entity-resolved
City Of Tempe
Entity
Mailing address
31 E 5TH ST, TEMPE, AZ 85281-3601
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
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 11, 2022
—
Icg1031 Hudson Dst
—
Deed
related
$52,800,000 · Banc Of California NA
Oct 5, 2021
—
City Of Tempe
8th & Farmer Owner LLC
Special Warranty Deed
$45,000,000 · Sm Finance II H LLC
Nov 23, 2020
—
Farmer Arts LLC
—
Deed
related
—
Sep 19, 2019
—
Farmer Arts LLC
City Of Tempe
Grant Deed
$2,000,000 · Miscellaneous Govt Agcy
Aug 23, 2019
—
8th & Farmer LLC
Farmer Arts Lot I LLC
Special Warranty Deed
$35,000,000 · Western Alliance Bank
Feb 28, 2019
—
Farmer Arts LLC
City Of Tempe
Grant Deed
related
—
—
—
Farmer Arts LLC
—
Loan Modification
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.
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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