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    Property profile & analytics

    720 Highland Ave Phoenix, AZ 85013

    • Distribution centers
    • 9,902 SF
    • 1.12 lot acres
    For Lease
    View listing
    Last Sale
    Jun 30, 2020
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-0372631
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Johnny's Wok & Boba / Restaurant / Take-out & Catering
    • J&A catering / Catering Service / Take-out & Catering
    • Egg Joy / Restaurant
    • Super Salad / Restaurant
    • Wicked Wich / Restaurant

    Property Details for 720 Highland Ave

    Year built
    1980
    Construction
    CONCRETE
    Lot size
    1.12 lot acres
    Property size
    9,902 SF
    Zone code
    C-3
    Property type
    Distribution centers
    APN
    155-36-087
    APU
    15536087

    Description

    This exceptional 200-square-foot commercial kitchen space, located at 720 W Highland Ave, Phoenix, AZ 85013, in Maricopa County, presents a fantastic opportunity for food entrepreneurs. Classified as a Class B property, this retail/restaurant space is currently entirely vacant and ready for immediate occupancy. The kitchen is perfect for a variety of food-related businesses, including ghost kitchens, catering companies, food trucks, or startups seeking a cost-effective entry into the market. The multiple tenancy structure allows for flexibility and potential for shared resources. This turnkey solution offers a significant advantage for businesses looking to minimize upfront investment and maximize operational efficiency. The property's location in Phoenix provides access to a large and diverse customer base, ideal for delivery services and catering operations. With its convenient location and readily available space, this kitchen is poised to become a thriving hub for culinary innovation. The 200 square feet provides ample space for efficient food preparation and storage. This is an excellent opportunity to establish a profitable food business with minimal overhead. The property is situated in a vibrant area of Phoenix, offering easy access to major transportation routes and a strong local customer base. Don't miss this chance to secure your place in the thriving Phoenix food scene.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,087,000
      Market price range: $1.34M - $4.33M
      AI Estimate
      $3,000,000
      Market price range: $1.26M - $4.25M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $2,570,000
      Current use
      AUTO REPAIR, GARAGE
      $4,185,000
      Change: +63% Conversion: Easy
      RETAIL STORES
      $2,950,000
      Change: +15% Conversion: Moderate
      MEDICAL BUILDING
      $2,630,000
      Change: +2% Conversion: Difficult
      OFFICE BUILDING
      $2,535,000
      Change: -1% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $2,520,000
      Change: -2% Conversion: Moderate

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.084
    Latitude
    33.5062
    CBSA code
    38060
    CBSA name
    PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $16,409
    $0.00
    $0.00
    $258,341
    -
    $704,400
    $861,300
    $1,565,700

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      WAREHOUSE, STORAGE • 2,000 SF
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      View Details

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    720 Highland Ave
    Phoenix, AZ 85013
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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