Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    7243 16th St Phoenix, AZ 85020-5203

    • Office buildings
    • 11,429 SF
    • 0.65 lot acres
    OFF-MARKET
    Last Sale
    Jul 09, 2021
    $1,820,000
    Value Estimations
    $2,365,000
    Show details
    Cap Rate Potential
    8.3%
    Office buildings
    Location Intelligence
    Property ID
    US07-0786158
    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

    • Dessaules Law Group / Family Law Attorney / Labor Relations Attorney
    • Rosenzweig Andrew E / Attorney
    • Thayer & Thayer: Thayer Ted J / Attorney
    • Joseph M Boyle Law Offices / Accountant
    • Sato Brown Sara L / Attorney

    Property Details for 7243 16th St

    Year built
    1984
    Construction
    CONCRETE
    Lot size
    0.65 lot acres
    Property size
    11,429 SF
    Zone code
    C-O
    Property type
    Office buildings
    APN
    164-24-020B
    APU
    16424020B

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,520,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,480,000
      6.5%
      $3,210,000
      7%
      $2,980,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,409,000
      Market price range: $464k - $3.14M
      AI Estimate
      $2,409,000
      Market price range: $464k - $3.14M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,970,000
      Current use
      RETAIL STORES
      $3,405,000
      Change: +73% Conversion: Moderate
      MEDICAL BUILDING
      $3,035,000
      Change: +54% Conversion: Easy
      WAREHOUSE, STORAGE
      $2,965,000
      Change: +50% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $2,910,000
      Change: +48% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.047
    Latitude
    33.5432
    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
    $21,030
    $0.00
    $0.00
    $324,225
    -
    $1,179,600
    $785,400
    $1,965,000

    Comparable in this City

    • Value Estimation by Request
      704 SF

      744 Dunlap Ave

      OFFICE BUILDING • 704 SF
      744 Dunlap Ave, Phoenix, AZ 85020-2918
      View Details
    • Value Estimation by Request
      3,388 SF

      9109 Central Ave

      OFFICE BUILDING • 3,388 SF
      9109 Central Ave, Phoenix, AZ 85020-2413
      View Details
    • Value Estimation
      $1,110,000
      16,812 SF

      1599 Orangewood Ave Ste, Unit 250

      OFFICE BUILDING • 16,812 SF
      1599 Orangewood Ave Ste, Phoenix, AZ 85020-5161
      View Details
    • Value Estimation by Request
      1,842 SF

      7143 7th St

      OFFICE BUILDING • 1,842 SF
      7143 7th St, Phoenix, AZ 85020-5303
      View Details
    • Value Estimation by Request
      746 SF

      9050 9th St

      OFFICE BUILDING • 746 SF
      9050 9th St, Phoenix, AZ 85020-2623
      View Details
    • Value Estimation by Request
      970 SF

      11111 7th St

      OFFICE BUILDING • 970 SF
      11111 7th St, Phoenix, AZ 85020-1176
      View Details

    Similar Nearby for Sale

    • $2,100,000
      7,624 SF

      Renovated Office in North Phoenix

      Recently renovated office building for sale or lease in Phoenix.
      8902 N Central Ave, Phoenix, AZ 85020
      View Details
    • $902,020
      2,653 SF

      Phoenix Office Condo - 2653 SF

      Prime Phoenix office condo, fully furnished option.
      7220 N 16th St, Phoenix, AZ 85020
      View Details
    • $4,900,000
      11 SF

      Redevelopment Opportunity in Phoenix, AZ

      11,800 SF property suitable for redevelopment, renovation, or owner-user.
      9401-9415 N Central Ave, Phoenix, AZ 85020
      View Details
    • Contact for pricing
      1,680 SF

      Phoenix Office Building For Sale

      Centrally located Phoenix office, suitable for medical or general use.
      1432 East Northern Ave, Phoenix, AZ 85020
      View Details
    • $2,600,000
      10,460 SF

      Prime Phoenix Office Building

      10,460 SF Office, $2.6M
      10828 Cave Creek Rd, Phoenix, AZ 85020
      View Details
    • Contact for pricing

      Phoenix Multifamily Land Investment

      Prime Phoenix location, multifamily potential.
      8910 8Th St, Phoenix, AZ 85020
      View Details

    Similar Nearby for Lease

    • $24 SF/Yr
      8,462 SF

      Contemporary Office Space with Views

      Modern office building with exposed ceilings and mountain views.
      1555 E Orangewood Ave, Phoenix, AZ 85020
      View Details
    • $32 SF/Yr
      125 SF

      Class A Office Building For Rent

      Class A office building with mountain views and convenient location.
      7740 N 16Th St, Phoenix, AZ 85020
      View Details
    • $32 SF/Yr
      165 SF

      Class A Office Building ForRent

      Class A office building with mountain views and convenient access.
      7720 N 16Th St, Phoenix, AZ 85020
      View Details
    • Contact for pricing
      3,650 SF

      Freestanding Building with Modern Finishes

      Recently renovated freestanding building suitable for medical, office, or education.
      9014 S Central Ave, Phoenix, AZ 85020
      View Details
    • Contact for pricing
      3,200 SF

      Renovated Office Buildings For Rent

      Two-story office buildings with conference room and covered parking.
      8808-8686 N Central Ave, Phoenix, AZ 85020
      View Details
    • Contact for pricing
      3,200 SF

      Phoenix Office Space for Lease

      Modern Office Suites, Flexible Sizes
      8808 Central Ave, Phoenix, AZ 85020
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    7243 16th St
    Phoenix, AZ 85020-5203
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.