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Property profile & analytics
FOR LEASE
Retail space
740 S Mill Ave Tempe, AZ 85281
Entity Owned
4-yr Hold
Free & Clear
Property ID
US07-0986210
For Lease
1 / 2
$32,835,000
740 S Mill Ave, Tempe, AZ 85281
View Listing →
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1997
Construction
STEEL FRAME
Total area
51,035 SF
Lot
1.24 ac (53,840 SF)
Zoning code
C-C
APN
132-30-145
UPID
US07-0986210
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
-
Dragon Tea Cafe & Coffee Shop
-
Audacious Studios Marketing & Advertising Advertising Agency
-
University Sports Grill Bar & Pub Restaurant
-
Dr Pattoff Inc Physician
-
Dorrance Scholarship Programs Association Or Organization
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$33.14M
Blend (final)
Blend
$32.84M
Owner & transaction history
City Of Goodyear · 4 yrs held
City Of Goodyear
since 2022
6 recorded transactions
Zoning & alternative use
C-C · Tempe, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$35.6M
+32.4%
Auto repair, garage
$35.1M
+30.5%
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
RETAIL STORES
$26,875,000
Current use
RESTAURANT
$35,575,000
Change: +32% · Conversion: Easy
AUTO REPAIR, GARAGE
$35,080,000
Change: +31% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$25,625,000
Change: -5% · Conversion: Moderate
Blend value · Realmo final
$32.84M
Range $29.55M – $36.12M · ±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
$643 / 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
Tax billed
$199,688
Tax year 2023
Assessed value
$2,482,431
Assessed 2024
Previous assessed
$1,985,022
+25.1% YoY
Effective rate
8.04%
On assessed value
Land market value
$4,307,200
Improvement market value
$10,737,834
Total market value
$15,045,034
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
For Lease
Year built
1997
Construction
STEEL FRAME
Heating
PACKAGE
Cooling
YES
Stories
2
Total area
51,035 SF
Lot
1.24 ac (53,840 SF)
Zoning code
C-C
APN
132-30-145
UPID
US07-0986210
Jurisdiction
MARICOPA
Zoning & alternative use
C-C · Tempe, AZ
Zoning C-C · permitted uses
C-C · 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
RETAIL STORES Current
Est. value
$26.9M
RESTAURANT
Est. value
$35.6M
AUTO REPAIR, GARAGE
Est. value
$35.1M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$25.6M
RETAIL STORES Current
RESTAURANT
AUTO REPAIR, GARAGE
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
1997
Construction
STEEL FRAME
Heating
PACKAGE
Cooling
Yes
Stories
2
Lot
1.24 ac
Current owner
From public records · entity-resolved
City Of Goodyear
Entity
Free & Clear · 4 yrs held
Mailing address
290-700 6TH CALGARY AVE SW XX
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 1, 2022
—
City Of Goodyear
Mreg Bullard LLC
Special Warranty Deed
—
Dec 12, 2019
$60,000,000
Centerpoint On Mill Invs LP
Mill Avenue Retail LLC
Trustees Deed
$36,250,000 · Gim Com'l Mtg Ln Fund LP
Jun 29, 2016
—
Mill Avenue Retail LLC
—
Deed
related
$200,000,000 · Jp Morgan Chase Bk
Sep 30, 2013
$38,350,000
Mill Avenue Retail LLC
Centerpoint Holdings LLC
Grant Deed
—
Mar 31, 1997
—
Plaza L P Centerpoint
Centerpoint Plaza 1 L P
Quit Claim Deed
related
—
—
—
Mill Avenue Retail LLC
—
Deed Of Trust
related
$200,000,000 · Jp Morgan Chase Bk
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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