Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    903 Miller Rd Tempe, AZ 85288-1933
    Back to Search
    Property profile & analytics

    903 Miller Rd, Tempe, AZ 85288-1933

    View on Map
    • Auto shops
    • 3,750 SF
    • 0.94 lot acres
    Off-Market
    Last Sale Dec 1, 2021
    $1,750,000
    Property ID
    US07-1224454
    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.
    Value Estimations
    $1,715,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Ron Fassl Automotive / Auto Repair Shop
    • Race Fuel in Phoenix / BGB Steel / University / Construction
    • Powder Coat It / Powder Coating Service / Service Establishment

    Property Details for 903 Miller Rd

    Year built
    1976
    Construction
    STEEL FRAME
    Lot size
    0.94 lot acres
    Zone code
    GID
    Property type
    Auto shops
    APN
    132-17-002B
    APU
    13217002B

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Dec 1, 2021 $1,750,000 North Miller Road Ownership LLC Gregg D York Warranty Deed —
    Mar 14, 2019 — Gregory D York — Deed · related $260k · Ks Statebank
    Apr 27, 1995 $235,000 Gregg D York Zavala Trust Grant Deed $177k
    — — Gregory D York — Deed Of Trust · related $260k · Ks Statebank
    — — Gregg D York — Deed Of Trust · related $100k · Sonoma National Bank

    Description

    This exceptional 1.8-acre development site in Tempe, Arizona, presents a rare opportunity to construct a 207-unit Class A multifamily building. Located at 903 & 909 N Miller Rd (APN: 132-17-007G, 002B), this fully entitled project boasts a PAD zoning designation within the city of Tempe. The site offers 303,984 square feet of total area, with 160,740 square feet of net rentable space spread across a six-story building. Its prime location directly on the green belt provides residents with convenient access to outdoor recreation. Furthermore, its proximity to Arizona State University's NOVUS Innovation Corridor and the South Pier Master Plan ensures strong demand from both students and professionals. The property benefits from excellent freeway access and is situated in an economically resilient submarket, making it an ideal investment for those seeking immediate development potential. The project's designation as an Opportunity Zone further enhances its investment appeal. This is one of the last remaining infill opportunities in Tempe, offering immediate development potential with all necessary approvals already in place. The property's strategic location and strong market fundamentals make it a compelling investment opportunity. The asking price for this exceptional development site is $7,100,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,640,000

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $2,580,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Tempe
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.918
    Latitude
    33.439
    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
    2022
    $9,683
    $0.00
    $0.00
    $196,928
    -
    $1,128,900
    $64,600
    $1,193,500

    Comparable in this City

    • Value Estimation
      $1,495,000
      3,010 SF

      919 Mary St

      AUTO REPAIR, GARAGE
      919 Mary St, Tempe, AZ 85288-1952
      View Details
    • Value Estimation
      $3,575,000
      6,656 SF

      235 Siesta Ln

      AUTO REPAIR, GARAGE
      235 Siesta Ln, Tempe, AZ 85288-3045
      View Details
    • Value Estimation
      $2,595,000
      4,120 SF

      1833 3rd St

      AUTO REPAIR, GARAGE
      1833 3rd St, Tempe, AZ 85288-2901
      View Details
    • Value Estimation
      $1,055,000
      3,861 SF

      940 Gilbert Dr

      AUTO REPAIR, GARAGE
      940 Gilbert Dr, Tempe, AZ 85288-2102
      View Details
    • Value Estimation
      $4,745,000
      7,823 SF

      2005 Rio Salado Pkwy

      AUTO REPAIR, GARAGE
      2005 Rio Salado Pkwy, Tempe, AZ 85288-3006
      View Details
    • Value Estimation
      $925,000
      2,000 SF

      832 Mary St

      AUTO REPAIR, GARAGE
      832 Mary St, Tempe, AZ 85288-1919
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,956 SF

      Tempe Infill IOS Investment Opportunity

      1.32-acre property in Tempe with redevelopment potential.
      1815 E 3Rd St, Tempe, AZ 85288
      View Details
    • Contact for pricing

      Gas Station on University Drive

      Gas station with high traffic and visibility in Tempe, AZ.
      2309 E University Dr, Tempe, AZ 85288
      View Details
    • Contact for pricing
      3,000 SF

      Automotive Building Redevelopment Opportunity

      3,000 SF automotive building on McClintock Drive for sale.
      221 S Mcclintock Dr, Tempe, AZ 85288
      View Details
    • Contact for pricing

      Tempe's Premier Mixed-Use Destination

      Mixed-use development with office, retail, residential, and hospitality spaces.
      410 N Scottsdale Rd, Tempe, AZ 85288
      View Details
    • Contact for pricing
      3,000 SF

      Tempe Retail Property For Sale

      Retail property with 3,000 square feet of space in Tempe.
      221 S Mcclintock Dr, Tempe, AZ 85288
      View Details
    • Contact for pricing
      2,500 SF

      Turnkey Ramen Restaurant in Tempe

      Fully built-out restaurant in high-demand Tempe location.
      1857 N Scottsdale Rd, Tempe, AZ 85288
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      7,000 SF

      Retail Space with Patio Available

      First-generation retail space with patio overlooking Tempe Town Lake.
      1001 E Playa Del Norte Dr, Tempe, AZ 85288
      View Details
    • Contact for pricing

      Retail Space For Lease

      Retail spaces available for lease.
      904 North Scottsdale Rd, Tempe, AZ 85288
      View Details
    • Contact for pricing

      Waterfront Retail and Restaurant Space

      Luxury retail and restaurant spaces in new waterfront community.
      E/SEC Scottsdale Rd & Rio Salado Pkwy, Tempe, AZ 85288
      View Details
    • Contact for pricing
      1,475 SF

      Retail Space Near Public Park

      Retail space adjacent to a new public park and waterfront.
      1306 E Vista Del Lago Dr, Tempe, AZ 85288
      View Details
    • Contact for pricing

      Commercial Kitchens for Food Operators

      Private commercial kitchens suitable for catering and food preparation businesses.
      1900 E 5Th St, Tempe, AZ 85288
      View Details
    • Contact for pricing
      33,000 SF

      Tempe Office Space Available

      334,000 sq ft office space for rent.
      1145 Vista Del Lago Dr, Tempe, AZ 85288
      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.
    903 Miller Rd
    Tempe, AZ 85288-1933
    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

    Thank You for Inquiry
    903 Miller Rd, Tempe, AZ, 85288
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!