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    Phoenix, AZ 85016
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    Property profile & analytics

    Phoenix, AZ 85016

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    • Office buildings
    • 299,499 SF
    Off-Market
    Property ID
    US07-1058961
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office buildings

    Property Details

    Year built
    1988
    Property size
    299,499 SF
    Property type
    Office buildings
    APN
    164-60-010L
    APU
    16460010L

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $116,088,000
      Market price range: $29.6M - $116M
      AI Estimate
      $116,088,000
      Market price range: $18.2M - $116M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $77,860,000
      Current use
      RESTAURANT
      $159,940,000
      Change: +105% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $126,555,000
      Change: +63% Conversion: Difficult
      RETAIL STORES
      $82,955,000
      Change: +7% Conversion: Moderate
      MEDICAL BUILDING
      $79,500,000
      Change: +2% Conversion: Easy
      WAREHOUSE, STORAGE
      $77,730,000
      Change: -0% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $76,230,000
      Change: -2% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.07
    Latitude
    33.45
    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
    $0.00
    $0.00
    $0.00
    $12,368,318
    -
    $7,051,826
    $67,907,679
    $74,959,505

    Comparable in this City

    • Value Estimation
      $2,870,000
      10,012 SF

      5151 16th St

      OFFICE BUILDING (MULTI-STORY) • 10,012 SF
      5151 16th St, Phoenix, AZ 85016-3908
      View Details
    • Value Estimation
      $955,000
      4,150 SF

      3501 16th St

      OFFICE BUILDING • 4,150 SF
      3501 16th St, Phoenix, AZ 85016-6419
      View Details
    • Value Estimation by Request
      145,351 SF

      Phoenix, AZ 85016

      OFFICE BUILDING • 145,351 SF
      Phoenix, AZ 85016
      View Details
    • Value Estimation by Request
      214,132 SF

      Phoenix, AZ 85016

      OFFICE BUILDING • 214,132 SF
      Phoenix, AZ 85016
      View Details
    • Value Estimation
      $21,715,000
      58,096 SF

      2198 Camelback Rd

      OFFICE BUILDING • 58,096 SF
      2198 Camelback Rd, Phoenix, AZ 85016-4742
      View Details
    • Value Estimation
      $11,710,000
      30,216 SF

      3030 Camelback Rd, Unit 6

      OFFICE BUILDING • 30,216 SF
      3030 Camelback Rd, Phoenix, AZ 85016-4404
      View Details

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      5,000 SF

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      2,412 SF

      Unique Camelback Corridor Office Building

      Distinctive office building with secured parking in Camelback Corridor.
      4445 N 24Th St, Phoenix, AZ 85016
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    • $6,150,000

      Prime Camelback Corridor Location

      Located near AZ-51, CBD & Sky Harbor.
      1934 E Camelback Rd, Phoenix, AZ 85016
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      15,510 SF

      Phoenix Office Building For Rent

      15,510 SF office building with parking and signage.
      1802 E Thomas Rd, Phoenix, AZ 85016
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      18,919 SF

      Biltmore Area Office Opportunity

      Owner/user or sale-leaseback opportunity in Phoenix's Midtown submarket.
      2942 N 24Th St, Phoenix, AZ 85016
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      Phoenix Office Building For Sale

      322,406 SF office building in Phoenix, built in 1985.
      4742 North 24Th St, Phoenix, AZ 85016
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    Similar Nearby for Lease

    • Contact for pricing

      Phoenix Office Space For Lease

      Two-story office building with flexible suite ranges and move-in ready suites.
      6245 N 24Th St, Phoenix, AZ 85016
      View Details
    • $37 SF/Yr

      Premier Office Space with Amenities

      Office building with superior amenities and convenient access to Freeway.
      2111 E Highland Ave, Phoenix, AZ 85016
      View Details
    • Contact for pricing
      21,878 SF

      Class A Office Space Available

      Modernized office space with abundant amenities in premier location.
      2394 E Camelback Rd, Phoenix, AZ 85016
      View Details
    • Contact for pricing

      Premier Office Building with Amenities

      Office building with superior amenities and convenient location for rent.
      2111 E Highland Ave, Phoenix, AZ 85016
      View Details
    • Contact for pricing

      Class A Office Building

      Prime business address with modern amenities and convenient access.
      2375 E Camelback Rd, Phoenix, AZ 85016
      View Details
    • Contact for pricing
      43,501 SF

      Phoenix Office Space For Rent

      43,501 square foot office space available for lease.
      2425 East Camelback Rd, Phoenix, AZ 85016
      View Details
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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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