Downtown Bisbee Retail Storefronts For
For Sale
$394,000
31 Subway Street, Bisbee, AZ 85603
Three retail spaces in historic downtown Bisbee with recent upgrades.
Property Size2,603 SF
Lot Size0.07 Acres
Price / SF$151.36
Days on Market754
Property Features for 31 Subway Street
General Information
Standard status
Active
Size
2,603 SF
Lot size
0.07 Acres
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$3,039
Building Details
Year Built
1940
Listing Agency:
Eliza Adams Real Estate
(518) 755-3562
Listed By:
Elizabeth Adams · License #BR656010000
(518) 755-3562
Source:
Exitrealty
Added: Jul 24, 2024
Changed: Aug 8
Last Checked: Aug 8 at 6:24AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Eliza Adams Real Estate
Investment Insights
Based on property information with market context.
Located in downtown Old Bisbee, this property features 2,603 square feet of commercial space divided into three separate retail storefronts. Each unit is approximately 820 square feet and includes separate entrances, large display windows, and 15-foot ceilings. Each unit is equipped with its own electrical meter and bathroom. Recent improvements to the property include a new HVAC system, a new roof, upgraded electrical and plumbing systems, and new interior and exterior paint.
Key Highlights
- Three separate retail spaces/storefronts (approx. 820 sq ft each) in Downtown Old Bisbee.
- Recent improvements: new HVAC, roof, upgraded electrical & plumbing, new paint, and two additional bathrooms.
- Each unit has separate entrances, large display windows, and 15' ceilings.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$16,802
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.26%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$336,040
$336.0K
Cap Rate 7%
$240,029
$240.0K
Cap Rate 9%
$186,689
$186.7K
Market Conditions
NOI Build-Up for 2,603 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$29.7K $11.40/SF
− Vacancy
−$5.7K −$2.18/SF
EGI
$24.0K $9.22/SF
− OpEx
−$7.2K −$2.77/SF
NOI
$16.8K $6.46/SF
Area
Cochise County, AZ
Vacancy
19.11%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$336,040
Cap Rate 7%
$240,029
Cap Rate 9%
$186,689
Alternative Uses
Best Use
Retail
$240.0K
$210.0K – $280.0K
NOI $16,802 @ 7.0% cap · market cap 4.26%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$385.7K
$337.5K – $450.0K
NOI $27,000 @ 7.0% cap · market cap 6.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
408
Businesses Nearby
Explore this area
Business Placement
Demographics for 85603, AZ
6,342
Population
4,183
Households
1.5
Avg Household Size
55
Median Age
30%
College-Educated
90%
High-School Grad
227.6 sq mi
ZIP Area
28
Density / Sq Mi
$46,509
Median Household Income
$27,690
Median Earnings
$835
Median Rent
$204,900
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Three retail spaces in historic downtown Bisbee with recent upgrades.
Where is this storefront property located?
The property is located at 31 Subway Street Bisbee, AZ.
What is the asking price?
The asking price for this property is $394,000.
What are key features of this property?
This property features: Three separate retail spaces/storefronts (approx. 820 sq ft each) in Downtown Old Bisbee.; Recent improvements: new HVAC, roof, upgraded electrical & plumbing, new paint, and two additional bathrooms.; Each unit has separate entrances, large display windows, and 15' ceilings.
