Former Surgery Center For
For Sale
Contact for pricing
1241 N Wilmot Rd, Tucson, AZ 85712
Two-story, high-profile building suitable for medical or professional office use.
Property Size7,607 SF
Lot Size0.44 Acres
Price / SF$197.19
Days on Market151
Property Features for 1241 N Wilmot Rd
General Information
Standard status
Active
Size
7,607 SF
Class
B
Lot size
0.44 Acres
Property subtype
Office
Zoning
O-3, Tucson
Building Details
Year Built
1988
Buildings
1
Tenancy
Multi
Listing Agency:
Cushman & Wakefield PICOR Commercial Real Estate Services - Tucson, Arizona
Listed By:
Richard Kleiner · License #AZ SA111637000
Source:
Crexi
Added: Mar 24
Changed: Aug 21
Last Checked: Aug 21 at 9:48AM
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 Cushman & Wakefield PICOR Commercial Real Estate Services - Tucson, Arizona
Investment Insights
Based on property information with market context.
This uniquely designed two-story building, formerly a surgery center, is available for sale and suitable for conversion to other medical and professional office uses. The first floor, encompassing approximately 6,700 square feet, features newly improved spaces including 5 exam rooms, a procedure room, nurse stations, 3 offices, a business area, storage, a reception area, and 3 restrooms. It also includes an operating room that was formerly licensed. The second floor, spanning approximately 900 square feet, includes 2 offices, a conference room, business and work areas, storage, laundry facilities, 1 restroom, and a mechanical penthouse. The property offers high accessibility to the eastside and midtown areas, with outstanding signage and visibility. At-door parking is available, including a private parking space for pre- and post-surgery patient entrance and exit. The tax parcel number is 121-08-2790, with a parcel size of 19,126 square feet. It is located in the City of Tucson and zoned O-3. The 2025 real estate tax is $18,657.28. The total property size is 7,607 square feet.
Key Highlights
- High‑profile, uniquely designed former Surgery Center suitable for medical or professional office conversion.
- First floor features ±6,700 SF with newly improved exam rooms, procedure room, nurse stations, offices, and reception area.
- Highly accessible location with outstanding signage and visibility.
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
$111,157
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
7.41%
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%
$2,223,140
$2.2M
Cap Rate 7%
$1,587,957
$1.6M
Cap Rate 9%
$1,235,078
$1.2M
Market Conditions
NOI Build-Up for 7,607 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
$164.3K $21.60/SF
− Vacancy
−$16.1K −$2.12/SF
EGI
$148.2K $19.48/SF
− OpEx
−$37.1K −$4.87/SF
NOI
$111.2K $14.61/SF
Area
Tucson, AZ
Vacancy
9.80%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$2,223,140
Cap Rate 7%
$1,587,957
Cap Rate 9%
$1,235,078
Alternative Uses
Best Use
Office B
$1.59M
$1.39M – $1.85M
NOI $111,157 @ 7.0% cap · market cap 7.41%
Second Best
Healthcare Medical
$1.45M
$1.27M – $1.69M
NOI $101,325 @ 7.0% cap · market cap 6.76%
Theoretical Best
Office A
$1.98M
$1.73M – $2.31M
NOI $138,328 @ 7.0% cap · market cap 9.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,812
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85712, AZ
33,108
Population
18,215
Households
1.8
Avg Household Size
44
Median Age
37%
College-Educated
90%
High-School Grad
6.8 sq mi
ZIP Area
4,869
Density / Sq Mi
$48,185
Median Household Income
$39,090
Median Earnings
$947
Median Rent
$250,400
Median Home Value
Market
Vacancy Rate% for Office in Tucson, AZ
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Two-story, high-profile building suitable for medical or professional office use.
Where is this medical office space located?
The property is located at 1241 N Wilmot Rd Tucson, AZ.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: High‑profile, uniquely designed former Surgery Center suitable for medical or professional office conversion.; First floor features **±6,700 SF with newly improved exam rooms, procedure room, nurse stations, offices, and reception area.**; Highly accessible location with outstanding signage and visibility.
