Creative Office Flex Retail
For Sale
$1,800,000
220 East Broadway Boulevard, Tucson, AZ 85701
Single-story brick building built in 1944 with exposed brick, skylights, and concrete floors.
Property Size8,100 SF
Price / SF$222.22
Days on Market48
Property Features for 220 East Broadway Boulevard
General Information
Standard status
Active
Size
8,100 SF
Property subtype
FlexIndustrial
Zoning
OCR-2
Building Details
Year Built
1944
Stories
1
Listing Agency:
CBRE | Tucson
Listed By:
Jeff Casper · License #632063
(520) 323-5181
Source:
Cbre
Added: Jul 20
Changed: Aug 16
Last Checked: Sep 5 at 4:09AM
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 CBRE | Tucson
Investment Insights
Based on property information with market context.
Creative Office/Flex/Retail building built in 1944, featuring a single-story brick-faced structure. Interior highlights include exposed brick walls, barrel truss ceilings with large skylights, and concrete floors. The property was originally used for auto repair and later served as the former home of Thunder Canyon & Brick Box Brewery.
The building is situated in the heart of Downtown’s Entertainment District along the Modern Streetcar route connecting Downtown to the U of A. High-visibility signage is available, and the property is zoned OCR-2 (City of Tucson).
This combination of character finishes and open interior spaces supports a range of creative office and flex retail uses, with existing brewery and former auto-repair history informing the building’s adaptable layout.
The building is situated in the heart of Downtown’s Entertainment District along the Modern Streetcar route connecting Downtown to the U of A. High-visibility signage is available, and the property is zoned OCR-2 (City of Tucson).
This combination of character finishes and open interior spaces supports a range of creative office and flex retail uses, with existing brewery and former auto-repair history informing the building’s adaptable layout.
Key Highlights
- Single‑story brick office/flex/retail building built in 1944
- Interior includes exposed brick walls, barrel truss ceilings with large skylights, and concrete floors
- Former home of Thunder Canyon & Brick Box Brewery; originally used for auto repair
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
$118,360
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
6.58%
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%
$2,367,200
$2.4M
Cap Rate 7%
$1,690,857
$1.7M
Cap Rate 9%
$1,315,111
$1.3M
Market Conditions
NOI Build-Up for 8,100 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
$175.0K $21.60/SF
− Vacancy
−$17.1K −$2.12/SF
EGI
$157.8K $19.48/SF
− OpEx
−$39.5K −$4.87/SF
NOI
$118.4K $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%
$2,367,200
Cap Rate 7%
$1,690,857
Cap Rate 9%
$1,315,111
Alternative Uses
Best Use
Office B
$1.69M
$1.48M – $1.97M
NOI $118,360 @ 7.0% cap · market cap 6.58%
Second Best
Industrial
$838.5K
$733.7K – $978.3K
NOI $58,697 @ 7.0% cap · market cap 3.26%
Theoretical Best
Office A
$2.10M
$1.84M – $2.45M
NOI $147,293 @ 7.0% cap · market cap 8.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,544
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 85701, AZ
5,132
Population
3,631
Households
1.4
Avg Household Size
37
Median Age
57%
College-Educated
91%
High-School Grad
1.5 sq mi
ZIP Area
3,421
Density / Sq Mi
$52,672
Median Household Income
$43,762
Median Earnings
$1,183
Median Rent
$451,500
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.
Similar Off Market Nearby
- Healthy innovations LLC — 810 E 17th St, Tucson, AZ 85719
- El Charro Catering — 134 S 5th Ave, Tucson, AZ 85701
- Mama Carey's Catering — tucson, az 85701
- Cafe a la C'Art and Carte Blanche Catering — 150 N Main Ave, Tucson, AZ 85701
- Plate and Platter by Chef Marcus van Winden — 943 E University Blvd, Tucson, AZ 85719
Frequently Asked Questions
What type of property is this?
Flex space - Single-story brick building built in 1944 with exposed brick, skylights, and concrete floors.
Where is this flex space located?
The property is located at 220 East Broadway Boulevard Tucson, AZ.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Single‑story brick office/flex/retail building built in 1944; Interior includes exposed brick walls, barrel truss ceilings with large skylights, and concrete floors; Former home of Thunder Canyon & Brick Box Brewery; originally used for auto repair
