Historic Mixed-Use Commercial
For Sale
$285,000
233 N Canyon Dr, Sierra Vista, AZ 85635
Historic commercial building with a large flexible interior, private courtyard, designated parking, and an unfinished upstairs apartment.
Property Size3,188 SF
Price / SF$89.40
Days on Market183
Property Features for 233 N Canyon Dr
General Information
Standard status
Active
Size
3,188 SF
Taxes and HOA fees
Annual Taxes
$5,122
Amenities
private courtyard
full kitchen
private office spaces
flex room
Listing Agency:
eXp Realty
(888) 897-7821
Listed By:
Elizabeth Swanson
(254) 595-0810
Source:
Exprealty
Added: Mar 6
Changed: Aug 23
Last Checked: Sep 5 at 1:04PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This historic commercial building offers a central hall layout with a large-format space designed to support a variety of uses. Interior features include a full kitchen, two private office spaces, and a spacious flex room that can serve as a conference room, classroom, studio, or additional workspace. The property also includes a private courtyard and designated parking spaces, with additional street parking available for added convenience.
Situated directly across from Len Roberts Park, the building benefits from a park-side setting and visibility from its central location.
An unfinished apartment upstairs provides live-work or income potential, with mountain views from the space. Buyer to verify zoning/permits.
Situated directly across from Len Roberts Park, the building benefits from a park-side setting and visibility from its central location.
An unfinished apartment upstairs provides live-work or income potential, with mountain views from the space. Buyer to verify zoning/permits.
Key Highlights
- Historic commercial building in Sierra Vista with a spacious central hall and large flexible interior layout
- Full kitchen plus two private office spaces and a flexible room suited to conference, classroom, studio, or extra workspace
- Private courtyard provides an outdoor area for employee breaks, client gatherings, or future customization
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
$24,369
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
8.55%
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%
$487,380
$487.4K
Cap Rate 7%
$348,129
$348.1K
Cap Rate 9%
$270,767
$270.8K
Market Conditions
NOI Build-Up for 3,188 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
$40.2K $12.60/SF
− Vacancy
−$7.7K −$2.41/SF
EGI
$32.5K $10.19/SF
− OpEx
−$8.1K −$2.55/SF
NOI
$24.4K $7.64/SF
Area
Cochise County, AZ
Vacancy
19.11%
Lease Rate
$12.60 /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%
$487,380
Cap Rate 7%
$348,129
Cap Rate 9%
$270,767
Alternative Uses
Best Use
Office B
$348.1K
$304.6K – $406.2K
NOI $24,369 @ 7.0% cap · market cap 8.55%
Second Best
Mixed Use
$285.6K
$249.9K – $333.2K
NOI $19,989 @ 7.0% cap · market cap 7.01%
Theoretical Best
Specialty Retail
$472.4K
$413.4K – $551.1K
NOI $33,068 @ 7.0% cap · market cap 11.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
985
Businesses Nearby
Explore this area
Business Placement
Demographics for 85635, AZ
35,095
Population
17,138
Households
2
Avg Household Size
41
Median Age
31%
College-Educated
92%
High-School Grad
68.1 sq mi
ZIP Area
515
Density / Sq Mi
$60,822
Median Household Income
$42,247
Median Earnings
$985
Median Rent
$218,100
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - Historic commercial building with a large flexible interior, private courtyard, designated parking, and an unfinished upstairs apartment.
Where is this live-work space located?
The property is located at 233 N Canyon Dr Sierra Vista, AZ.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Historic commercial building in Sierra Vista with a spacious central hall and large flexible interior layout; Full kitchen plus two private office spaces and a flexible room suited to conference, classroom, studio, or extra workspace; Private courtyard provides an outdoor area for employee breaks, client gatherings, or future customization
