Medical Office Space with
For Sale
$595,000
2648 N Campbell Avenue, Tucson, AZ 85719
Commercial Sale, Tucson, AZ
Property Size2,340 SF
Lot Size0.13 Acres
Price / SF$254.27
Days on Market96
Property Features for 2648 N Campbell Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Tucson - C1
Accessibility
Accessible Doors
Lot features
Subdivided
Directions
Cambell/Grant North to address
Subdivision
East
Standard status
Active
APN
112-06-0040
Size
2,340 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
NORTH CAMPBELL ESTATES N39.36' S60' LOT 2 BLK A
Legal Description
NORTH CAMPBELL ESTATES N39.36' S60' LOT 2 BLK A
Utilities
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1955
Building materials
Burnt Adobe
Roof type
Built-Up
Listing Agency:
Realty Executives Arizona Territory · Realty Executives International
(520) 314-3255
Listed By:
Matthew 'Matt' E Bollinger
(520) 955-3164
Added: May 18
Changed: Aug 19
Last Checked: Aug 21 at 7:06PM
MLS# 22612734
Copyright © 2026 Multiple Listing Service of Southern Arizona. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,340-square-foot medical office property occupies a 0.13-acre site at 2648 N Campbell Avenue. Built in 1955, the building features burnt adobe construction, a built-up roof, central air conditioning, natural gas heating, accessible doors, and 12 parking spaces.
The property is positioned along the Campbell corridor in Central Tucson, near the University of Arizona, Banner University Medical Center, major retailers, restaurants, dense residential neighborhoods, Downtown, Midtown, and public transportation. Its Tucson - C1 zoning and existing office configuration support consideration for medical office, office, nonprofit, and service-based uses as described in the property information.
The property is positioned along the Campbell corridor in Central Tucson, near the University of Arizona, Banner University Medical Center, major retailers, restaurants, dense residential neighborhoods, Downtown, Midtown, and public transportation. Its Tucson - C1 zoning and existing office configuration support consideration for medical office, office, nonprofit, and service-based uses as described in the property information.
Key Highlights
- 2,340‑square‑foot medical office property on a 0.13‑acre site
- 12 on‑site parking spaces
- Tucson - C1 zoning
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
$34,193
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
5.75%
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%
$683,860
$683.9K
Cap Rate 7%
$488,471
$488.5K
Cap Rate 9%
$379,922
$379.9K
Market Conditions
NOI Build-Up for 2,340 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
$50.5K $21.60/SF
− Vacancy
−$5.0K −$2.12/SF
EGI
$45.6K $19.48/SF
− OpEx
−$11.4K −$4.87/SF
NOI
$34.2K $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%
$683,860
Cap Rate 7%
$488,471
Cap Rate 9%
$379,922
Alternative Uses
Best Use
Office B
$488.5K
$427.4K – $569.9K
NOI $34,193 @ 7.0% cap · market cap 5.75%
Second Best
Healthcare Medical
$445.3K
$389.6K – $519.5K
NOI $31,169 @ 7.0% cap · market cap 5.24%
Theoretical Best
Office A
$607.9K
$531.9K – $709.2K
NOI $42,551 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
988
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85719, AZ
46,242
Population
21,707
Households
2.1
Avg Household Size
27
Median Age
46%
College-Educated
93%
High-School Grad
8.0 sq mi
ZIP Area
5,780
Density / Sq Mi
$41,086
Median Household Income
$17,430
Median Earnings
$1,051
Median Rent
$266,900
Median Home Value
Market
Vacancy Rate% for Office in Tucson, AZ
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - C1-zoned property with accessible doors, central air, and public water service.
Where is this medical office space located?
The property is located at 2648 N Campbell Avenue Tucson, AZ.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 2,340‑square‑foot medical office property on a 0.13‑acre site; 12 on‑site parking spaces; Tucson - C1 zoning
