Two-Building Professional Office
For Sale
Contact for pricing
3194 North Swan Road, Tucson, AZ 85712
Upgraded office campus with flexible occupancy, covered parking, and an NNN leaseback structure.
Property Size41,236 SF
Price / SF$230.38
Days on Market8
Property Features for 3194 North Swan Road
General Information
Standard status
Active
Size
41,236 SF
Class
Class A
Property subtype
Office
Additional Details
Road Access
Yes
Building Details
Buildings
2
Listing Agency:
Cushman & Wakefield PICOR Commercial Real Estate Services - Tucson, Arizona
Listed By:
Alejandra "Alexis" Corona · License #AZ SA702410000
Source:
Crexi
Added: Sep 10
Changed: Sep 16
Last Checked: Sep 16 at 1:41PM
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 two-building professional office property combines a two-story, approximately 35,800-square-foot building with an adjacent single-story building of approximately 5,436 square feet, totaling approximately 41,236 square feet. The improvements feature upgraded Class A finishes, large windows, landscaped grounds, and office layouts suited to financial, health services, product development, and sales operations. The seller intends to lease back the property for 12 to 24 months after closing on an NNN basis.
Positioned at the southeast corner of North Swan Road and Camp Lowell Drive in Tucson, the property offers views toward the Catalina Mountains and foothills. General parking is available through a cross-easement, while covered parking is reserved for the two buildings. The surrounding area includes shopping, dining, medical, leisure, and hospitality services, and association management and CC&Rs maintain the professional office setting.
Positioned at the southeast corner of North Swan Road and Camp Lowell Drive in Tucson, the property offers views toward the Catalina Mountains and foothills. General parking is available through a cross-easement, while covered parking is reserved for the two buildings. The surrounding area includes shopping, dining, medical, leisure, and hospitality services, and association management and CC&Rs maintain the professional office setting.
Key Highlights
- Approximately 41,236 square feet across two office buildings
- Two‑story building contains approximately 35,800 square feet
- Adjacent single‑story building contains approximately 5,436 square feet
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
$602,557
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
6.34%
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%
$12,051,140
$12.1M
Cap Rate 7%
$8,607,957
$8.6M
Cap Rate 9%
$6,695,078
$6.7M
Market Conditions
NOI Build-Up for 41,236 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
$890.7K $21.60/SF
− Vacancy
−$87.3K −$2.12/SF
EGI
$803.4K $19.48/SF
− OpEx
−$200.9K −$4.87/SF
NOI
$602.6K $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%
$12,051,140
Cap Rate 7%
$8,607,957
Cap Rate 9%
$6,695,078
Alternative Uses
Best Use
Office B
$8.61M
$7.53M – $10.04M
NOI $602,557 @ 7.0% cap · market cap 6.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.71M
$9.37M – $12.50M
NOI $749,849 @ 7.0% cap · market cap 7.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,072
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Tucson, AZ
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Upgraded office campus with flexible occupancy, covered parking, and an NNN leaseback structure.
Where is this office building located?
The property is located at 3194 North Swan Road Tucson, AZ.
What is the asking price?
The asking price for this property is $9,500,000.
What are key features of this property?
This property features: Approximately 41,236 square feet across two office buildings; Two‑story building contains approximately 35,800 square feet; Adjacent single‑story building contains approximately 5,436 square feet
