Two-Building Flex Industrial
For Sale
Contact for pricing
3200 W Diamond St, Tucson, AZ 85743
I-1-zoned industrial property with a fenced, paved yard and adaptable office and warehouse areas.
Property Size5,920 SF
Lot Size0.98 Acres
Price / SF$251.69
Days on Market220
Property Features for 3200 W Diamond St
General Information
Standard status
Active
Size
5,920 SF
Lot size
0.98 Acres
Property subtype
Industrial
Zoning
I-1
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Building Details
Year Built
1999
Buildings
2
Units
2
Listing Agency:
BRD Realty
Listed By:
Max Fisher · License #AZ SA644821000
Source:
Crexi
Added: Jan 26
Changed: Aug 30
Last Checked: Aug 30 at 6:23AM
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 BRD Realty
Investment Insights
Based on property information with market context.
This flex industrial property includes two separate buildings with approximately 5,920 square feet of combined space on a ±0.98-acre site. The improvements provide warehouse layouts, flexible office areas, and grade-level roll-up doors, supporting industrial operations that require both enclosed space and outdoor storage. The property is zoned I-1 by the City of Tucson.
The site offers visibility from and access to I-10. A large fenced and paved yard adds practical exterior storage capacity for equipment and materials. Nearby businesses include United Rentals, Big Tex Trailers, and Cummings Plumbing. The combination of multiple buildings, industrial improvements, and secured yard space provides a versatile configuration for an owner-user or investor.
The site offers visibility from and access to I-10. A large fenced and paved yard adds practical exterior storage capacity for equipment and materials. Nearby businesses include United Rentals, Big Tex Trailers, and Cummings Plumbing. The combination of multiple buildings, industrial improvements, and secured yard space provides a versatile configuration for an owner-user or investor.
Key Highlights
- Two separate industrial buildings totaling approximately 5,920 SF
- ±0.98‑acre lot with a large fenced and paved yard
- I‑1 zoning by the City of Tucson
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
$52,092
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
3.50%
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%
$1,041,840
$1.0M
Cap Rate 7%
$744,171
$744.2K
Cap Rate 9%
$578,800
$578.8K
Market Conditions
NOI Build-Up for 5,920 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
$64.6K $10.92/SF
− Vacancy
−$3.4K −$0.57/SF
EGI
$61.3K $10.35/SF
− OpEx
−$9.2K −$1.55/SF
NOI
$52.1K $8.80/SF
Area
Tucson, AZ
Vacancy
5.20%
Lease Rate
$10.92 /SF/Yr
Expense Ratio
15.00%
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%
$1,041,840
Cap Rate 7%
$744,171
Cap Rate 9%
$578,800
Alternative Uses
Best Use
Warehouse
$744.2K
$651.2K – $868.2K
NOI $52,092 @ 7.0% cap · market cap 3.50%
Second Best
Industrial
$612.8K
$536.2K – $715.0K
NOI $42,899 @ 7.0% cap · market cap 2.88%
Theoretical Best
Office A
$1.54M
$1.35M – $1.79M
NOI $107,651 @ 7.0% cap · market cap 7.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
149
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85743, AZ
30,441
Population
12,757
Households
2.4
Avg Household Size
45
Median Age
39%
College-Educated
93%
High-School Grad
118.3 sq mi
ZIP Area
257
Density / Sq Mi
$89,484
Median Household Income
$50,213
Median Earnings
$1,661
Median Rent
$329,200
Median Home Value
Market
Vacancy Rate% for Industrial in Tucson, AZ
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - I-1-zoned industrial property with a fenced, paved yard and adaptable office and warehouse areas.
Where is this flex space located?
The property is located at 3200 W Diamond St Tucson, AZ.
What is the asking price?
The asking price for this property is $1,490,000.
What are key features of this property?
This property features: Two separate industrial buildings totaling approximately 5,920 SF; ±0.98‑acre lot with a large fenced and paved yard; I‑1 zoning by the City of Tucson
