Flex Space With
For Sale
$1,400,000
321 S Kino Parkway, Tucson, AZ 85719
COMMERCIAL - Tucson, AZ
Property Size9,482 SF
Lot Size0.23 Acres
Price / SF$147.65
Days on Market201
Property Features for 321 S Kino Parkway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Tucson - I1
Fencing
Chain Link
Accessibility
Accessible Doors
Lot features
Adjacent to Alley, East/ West Exposure
Directions
South on Kino Parkway to Address on Eastside of the Street
Subdivision
Central
Standard status
Active
APN
129-04-2850
Size
9,482 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
From Parcel:001010010 /American Villa Resub Lot 8 & Aband 20 X 96' Alley Exc W2 Ptn Alley Lyg E Lot 9 Blk 18
Tax Annual Amount
14045
Legal Description
From Parcel:001010010 /American Villa Resub Lot 8 & Aband 20 X 96' Alley Exc W2 Ptn Alley Lyg E Lot 9 Blk 18
Utilities
Heating system
Zoned
Cooling system
Zoned
Building Details
Year built
1972
Building materials
Block
Roof type
Built-Up, Metal
Listing Agency:
Tierra Antigua Realty
(520) 544-2335
Listed By:
Patrick R Teske
(520) 336-2456
Added: Jan 19
Changed: Aug 7
Last Checked: Aug 8 at 8:06PM
MLS# 22601847
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 9,482-square-foot flex property has a documented office, warehouse, and showroom configuration. The building was constructed in 1972 with block construction, built-up and metal roofing, zoned heating and cooling, accessible doors, and a fire sprinkler system. Chain-link fencing is also present.
The property consists of 4 separate parcels with 4 tax codes and is zoned Tucson - I1. It has street frontage on Norris on the east side, along with alley access on both the north and south sides. The site measures 0.23 acres and is located at 321 S Kino Parkway in Tucson.
The property consists of 4 separate parcels with 4 tax codes and is zoned Tucson - I1. It has street frontage on Norris on the east side, along with alley access on both the north and south sides. The site measures 0.23 acres and is located at 321 S Kino Parkway in Tucson.
Key Highlights
- 9,482‑square‑foot flex property with office, warehouse, and showroom use
- 4 separate parcels with 4 tax codes
- Zoned Tucson - I1
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
$90,131
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
6.44%
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%
$1,802,620
$1.8M
Cap Rate 7%
$1,287,586
$1.3M
Cap Rate 9%
$1,001,456
$1.0M
Market Conditions
NOI Build-Up for 9,482 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
$136.5K $14.40/SF
− Vacancy
−$7.8K −$0.82/SF
EGI
$128.8K $13.58/SF
− OpEx
−$38.6K −$4.07/SF
NOI
$90.1K $9.51/SF
Area
Tucson, AZ
Vacancy
5.70%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,802,620
Cap Rate 7%
$1,287,586
Cap Rate 9%
$1,001,456
Alternative Uses
Best Use
Office B
$1.98M
$1.73M – $2.31M
NOI $138,555 @ 7.0% cap · market cap 9.90%
Second Best
Retail
$1.29M
$1.13M – $1.50M
NOI $90,131 @ 7.0% cap · market cap 6.44%
Theoretical Best
Office A
$2.46M
$2.16M – $2.87M
NOI $172,424 @ 7.0% cap · market cap 12.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,323
Businesses Nearby
Balanced
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Block construction supports office, warehouse, and display functions with fire sprinkler protection.
Where is this flex space located?
The property is located at 321 S Kino Parkway Tucson, AZ.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 9,482‑square‑foot flex property with office, warehouse, and showroom use; 4 separate parcels with 4 tax codes; Zoned Tucson - I1
