Flex Building with
For Sale
$1,400,000
321 S Kino Parkway, Tucson, AZ 85719
Commercial Sale, Tucson, AZ
Property Size9,482 SF
Lot Size0.23 Acres
Price / SF$147.65
Days on Market246
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
Metal, Built-Up
Listing Agency:
Tierra Antigua Realty
(520) 544-2335
Listed By:
Patrick R Teske
(520) 336-2456
Added: Jan 19
Changed: Sep 15
Last Checked: Sep 22 at 11:06PM
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 flex property combines showroom, office, and warehouse areas within a 9,482-square-foot building constructed in 1972. Block construction, metal and built-up roofing, zoned heating and cooling, accessible doors, and a fire sprinkler system are among the existing improvements. The property has supported showroom, office, and warehouse operations over time, with potential applications including warehouse distribution and light manufacturing.
The 0.23-acre site includes four separate parcels and four tax codes. It fronts Norris on the east side and has alley access along both the north and south sides. A chain-link fence encloses the property, which is located in Tucson and carries Tucson - I1 zoning.
The 0.23-acre site includes four separate parcels and four tax codes. It fronts Norris on the east side and has alley access along both the north and south sides. A chain-link fence encloses the property, which is located in Tucson and carries Tucson - I1 zoning.
Key Highlights
- 9,482‑square‑foot flex property with showroom, office, and warehouse areas
- 0.23‑acre site comprising 4 separate parcels and 4 tax codes
- Tucson - I1 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
$83,435
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
5.96%
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%
$1,668,700
$1.7M
Cap Rate 7%
$1,191,929
$1.2M
Cap Rate 9%
$927,056
$927.1K
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
$103.5K $10.92/SF
− Vacancy
−$5.4K −$0.57/SF
EGI
$98.2K $10.35/SF
− OpEx
−$14.7K −$1.55/SF
NOI
$83.4K $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%
$1,668,700
Cap Rate 7%
$1,191,929
Cap Rate 9%
$927,056
Alternative Uses
Best Use
Office B
$1.98M
$1.73M – $2.31M
NOI $138,555 @ 7.0% cap · market cap 9.90%
Second Best
Warehouse
$1.19M
$1.04M – $1.39M
NOI $83,435 @ 7.0% cap · market cap 5.96%
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
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Open Analytics
Current Use
Lease Details
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,244
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Tucson, AZ
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Frequently Asked Questions
What type of property is this?
Flex space - Showroom, office, and warehouse configuration with fire sprinklers, alley access, and Tucson - I1 zoning.
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 showroom, office, and warehouse areas; 0.23‑acre site comprising 4 separate parcels and 4 tax codes; Tucson - I1 zoning
