Freestanding Multi-Tenant Office
For Sale
Contact for pricing
3228 South 12th Avenue, Tucson, AZ 85713
Multi-tenant office property with C-1 Pima County zoning.
Property Size2,714 SF
Price / SF$193.44
Days on Market12
Property Features for 3228 South 12th Avenue
General Information
Standard status
Active
Size
2,714 SF
Property subtype
Office
Zoning
C-1 Pima County
Occupancy
100%
Investment Type
Owner/User
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Volk Company Commercial Real Estate
(520) 495-2234
Listed By:
Joey Castillo · License #SA687979000
Source:
Crexi
Added: Aug 20
Changed: Aug 29
Last Checked: Aug 29 at 8:34PM
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 Volk Company Commercial Real Estate
Investment Insights
Based on property information with market context.
This freestanding office building contains approximately 2,714 SF and is configured for multiple tenants. The property is designated C-1 under Pima County zoning.
Located at 3228 South 12th Avenue in Tucson, Arizona, the building serves the South Tucson Trade Area.
Located at 3228 South 12th Avenue in Tucson, Arizona, the building serves the South Tucson Trade Area.
Key Highlights
- 2,714 SF office building
- Freestanding multi‑tenant configuration
- C‑1 Pima County 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
$32,047
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
6.10%
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%
$640,940
$640.9K
Cap Rate 7%
$457,814
$457.8K
Cap Rate 9%
$356,078
$356.1K
Market Conditions
NOI Build-Up for 2,714 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
$52.1K $19.20/SF
− Vacancy
−$9.4K −$3.46/SF
EGI
$42.7K $15.74/SF
− OpEx
−$10.7K −$3.94/SF
NOI
$32.0K $11.81/SF
Area
ZIP 85713
Vacancy
18.00%
Lease Rate
$19.20 /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%
$640,940
Cap Rate 7%
$457,814
Cap Rate 9%
$356,078
Alternative Uses
Best Use
Office B
$457.8K
$400.6K – $534.1K
NOI $32,047 @ 7.0% cap · market cap 6.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$664.4K
$581.3K – $775.1K
NOI $46,507 @ 7.0% cap · market cap 8.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
723
Businesses Nearby
Explore this area
Business Placement
Demographics for 85713, AZ
46,810
Population
19,056
Households
2.5
Avg Household Size
38
Median Age
21%
College-Educated
79%
High-School Grad
23.8 sq mi
ZIP Area
1,967
Density / Sq Mi
$50,264
Median Household Income
$32,302
Median Earnings
$1,017
Median Rent
$171,700
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?
Office building - Multi-tenant office property with C-1 Pima County zoning.
Where is this office building located?
The property is located at 3228 South 12th Avenue Tucson, AZ.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 2,714 SF office building; Freestanding multi‑tenant configuration; C‑1 Pima County zoning
