Functional Office/Warehouse in
For Sale
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3238 E Columbia St, Tucson, AZ 85714
6,943 SF office/warehouse on a fenced lot, convenient location.
Property Size6,943 SF
Price / SF$129.48
Days on Market178
Property Features for 3238 E Columbia St
General Information
Standard status
Active
Size
6,943 SF
Property subtype
Industrial
Zoning
C-I2
Listing Agency:
Commercial Real Estate Group Tucson
(520) 299-3400
Listed By:
Michael Coretz · License #AZ
Source:
Crexi
Added: Feb 18
Changed: Aug 14
Last Checked: Aug 14 at 7:24AM
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 Commercial Real Estate Group Tucson
Investment Insights
Based on property information with market context.
This 6,943 square foot office/warehouse is located on a fully fenced lot in Tucson. The property is centrally located and provides secure, functional space. It features a rolling gate and grade-level loading, making it suitable for owner-users requiring efficient access for vehicles and deliveries, as well as secure on-site storage. The property is ideal for a gem show merchant, contractor, or small service company. It also benefits from quick connectivity to I-10, Downtown Tucson, and the Aviation Corridor.
Key Highlights
- 6,943 SF office/warehouse space suitable for various businesses
- Centrally located with quick connectivity to I‑10, Downtown Tucson, and the Aviation Corridor
- Fully fenced lot with a rolling gate for enhanced security
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
$50,313
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
5.60%
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%
$1,006,260
$1.0M
Cap Rate 7%
$718,757
$718.8K
Cap Rate 9%
$559,033
$559.0K
Market Conditions
NOI Build-Up for 6,943 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
$75.8K $10.92/SF
− Vacancy
−$3.9K −$0.57/SF
EGI
$71.9K $10.35/SF
− OpEx
−$21.6K −$3.11/SF
NOI
$50.3K $7.25/SF
Area
Tucson, AZ
Vacancy
5.20%
Lease Rate
$10.92 /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%
$1,006,260
Cap Rate 7%
$718,757
Cap Rate 9%
$559,033
Alternative Uses
Best Use
Industrial
$718.8K
$628.9K – $838.6K
NOI $50,313 @ 7.0% cap · market cap 5.60%
Second Best
Flex RnD
$667.4K
$584.0K – $778.7K
NOI $46,719 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$1.80M
$1.58M – $2.10M
NOI $126,254 @ 7.0% cap · market cap 14.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,520
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85714, AZ
14,232
Population
5,589
Households
2.5
Avg Household Size
38
Median Age
10%
College-Educated
69%
High-School Grad
5.6 sq mi
ZIP Area
2,541
Density / Sq Mi
$47,093
Median Household Income
$30,204
Median Earnings
$879
Median Rent
$177,100
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 - 6,943 SF office/warehouse on a fenced lot, convenient location.
Where is this flex space located?
The property is located at 3238 E Columbia St Tucson, AZ.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 6,943 SF office/warehouse space suitable for various businesses; Centrally located with quick connectivity to I‑10, Downtown Tucson, and the Aviation Corridor; Fully fenced lot with a rolling gate for enhanced security
