Single-Story Office
New
For Sale
$580,000
36 West Franklin Street, Tucson, AZ 85701
Masonry and stucco construction with C-2 zoning and multiple nearby parking options.
Property Size3,300 SF
Price / SF$175.76
Days on Market6
Property Features for 36 West Franklin Street
General Information
Standard status
Active
Size
3,300 SF
Property subtype
Office
Zoning
C-2
Building Details
Stories
1
Construction
Masonry/Stucco
Listing Agency:
CBRE - Tucson
(520) 323-5181
Listed By:
Jeff Casper · License #AZSA518757000
(520) 323-5181
Source:
Cbre
Added: Aug 23
Changed: Aug 28
Last Checked: Aug 28 at 7:35AM
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 CBRE - Tucson
Investment Insights
Based on property information with market context.
This 3,300-square-foot office building offers a single-story configuration with masonry and stucco construction. The property is zoned C-2 by the City of Tucson, designated for heavy commercial and office uses.
The building sits one half block from the Pima County Justice Courts and within walking distance of restaurants and retail services. Parking options include metered spaces along Franklin Street, nearby short-term and long-term lots and garages, and a city-operated lot directly across the street.
The building sits one half block from the Pima County Justice Courts and within walking distance of restaurants and retail services. Parking options include metered spaces along Franklin Street, nearby short-term and long-term lots and garages, and a city-operated lot directly across the street.
Key Highlights
- 3,300‑square‑foot single‑story office building
- Masonry and stucco construction
- C‑2 zoning designated for heavy commercial and office uses
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
$48,221
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
8.31%
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%
$964,420
$964.4K
Cap Rate 7%
$688,871
$688.9K
Cap Rate 9%
$535,789
$535.8K
Market Conditions
NOI Build-Up for 3,300 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
$71.3K $21.60/SF
− Vacancy
−$7.0K −$2.12/SF
EGI
$64.3K $19.48/SF
− OpEx
−$16.1K −$4.87/SF
NOI
$48.2K $14.61/SF
Area
Tucson, AZ
Vacancy
9.80%
Lease Rate
$21.60 /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%
$964,420
Cap Rate 7%
$688,871
Cap Rate 9%
$535,789
Alternative Uses
Best Use
Office B
$688.9K
$602.8K – $803.7K
NOI $48,221 @ 7.0% cap · market cap 8.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$857.3K
$750.1K – $1.00M
NOI $60,008 @ 7.0% cap · market cap 10.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,371
Businesses Nearby
Explore this area
Business Placement
Demographics for 85701, AZ
5,132
Population
3,631
Households
1.4
Avg Household Size
37
Median Age
57%
College-Educated
91%
High-School Grad
1.5 sq mi
ZIP Area
3,421
Density / Sq Mi
$52,672
Median Household Income
$43,762
Median Earnings
$1,183
Median Rent
$451,500
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 - Masonry and stucco construction with C-2 zoning and multiple nearby parking options.
Where is this office building located?
The property is located at 36 West Franklin Street Tucson, AZ.
What is the asking price?
The asking price for this property is $580,000.
What are key features of this property?
This property features: 3,300‑square‑foot single‑story office building; Masonry and stucco construction; C‑2 zoning designated for heavy commercial and office uses
