Corner Retail Property with Two
For Sale
Contact for pricing
3702 E Hardy Dr, Tucson, AZ 85716
Corner lot with a private yard and two income-producing street-level retail buildings along a popular walking and biking path.
Property Size3,549 SF
Price / SF$175
Days on Market99
Property Features for 3702 E Hardy Dr
General Information
Standard status
Active
Size
3,549 SF
Property subtype
FLEX_R_AND_D
Listing Agency:
CBRE | Tucson
(520) 323-5100
Listed By:
Jeff Casper · License #632063
(520) 307-2336
Source:
Moodyscre
Added: Jun 4
Changed: Sep 2
Last Checked: Sep 10 at 9:41AM
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 corner retail property includes two separate buildings with street-level operations. Building 1 has a Hello Bicycle Café use on the first floor, and Building 2 is occupied by Hello Bicycle. The site is arranged on a corner lot and features a private yard.
The property is located on E Hardy Dr in Tucson, AZ, in an area described as high-demand with easy access to The Loop walking and biking path. It also sits within walking distance of Tucson Hop Shop and Ciao Down Pizza, supporting day-to-day neighborhood retail activity. Zoning is described as flexible. Please note that tenants are on-site and flexible timing is available, but you must not disturb tenants.
For buyers or operators seeking a retail-oriented purchase, the configuration provides two distinct building opportunities within the same corner-site setting. Existing café and bicycle-related retail use may be relevant for an owner looking to maintain continuity, or for a buyer evaluating retail redevelopment options under flexible zoning. All showings should be coordinated in advance due to active tenant occupancy.
The property is located on E Hardy Dr in Tucson, AZ, in an area described as high-demand with easy access to The Loop walking and biking path. It also sits within walking distance of Tucson Hop Shop and Ciao Down Pizza, supporting day-to-day neighborhood retail activity. Zoning is described as flexible. Please note that tenants are on-site and flexible timing is available, but you must not disturb tenants.
For buyers or operators seeking a retail-oriented purchase, the configuration provides two distinct building opportunities within the same corner-site setting. Existing café and bicycle-related retail use may be relevant for an owner looking to maintain continuity, or for a buyer evaluating retail redevelopment options under flexible zoning. All showings should be coordinated in advance due to active tenant occupancy.
Key Highlights
- Corner lot with a private yard and two street‑level income‑producing retail buildings
- Building 1 includes Hello Bicycle Cafe9 on the 1st floor
- Building 2 is currently Hello Bicycle
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
$36,144
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
5.82%
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%
$722,880
$722.9K
Cap Rate 7%
$516,343
$516.3K
Cap Rate 9%
$401,600
$401.6K
Market Conditions
NOI Build-Up for 3,549 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
$51.1K $14.40/SF
− Vacancy
−$2.9K −$0.82/SF
EGI
$48.2K $13.58/SF
− OpEx
−$12.0K −$3.39/SF
NOI
$36.1K $10.18/SF
Area
Tucson, AZ
Vacancy
5.70%
Lease Rate
$14.40 /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%
$722,880
Cap Rate 7%
$516,343
Cap Rate 9%
$401,600
Alternative Uses
Best Use
Specialty Retail
$516.3K
$451.8K – $602.4K
NOI $36,144 @ 7.0% cap · market cap 5.82%
Second Best
Retail
$481.9K
$421.7K – $562.3K
NOI $33,735 @ 7.0% cap · market cap 5.43%
Theoretical Best
Office A
$921.9K
$806.7K – $1.08M
NOI $64,536 @ 7.0% cap · market cap 10.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
741
Businesses Nearby
23k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 57%
Apparel 37%
Home Improvements & Furnishings 6%
Circle K
Shops & Services
10,643 visits/mo
0.3 miles
Goodwill
Apparel
8,368 visits/mo
0.1 miles
Ferguson
Home Improvements & Furnishings
1,470 visits/mo
0.4 miles
Extra Space Storage
Shops & Services
1,422 visits/mo
0.4 miles
Storage King USA
Shops & Services
725 visits/mo
0.5 miles
Demographics for 85716, AZ
31,521
Population
19,025
Households
1.7
Avg Household Size
39
Median Age
42%
College-Educated
92%
High-School Grad
7.2 sq mi
ZIP Area
4,378
Density / Sq Mi
$47,009
Median Household Income
$33,367
Median Earnings
$1,021
Median Rent
$300,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Tucson, AZ
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Similar Off Market Nearby
- Circle K — 3155 N Alvernon Way, Tucson, AZ 85712
- Hello Cafe — 3702 E Hardy Dr Suite 2, Tucson, AZ 85716
Frequently Asked Questions
What type of property is this?
Coffee shop - Corner lot with a private yard and two income-producing street-level retail buildings along a popular walking and biking path.
Where is this coffee shop located?
The property is located at 3702 E Hardy Dr Tucson, AZ.
What is the asking price?
The asking price for this property is $621,075.
What are key features of this property?
This property features: Corner lot with a private yard and two street‑level income‑producing retail buildings; Building 1 includes Hello Bicycle Cafe9 on the 1st floor; Building 2 is currently Hello Bicycle
