Medical Office Space with
For Sale
Contact for pricing
375 W Ajo Way, Tucson, AZ 85714
Configured with plumbed offices, reception, support rooms, and an entrance courtyard.
Property Size2,559 SF
Price / SF$169.99
Days on Market143
Property Features for 375 W Ajo Way
General Information
Standard status
Active
Size
2,559 SF
Class
B
Property subtype
Retail
Zoning
C-2
Investment Type
Owner/User
Building Details
Buildings
1
Stories
1
Listing Agency:
Bright Properties
Listed By:
Peter Canacakos · License #AZ SA019811000
Source:
Crexi
Added: Apr 12
Changed: Aug 31
Last Checked: Aug 30 at 9:23PM
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 Bright Properties
Investment Insights
Based on property information with market context.
This medical office property is currently configured for veterinary use and includes six offices with plumbing, a large reception area, and an adjoining file room. Additional improvements include a break room, office and storage areas, a laundry room, and a courtyard entry with seating. The layout provides a range of enclosed work and support spaces within an established clinical setting.
The property occupies a semi-hard corner at W Ajo Way and Lundy Street in Tucson, with access from both Ajo and Lundy. On-site parking includes 20 spaces. The property also benefits from exposure to reported traffic of 34,000 cars per day on Ajo.
The property occupies a semi-hard corner at W Ajo Way and Lundy Street in Tucson, with access from both Ajo and Lundy. On-site parking includes 20 spaces. The property also benefits from exposure to reported traffic of 34,000 cars per day on Ajo.
Key Highlights
- Six offices with plumbing for clinical or service‑oriented use
- Large reception area with attached file room
- Break room, laundry room, office, and storage areas
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
$37,393
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
8.60%
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%
$747,860
$747.9K
Cap Rate 7%
$534,186
$534.2K
Cap Rate 9%
$415,478
$415.5K
Market Conditions
NOI Build-Up for 2,559 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
$55.3K $21.60/SF
− Vacancy
−$5.4K −$2.12/SF
EGI
$49.9K $19.48/SF
− OpEx
−$12.5K −$4.87/SF
NOI
$37.4K $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%
$747,860
Cap Rate 7%
$534,186
Cap Rate 9%
$415,478
Alternative Uses
Best Use
Office B
$534.2K
$467.4K – $623.2K
NOI $37,393 @ 7.0% cap · market cap 8.60%
Second Best
Healthcare Medical
$486.9K
$426.1K – $568.1K
NOI $34,086 @ 7.0% cap · market cap 7.84%
Theoretical Best
Office A
$664.8K
$581.7K – $775.6K
NOI $46,534 @ 7.0% cap · market cap 10.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,257
Businesses Nearby
Balanced
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 Office in Tucson, AZ
Questions? Ask Rey
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Similar Off Market Nearby
- Christensen A DVM — 382 W Ajo Way, Tucson, AZ 85713
- Ajo Veterinary Clinic — 382 W Ajo Way, Tucson, AZ 85713
- ABC Wellness & Vaccination Clinic — 375 w ajo way, tucson, az 85711
- Jezyk Peter F DVM — 382 W Ajo Way, Tucson, AZ 85713
- ABC Vaccination Clinic — 375 w ajo way, tucson, az 85713
Frequently Asked Questions
What type of property is this?
Medical Office Space - Configured with plumbed offices, reception, support rooms, and an entrance courtyard.
Where is this medical office space located?
The property is located at 375 W Ajo Way Tucson, AZ.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: Six offices with plumbing for clinical or service‑oriented use; Large reception area with attached file room; Break room, laundry room, office, and storage areas
