VA-Occupied Office
For Sale
Contact for pricing
3920 W LINDA VISTA BLVD, Tucson, AZ 85742
Office building offered as a zero-cash-flow structure with Department of Veterans Affairs tenancy.
Property Size24,075 SF
Price / SF$477.89
Days on Market132
Property Features for 3920 W LINDA VISTA BLVD
General Information
Standard status
Active
Size
24,075 SF
Property subtype
Office
Occupancy
100%
Lease Type
Gross
Net Operating Income
$598,899
Building Details
Year Built
2021
Buildings
1
Stories
1
Units
116
Tenancy
Single
Listing Agency:
Thomas Company
Listed By:
Jeffrey Thomas · License #WA 116180
Source:
Crexi
Added: May 7
Changed: Sep 13
Last Checked: Sep 15 at 4:54AM
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 Thomas Company
Investment Insights
Based on property information with market context.
This office building is offered as a zero-cash-flow structure with the Department of Veterans Affairs as the tenant. The listing notes an investment-grade tenant profile with an S&P rating of AA+.
The property is located at 3920 W Linda Vista Blvd in Tucson, AZ 85742. The building totals 24,075 square feet.
For buyers seeking an office asset with a single, credit-highlighted tenant, this offering presents a straightforward, income-focused investment format as described in the remarks.
The property is located at 3920 W Linda Vista Blvd in Tucson, AZ 85742. The building totals 24,075 square feet.
For buyers seeking an office asset with a single, credit-highlighted tenant, this offering presents a straightforward, income-focused investment format as described in the remarks.
Key Highlights
- Year built: 2021
- Office building with Department of Veterans Affairs tenancy
- Offered as a zero‑cash‑flow structure
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
$351,794
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
3.06%
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%
$7,035,880
$7.0M
Cap Rate 7%
$5,025,629
$5.0M
Cap Rate 9%
$3,908,822
$3.9M
Market Conditions
NOI Build-Up for 24,075 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
$520.0K $21.60/SF
− Vacancy
−$51.0K −$2.12/SF
EGI
$469.1K $19.48/SF
− OpEx
−$117.3K −$4.87/SF
NOI
$351.8K $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%
$7,035,880
Cap Rate 7%
$5,025,629
Cap Rate 9%
$3,908,822
Alternative Uses
Best Use
Office B
$5.03M
$4.40M – $5.86M
NOI $351,794 @ 7.0% cap · market cap 3.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.25M
$5.47M – $7.30M
NOI $437,788 @ 7.0% cap · market cap 3.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
126
Businesses Nearby
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Business Placement
Demographics for 85742, AZ
30,057
Population
12,725
Households
2.4
Avg Household Size
41
Median Age
42%
College-Educated
97%
High-School Grad
22.3 sq mi
ZIP Area
1,348
Density / Sq Mi
$96,550
Median Household Income
$51,952
Median Earnings
$1,636
Median Rent
$339,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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 - Office building offered as a zero-cash-flow structure with Department of Veterans Affairs tenancy.
Where is this office building located?
The property is located at 3920 W LINDA VISTA BLVD Tucson, AZ.
What is the asking price?
The asking price for this property is $11,505,146.
What are key features of this property?
This property features: Year built: 2021; Office building with Department of Veterans Affairs tenancy; Offered as a zero‑cash‑flow structure
