Industrial Warehouse Space
For Sale
Contact for pricing
451 N Bonita Ave, Tucson, AZ 85745
19,464 SqFt industrial warehouse property for sale.
Property Size19,464 SF
Price / SF$143.62
Days on Market162
Property Features for 451 N Bonita Ave
General Information
Standard status
Active
Size
19,464 SF
Class
B
Property subtype
Industrial
Zoning
PAD-4
Building Details
Year Built
1999
Buildings
1
Tenancy
Multi
Listing Agency:
Cushman & Wakefield PICOR Commercial Real Estate Services - Tucson, Arizona
(520) 748-7100
Listed By:
Natalie Furrier · License #AZ
Source:
Crexi
Added: Mar 13
Changed: Aug 8
Last Checked: Aug 8 at 3:17PM
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 Cushman & Wakefield PICOR Commercial Real Estate Services - Tucson, Arizona
Investment Insights
Based on property information with market context.
This industrial property features a 19,464-square-foot warehouse. It is located at 451 N Bonita Ave, Tucson, AZ 85745 and is available for sale.
Key Highlights
- Industrial Property
- 19,464 SqFt of space
- Built in 1999
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
$171,270
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
6.13%
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%
$3,425,400
$3.4M
Cap Rate 7%
$2,446,714
$2.4M
Cap Rate 9%
$1,903,000
$1.9M
Market Conditions
NOI Build-Up for 19,464 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
$212.5K $10.92/SF
− Vacancy
−$11.1K −$0.57/SF
EGI
$201.5K $10.35/SF
− OpEx
−$30.2K −$1.55/SF
NOI
$171.3K $8.80/SF
Area
Tucson, AZ
Vacancy
5.20%
Lease Rate
$10.92 /SF/Yr
Expense Ratio
15.00%
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%
$3,425,400
Cap Rate 7%
$2,446,714
Cap Rate 9%
$1,903,000
Alternative Uses
Best Use
Warehouse
$2.45M
$2.14M – $2.85M
NOI $171,270 @ 7.0% cap · market cap 6.13%
Second Best
Industrial
$2.01M
$1.76M – $2.35M
NOI $141,046 @ 7.0% cap · market cap 5.05%
Theoretical Best
Office A
$5.06M
$4.42M – $5.90M
NOI $353,940 @ 7.0% cap · market cap 12.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,049
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85745, AZ
36,774
Population
17,662
Households
2.1
Avg Household Size
42
Median Age
45%
College-Educated
93%
High-School Grad
47.0 sq mi
ZIP Area
782
Density / Sq Mi
$68,608
Median Household Income
$40,353
Median Earnings
$1,128
Median Rent
$324,100
Median Home Value
Market
Vacancy Rate% for Industrial in Tucson, AZ
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Wildcat Storage LLC — 657 W St Marys Rd, Tucson, AZ 85701
- Self-Storage at U-Haul — 450 N Freeway, Tucson, AZ 85701
Frequently Asked Questions
What type of property is this?
Warehouse - 19,464 SqFt industrial warehouse property for sale.
Where is this warehouse located?
The property is located at 451 N Bonita Ave Tucson, AZ.
What is the asking price?
The asking price for this property is $2,795,328.
What are key features of this property?
This property features: Industrial Property; 19,464 SqFt of space; Built in 1999
