Former Restaurant and Event
For Sale
Contact for pricing
6350 E Tanque Verde Rd., Tucson, AZ 85715
Turnkey former restaurant and event center includes a full commercial kitchen, bar, dance floor, stage, and patio.
Property Size8,174 SF
Price / SF$293.61
Days on Market59
Property Features for 6350 E Tanque Verde Rd.
General Information
Standard status
Active
Size
8,174 SF
Class
C
Property subtype
Retail, Office, Land
Zoning
C-2, Tucson
Investment Type
Owner/User
Building Details
Year Built
1980
Year Renovated
2006
Buildings
1
Tenancy
Single
Listing Agency:
Cushman & Wakefield PICOR Commercial Real Estate Services - Tucson, Arizona
Listed By:
Aaron LaPrise · License #AZ BR556758000
(520) 546-2770
Source:
Crexi
Added: Jul 9
Changed: Aug 24
Last Checked: Sep 2 at 1:31AM
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 former restaurant and event center offers a turnkey entertainment and hospitality setup with a full commercial kitchen and bar, along with a dance floor, stage, and DJ booth. Outdoor space is provided by an attached patio. The building also features monument signage.
The property is located along Tanque Verde Rd in an established east Tucson trade area, offering strong visibility and access. A cross parking agreement with adjacent properties is in place to provide excess parking.
Zoning is listed as C-2, allowing a 40’ height. This supports potential second-story development and other redevelopment options, subject to applicable requirements. An Opportunity Zone series liquor license is also described as available for separate purchase.
The property is located along Tanque Verde Rd in an established east Tucson trade area, offering strong visibility and access. A cross parking agreement with adjacent properties is in place to provide excess parking.
Zoning is listed as C-2, allowing a 40’ height. This supports potential second-story development and other redevelopment options, subject to applicable requirements. An Opportunity Zone series liquor license is also described as available for separate purchase.
Key Highlights
- Former restaurant and event center with full commercial kitchen, bar, dance floor, stage, DJ booth, and patio
- Year built 1980
- C‑2 zoning allows 40’ height, supporting second story, roof deck, or other redevelopment 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
$83,247
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
3.47%
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%
$1,664,940
$1.7M
Cap Rate 7%
$1,189,243
$1.2M
Cap Rate 9%
$924,967
$925.0K
Market Conditions
NOI Build-Up for 8,174 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
$117.7K $14.40/SF
− Vacancy
−$6.7K −$0.82/SF
EGI
$111.0K $13.58/SF
− OpEx
−$27.7K −$3.39/SF
NOI
$83.2K $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%
$1,664,940
Cap Rate 7%
$1,189,243
Cap Rate 9%
$924,967
Alternative Uses
Best Use
Specialty Retail
$1.19M
$1.04M – $1.39M
NOI $83,247 @ 7.0% cap · market cap 3.47%
Second Best
Industrial
$846.2K
$740.4K – $987.2K
NOI $59,233 @ 7.0% cap · market cap 2.47%
Theoretical Best
Office A
$2.12M
$1.86M – $2.48M
NOI $148,639 @ 7.0% cap · market cap 6.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,341
Businesses Nearby
206k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 47%
Shops & Services 28%
Groceries 13%
Dining 12%
Target
Superstores
96,233 visits/mo
0.5 miles
Albertsons
Groceries
26,090 visits/mo
0.4 miles
Starbucks
Dining
16,492 visits/mo
0.5 miles
Circle K
Shops & Services
14,464 visits/mo
0.0 miles
Discount Tire Store
Shops & Services
14,270 visits/mo
0.5 miles
Demographics for 85715, AZ
18,561
Population
9,678
Households
1.9
Avg Household Size
51
Median Age
47%
College-Educated
95%
High-School Grad
6.6 sq mi
ZIP Area
2,812
Density / Sq Mi
$82,651
Median Household Income
$48,259
Median Earnings
$1,368
Median Rent
$330,900
Median Home Value
Market
Vacancy Rate% for Retail in Tucson, AZ
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Turnkey former restaurant and event center includes a full commercial kitchen, bar, dance floor, stage, and patio.
Where is this conventional restaurant located?
The property is located at 6350 E Tanque Verde Rd. Tucson, AZ.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Former restaurant and event center with full commercial kitchen, bar, dance floor, stage, DJ booth, and patio; Year built 1980; C‑2 zoning allows 40’ height, supporting second story, roof deck, or other redevelopment uses
