Two-Building Medical Office
New
For Sale
$2,250,000
660 North Craycroft Road, Tucson, AZ 85711
Two separate buildings provide medical-office space with C-1 and O-3 zoning across the portfolio.
Property Size15,233 SF
Price / SF$147.71
Days on Market2
Property Features for 660 North Craycroft Road
General Information
Standard status
Active
Size
15,233 SF
Property subtype
Healthcare
Zoning
C-1; O-3
Additional Details
Public Transit
Yes
Building Details
Buildings
2
Listing Agency:
CBRE | Tucson
Listed By:
Jeff Casper · License #632063
(520) 323-5181
Source:
Cbre
Added: Sep 20
Last Checked: Sep 20 at 2:43PM
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 medical office portfolio includes two properties on North Craycroft Road. The building at 620 N Craycroft Rd is a two-story structure totaling approximately 11,817 SF, with about 5,908 SF on each floor, and is zoned C-1. The 660-662 N Craycroft Rd building is a single-story property containing approximately 3,416 SF and carries O-3 zoning. Combined building area is approximately 15,233 SF.
The properties are located approximately 1.2 miles from St. Joseph’s Hospital and 1.6 miles from Tucson Medical Center. The surrounding area includes a concentration of medical and professional offices, with Williams Centre approximately 0.7 miles away and Park Place Mall approximately 0.9 miles away. Sun Tran provides direct bus service to the area.
The properties are located approximately 1.2 miles from St. Joseph’s Hospital and 1.6 miles from Tucson Medical Center. The surrounding area includes a concentration of medical and professional offices, with Williams Centre approximately 0.7 miles away and Park Place Mall approximately 0.9 miles away. Sun Tran provides direct bus service to the area.
Key Highlights
- Two‑building portfolio totaling approximately 15,233 SF
- 620 N Craycroft Rd: two‑story building with ±11,817 SF and ±5,908 SF per floor
- 660‑662 N Craycroft Rd: single‑story building with ±3,416 SF
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
$202,904
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
9.02%
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%
$4,058,080
$4.1M
Cap Rate 7%
$2,898,629
$2.9M
Cap Rate 9%
$2,254,489
$2.3M
Market Conditions
NOI Build-Up for 15,233 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
$365.6K $24.00/SF
− Vacancy
−$27.4K −$1.80/SF
EGI
$338.2K $22.20/SF
− OpEx
−$135.3K −$8.88/SF
NOI
$202.9K $13.32/SF
Area
Tucson, AZ
Vacancy
7.50%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
40.00%
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%
$4,058,080
Cap Rate 7%
$2,898,629
Cap Rate 9%
$2,254,489
Alternative Uses
Best Use
Office B
$3.18M
$2.78M – $3.71M
NOI $222,591 @ 7.0% cap · market cap 9.89%
Second Best
Healthcare Medical
$2.90M
$2.54M – $3.38M
NOI $202,904 @ 7.0% cap · market cap 9.02%
Theoretical Best
Office A
$3.96M
$3.46M – $4.62M
NOI $277,002 @ 7.0% cap · market cap 12.31%
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
878
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 85711, AZ
41,518
Population
19,774
Households
2.1
Avg Household Size
39
Median Age
30%
College-Educated
88%
High-School Grad
8.6 sq mi
ZIP Area
4,828
Density / Sq Mi
$52,358
Median Household Income
$35,130
Median Earnings
$1,001
Median Rent
$248,600
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Two separate buildings provide medical-office space with C-1 and O-3 zoning across the portfolio.
Where is this medical office space located?
The property is located at 660 North Craycroft Road Tucson, AZ.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Two‑building portfolio totaling approximately 15,233 SF; 620 N Craycroft Rd: two‑story building with ±11,817 SF and ±5,908 SF per floor; 660‑662 N Craycroft Rd: single‑story building with ±3,416 SF
