Renovated Historic Restaurant
For Sale
$995,000
72-78 Main Street, Bisbee, AZ 85603
Commercial Sale, Bisbee, AZ
Property Size3,586 SF
Lot Size0.07 Acres
Price / SF$277.47
Days on Market191
Property Features for 72-78 Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Bisbee - Call
Security features
Security Lighting
Lot features
Corner Lot
Directions
Located on Mainstreet next to Busy Bee public parking across from the Grand Hotel
Subdivision
Cochise
Standard status
Active
APN
103-62-430A
Size
3,586 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Sur To Depth Of 40' Loc On Copper Prince Mng Claim Survey #285 Wa Rren Mng Dist By M&B Beg At Nw Cor Copper Queen Mng Cl
Tax Annual Amount
3947
Legal Description
Sur To Depth Of 40' Loc On Copper Prince Mng Claim Survey #285 Wa Rren Mng Dist By M&B Beg At Nw Cor Copper Queen Mng Cl
Utilities
Heating system
Natural Gas
Cooling system
Evaporative Cooling, Central Air
Building Details
Year built
1900
Building materials
Block
Roof type
Built-Up
Listing Agency:
Tierra Antigua Realty
(520) 439-8888
Listed By:
Denise Loth · License #SA642027000
(520) 366-2992
Added: Mar 1
Changed: Sep 5
Last Checked: Sep 8 at 6:06PM
MLS# 22605590
Copyright © 2026 Multiple Listing Service of Southern Arizona. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 72-78 Main Street in Bisbee’s Historic District, this 3,586-square-foot commercial building dates to 1900 and has been substantially renovated. The property is arranged as three restaurant spaces within one structure, with two occupied spaces and one vacant area configured for restaurant use.
The available space includes a 10-foot Type 1 hood with fire suppression, walk-in refrigerator, high-heat commercial dishwasher, deck oven, grease trap system, floor drains, upgraded plumbing and electrical, and 200A service. Additional improvements include custom tile, white oak flooring, a skylight, bar infrastructure, 3- and 5-ton HVAC units, a new PEX main water line, and dual 4-inch PVC waste lines. Construction is block with a built-up roof, natural gas heating, evaporative cooling, and central air.
The building is adjacent to one of Bisbee’s largest free public parking lots and benefits from foot traffic and visibility. The vacant component may also support residential conversion for a live/work or mixed-use configuration, subject to applicable requirements.
The available space includes a 10-foot Type 1 hood with fire suppression, walk-in refrigerator, high-heat commercial dishwasher, deck oven, grease trap system, floor drains, upgraded plumbing and electrical, and 200A service. Additional improvements include custom tile, white oak flooring, a skylight, bar infrastructure, 3- and 5-ton HVAC units, a new PEX main water line, and dual 4-inch PVC waste lines. Construction is block with a built-up roof, natural gas heating, evaporative cooling, and central air.
The building is adjacent to one of Bisbee’s largest free public parking lots and benefits from foot traffic and visibility. The vacant component may also support residential conversion for a live/work or mixed-use configuration, subject to applicable requirements.
Key Highlights
- 3,586‑square‑foot commercial building constructed in 1900
- Three restaurant spaces under one roof; two are leased and one is vacant
- 10‑foot Type 1 hood, walk‑in refrigerator, deck oven, dishwasher, and grease trap system
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
$37,196
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
3.74%
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%
$743,920
$743.9K
Cap Rate 7%
$531,371
$531.4K
Cap Rate 9%
$413,289
$413.3K
Market Conditions
NOI Build-Up for 3,586 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
$53.8K $15.00/SF
− Vacancy
−$4.2K −$1.17/SF
EGI
$49.6K $13.83/SF
− OpEx
−$12.4K −$3.46/SF
NOI
$37.2K $10.37/SF
Area
Cochise County, AZ
Vacancy
7.80%
Lease Rate
$15.00 /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%
$743,920
Cap Rate 7%
$531,371
Cap Rate 9%
$413,289
Alternative Uses
Best Use
Specialty Retail
$531.4K
$465.0K – $619.9K
NOI $37,196 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Yes
Commercial hood
Yes
Grease trap
Location Intelligence
Trade Area within ½ mile
434
Businesses Nearby
7k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Circle K
Shops & Services
7,137 visits/mo
0.4 miles
Demographics for 85603, AZ
6,342
Population
4,183
Households
1.5
Avg Household Size
55
Median Age
30%
College-Educated
90%
High-School Grad
227.6 sq mi
ZIP Area
28
Density / Sq Mi
$46,509
Median Household Income
$27,690
Median Earnings
$835
Median Rent
$204,900
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Three restaurant spaces combine preserved historic character with upgraded kitchen systems and a flexible vacant component.
Where is this conventional restaurant located?
The property is located at 72-78 Main Street Bisbee, AZ.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 3,586‑square‑foot commercial building constructed in 1900; Three restaurant spaces under one roof; two are leased and one is vacant; 10‑foot Type 1 hood, walk‑in refrigerator, deck oven, dishwasher, and grease trap system
