Creative Office Condo with
New
For Sale
$504,000
7483 East Tanque Verde Road, Tucson, AZ 85715
Flexible layout includes reception, private offices, shared work areas, and covered parking within a professional condo setting.
Property Size2,205 SF
Price / SF$228.57
Days on Market2
Property Features for 7483 East Tanque Verde Road
General Information
Standard status
Active
Size
2,205 SF
Property subtype
Office
Additional Details
Office Units
1
Listing Agency:
CBRE | Tucson
Listed By:
Bruce Suppes · License #SA543260000
(520) 979-2967
Source:
Cbre
Added: Sep 20
Last Checked: Sep 20 at 2:48PM
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 2,205-square-foot creative office condominium at Tanque Verde Place provides a practical mix of collaborative and private workspace. The interior includes a reception area, expansive open work area, two enclosed offices, a breakroom or conference room, and a separate storage room. The open configuration is suited to immediate occupancy and can support a range of office-oriented operations.
The property is positioned at a signalized intersection for convenient access and includes available building signage. Parking is described as ample, with covered spaces included, within the professional condominium setting.
The property is positioned at a signalized intersection for convenient access and includes available building signage. Parking is described as ample, with covered spaces included, within the professional condominium setting.
Key Highlights
- 2,205 SF creative office condominium
- Reception area with a large open work area
- Two private offices plus a breakroom or conference room
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
$32,220
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
6.39%
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%
$644,400
$644.4K
Cap Rate 7%
$460,286
$460.3K
Cap Rate 9%
$358,000
$358.0K
Market Conditions
NOI Build-Up for 2,205 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
$47.6K $21.60/SF
− Vacancy
−$4.7K −$2.12/SF
EGI
$43.0K $19.48/SF
− OpEx
−$10.7K −$4.87/SF
NOI
$32.2K $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%
$644,400
Cap Rate 7%
$460,286
Cap Rate 9%
$358,000
Alternative Uses
Best Use
Office B
$460.3K
$402.8K – $537.0K
NOI $32,220 @ 7.0% cap · market cap 6.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$572.8K
$501.2K – $668.3K
NOI $40,096 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
768
Businesses Nearby
Explore this area
Business Placement
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
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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?
Creative space - Flexible layout includes reception, private offices, shared work areas, and covered parking within a professional condo setting.
Where is this creative space located?
The property is located at 7483 East Tanque Verde Road Tucson, AZ.
What is the asking price?
The asking price for this property is $504,000.
What are key features of this property?
This property features: 2,205 SF creative office condominium; Reception area with a large open work area; Two private offices plus a breakroom or conference room
