Repurposed Warehouse in Downtown
For Sale
Contact for pricing
610 S Park Ave, Tucson, AZ 85719
Mixed-use property with multiple income streams in booming downtown.
Property Size21,094 SF
Price / SF$141.75
Days on Market1098
Property Features for 610 S Park Ave
General Information
Standard status
Active
Size
21,094 SF
Total Parking Spaces
14
Property subtype
Industrial, Mixed Use, Office, Special Purpose
Zoning
I-1 City of Tucson
Occupancy
100%
Lease Type
Gross
Investment Type
Owner/User
Building Details
Year Built
1954
Year Renovated
2014
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
ArizonaFirst Properties
Listed By:
Tom DeSollar · License #LC560763000
(520) 400-2732
Source:
Crexi
Added: Sep 4, 2023
Changed: Sep 1
Last Checked: Sep 4 at 4:33PM
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 ArizonaFirst Properties
Investment Insights
Based on property information with market context.
This mixed-use property features a repurposed 21,094 square foot warehouse originally built in the 1950s, situated in the thriving downtown area of Tucson, Arizona. The location is convenient to hotels, entertainment venues, and restaurants. The property is currently configured to generate income from multiple sources. One income stream comes from co-working offices and executive suites, which are tastefully decorated and furnished with a railroad theme. These spaces are equipped with fiber optic internet and secured access. Another income source is a long-term industrial manufacturing operation that produces custom furniture and window coverings. The third income stream is generated by a successful event center located in the center of the building, known as the Rail Yard. This center hosts weddings, class reunions, family events, business conferences, and training sessions. All furniture, fixtures, and equipment are included in the offering.
Key Highlights
- Three income streams: co‑working offices/executive suites, industrial manufacturing tenant, and event center.
- Prime downtown Tucson location near hotels, entertainment, and restaurants.
- Repurposed 21,094 SF warehouse with a unique, tastefully decorated interior.
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
$259,140
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
8.67%
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%
$5,182,800
$5.2M
Cap Rate 7%
$3,702,000
$3.7M
Cap Rate 9%
$2,879,333
$2.9M
Market Conditions
NOI Build-Up for 21,094 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
$455.6K $21.60/SF
− Vacancy
−$41.0K −$1.94/SF
EGI
$414.6K $19.66/SF
− OpEx
−$155.5K −$7.37/SF
NOI
$259.1K $12.29/SF
Area
Tucson, AZ
Vacancy
9.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$5,182,800
Cap Rate 7%
$3,702,000
Cap Rate 9%
$2,879,333
Alternative Uses
Best Use
Office B
$4.40M
$3.85M – $5.14M
NOI $308,234 @ 7.0% cap · market cap 10.31%
Second Best
Mixed Use
$3.70M
$3.24M – $4.32M
NOI $259,140 @ 7.0% cap · market cap 8.67%
Theoretical Best
Office A
$5.48M
$4.79M – $6.39M
NOI $383,580 @ 7.0% cap · market cap 12.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,429
Businesses Nearby
Explore this area
Business Placement
Demographics for 85719, AZ
46,242
Population
21,707
Households
2.1
Avg Household Size
27
Median Age
46%
College-Educated
93%
High-School Grad
8.0 sq mi
ZIP Area
5,780
Density / Sq Mi
$41,086
Median Household Income
$17,430
Median Earnings
$1,051
Median Rent
$266,900
Median Home Value
Market
Vacancy Rate% for Office 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?
Mixed-use property - Mixed-use property with multiple income streams in booming downtown.
Where is this mixed-use property located?
The property is located at 610 S Park Ave Tucson, AZ.
What is the asking price?
The asking price for this property is $2,990,000.
What are key features of this property?
This property features: Three income streams: co‑working offices/executive suites, industrial manufacturing tenant, and event center.; Prime downtown Tucson location near hotels, entertainment, and restaurants.; Repurposed 21,094 SF warehouse with a unique, tastefully decorated interior.
