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    1204 Alvernon Way Tucson, AZ 85712-4504
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    Property profile & analytics

    1204 Alvernon Way, Tucson, AZ 85712-4504

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    • Grocery and convenience stores
    • 2,300 SF
    • 0.14 lot acres
    Off-Market
    Property ID
    US07-1056365
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Western Union / Bank / Credit Union
    • Cardtronics ATM / Atm
    • Speedy Mart / Grocery & Convenience Store
    • Bitcoin of America ATM / Atm

    Property Details for 1204 Alvernon Way

    Year built
    1978
    Construction
    FRAME
    Lot size
    0.14 lot acres
    Property type
    Grocery and convenience stores
    APN
    122-13-060A
    APU
    12213060A

    Description

    This exceptional retail property, located at 1204 N Alvernon Way in Tucson, Arizona, presents a unique investment opportunity. The 2,000 square foot building, constructed in 1978, is currently vacant and offers significant potential for a variety of retail uses. The property boasts a prime location near the busy intersection of Speedway Boulevard and Alvernon Way, ensuring high visibility and substantial foot traffic. A prominent pole sign further enhances its marketing potential. The property is zoned C-1 & R-2 by the City of Tucson, providing flexibility for various commercial and residential uses (subject to city approvals). The asking price is $499,000. The property's APN is 122-13-060A

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Tucson
    County
    Pima
    State
    Arizona
    Longitude
    -110.909
    Latitude
    32.2382
    CBSA code
    46060
    CBSA name
    TUCSON, AZ METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $3,041
    $7,484
    $22,399
    $29,883
    -
    $41,576
    $124,440
    $166,016

    Comparable in this City

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      1,428 SF

      1711 Alvernon Way

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      1711 Alvernon Way, Tucson, AZ 85712-3301
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    • Value Estimation by Request
      0.34 Acres

      1711 Alvernon Way

      CONVENIENCE STORE
      1711 Alvernon Way, Tucson, AZ 85712-3301
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      2,680 SF

      5505 Grant Rd

      CONVENIENCE STORE
      5505 Grant Rd, Tucson, AZ 85712-2209
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      3,217 SF

      3902 Speedway Blvd

      CONVENIENCE STORE
      3902 Speedway Blvd, Tucson, AZ 85712-4518
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      2,853 SF

      5301 Pima St

      CONVENIENCE STORE
      5301 Pima St, Tucson, AZ 85712-3631
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    • Value Estimation
      $5,260,000
      39,807 SF

      3925 Grant Rd

      GROCERY, SUPERMARKET
      3925 Grant Rd, Tucson, AZ 85712-2506
      View Details

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      Tucson Commercial Property For Sale

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      Former Applebee's Restaurant Available

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      Commercial land
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    Similar Nearby for Lease

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      Grant Road Retail/Office/Flex Space

      Retail, office, and flex spaces available on Grant Road.
      5541-5557 E Grant Rd, Tucson, AZ 85712
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      Retail Space on Grant Road

      Retail space with high traffic on Grant Road.
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      Retail Space with Signage

      Retail space with prominent signage and ample parking available for lease.
      4951 E Grant Rd, Tucson, AZ 85712
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    Tucson, AZ 85712-4504
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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