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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1502 Tucson Blvd Tucson, AZ 85716-3423

    • Medical offices
    • 6,795 SF
    • 0.61 lot acres
    OFF-MARKET
    Last Sale
    Nov 30, 2020
    $1,670,000
    Value Estimations
    $1,885,000
    Show details
    Cap Rate Potential
    4.4%
    Medical offices
    Location Intelligence
    Property ID
    US07-3487208
    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.

    Current Use by Public Records

    • Hodges Eye Care and Surgical Center / Ophthalmologist / Eye Care Center
    • Cheryl E. Schmitt, OD / Optometrist
    • Hodges Eye Care and Surgical Center - Dr. Timothy Hodges / Ophthalmologist / Eye Care Center
    • Amine / Medical Clinic / Endoscopist

    Property Details for 1502 Tucson Blvd

    Year built
    1986
    Construction
    FRAME
    Lot size
    0.61 lot acres
    Property size
    6,795 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    123-03-1050
    APU
    123031050

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,050,000
      ML approach
      $2,075,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,510,000
      6.5%
      $1,390,000
      7%
      $1,295,000

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $3,165,000
      COMMERCIAL (GENERAL)
      $1,990,000
      NEIGHBORHOOD: SHOPPING CENTER
      $1,965,000
      AUTO REPAIR, GARAGE
      $1,850,000
      INDUSTRIAL (GENERAL)
      $1,400,000
      RETAIL STORES
      $1,290,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Tucson
    County
    Pima
    State
    Arizona
    Longitude
    -110.935
    Latitude
    32.241
    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
    $19,288
    $27,930
    $110,851
    $138,781
    -
    $186,200
    $739,007
    $925,207

    Comparable in this City

    • Value Estimation
      $280,000
      0.87 Acres

      3809 4th St

      MEDICAL CLINIC • 0.87 Acres
      3809 4th St, Tucson, AZ 85716
      View Details
    • Value Estimation
      $1,155,000
      0.15 Acres

      1720 Tucson Blvd

      MEDICAL CLINIC • 0.15 Acres
      1720 Tucson Blvd, Tucson, AZ 85716
      View Details
    • Value Estimation
      $230,000
      1,945 SF

      1601 Tucson Blvd Ste, Unit 14

      MEDICAL CLINIC • 1,945 SF
      1601 Tucson Blvd Ste, Tucson, AZ 85716-3406
      View Details
    • Value Estimation
      $180,000
      2,460 SF

      1601 Tucson Blvd Ste, Unit 15

      MEDICAL CLINIC • 2,460 SF
      1601 Tucson Blvd Ste, Tucson, AZ 85716-3406
      View Details
    • Value Estimation
      $295,000
      810 SF

      1601 Tucson Blvd Ste, Unit 28

      MEDICAL CLINIC • 810 SF
      1601 Tucson Blvd Ste, Tucson, AZ 85716-3408
      View Details
    • Value Estimation
      $200,000
      1,900 SF

      2102 Country Clb Rd Ste C

      MEDICAL CLINIC • 1,900 SF
      2102 Country Clb Rd Ste C, Tucson, AZ 85716-2831
      View Details

    Similar Nearby for Sale

    • $599,000
      3,028 SF

      Tucson Medical Office Building

      Move-in Ready Medical Suite, 3,028 SF
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    • $1,100,000
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      Approved Plans for Treatment Center

      Property with approved plans for a 47-bed treatment center.
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      Renovated Medical Offices For Sale

      Recently renovated medical offices with secure gated parking for sale.
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    • $549,000
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      Medical/Office Space on Country Club

      Move-in ready medical suite in central Tucson location.
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    • $2,820,000
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      Office building with covered parking, ideal for education or medical.
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      Prime Office Space, Mountain Views, 5,526 SF
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    Similar Nearby for Lease

    • $24 SF/Yr
      12,500 SF

      Tucson Office Space for Lease

      Prime Tucson Office: 12,500 SF Available
      2500 Tucson Blvd, Tucson, AZ 85716
      View Details
    • $9 SF/Yr
      1,560 SF

      Broadway Boulevard Retail/Office Space

      Office and retail spaces near downtown and the University of Arizona.
      2530-2538 E Broadway Blvd, Tucson, AZ 85716
      View Details
    • $17 SF/Yr
      4,000 SF

      Multi-Tenant Office Complex For Rent

      Multi-tenant office complex with covered parking near University of Arizona.
      616 N Country Club Rd, Tucson, AZ 85716
      View Details
    • $17 SF/Yr
      9,080 SF

      Country Club Plaza Office Space

      Tucson Office Suite: 775-1025 sq ft
      2761 Country Club Rd, Tucson, AZ 85716
      View Details
    • $9 SF/Yr
      2,520 SF

      Tucson Retail/Office Space Available

      Retail and office spaces available in central Tucson location.
      3524-3532 E Grant Rd, Tucson, AZ 85716
      View Details
    • $3,000 /Mo
      1,630 SF

      Remodeled Office Space Near University

      Remodeled office space with ample parking and convenient location.
      700 N Country Club Rd, Tucson, AZ 85716
      View Details
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    1502 Tucson Blvd
    Tucson, AZ 85716-3423
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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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