Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2202 Forbes Blvd Tucson, AZ 85745-1412

    • Office Properties & Spaces
    • 29,184 SF
    • 3.76 lot acres
    OFF-MARKET
    Last Sale
    Apr 17, 2023
    $8,200,000
    Value Estimations
    $8,605,000
    Show details
    Cap Rate Potential
    2.8%
    Office Properties & Spaces
    Location Intelligence
    Property ID
    US07-0242381
    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

    • Dr. Talal Moukabary / Cardiologist
    • Georgina Ybarra / Pharmacy

    Property Details for 2202 Forbes Blvd

    Year built
    1993
    Construction
    FRAME
    Lot size
    3.76 lot acres
    Property size
    29,184 SF
    Property type
    Office Properties & Spaces
    APN
    115-16-028F
    APU
    11516028F

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,975,000
      6.5%
      $5,515,000
      7%
      $5,120,000

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $9,915,000
      Current use
      RESTAURANT
      $13,595,000
      Change: +37% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $8,445,000
      Change: -15% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $7,945,000
      Change: -20% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Tucson
    County
    Pima
    State
    Arizona
    Longitude
    -110.994
    Latitude
    32.2481
    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
    $64,324
    $118,079
    $1,690,539
    $1,808,618
    -
    $655,996
    $9,391,883
    $10,047,879

    Comparable in this City

    • Value Estimation
      $1,265,000
      10,005 SF

      1775 Sahuaro Dr

      OFFICE (GENERAL) • 10,005 SF
      1775 Sahuaro Dr, Tucson, AZ 85745-1434
      View Details
    • Value Estimation
      $745,000
      5,952 SF

      2430 Huachuca Dr

      OFFICE (GENERAL) • 5,952 SF
      2430 Huachuca Dr, Tucson, AZ 85745-1202
      View Details
    • Value Estimation
      $1,550,000
      12,462 SF

      2475 Jackrabbit Ave

      OFFICE (GENERAL) • 12,462 SF
      2475 Jackrabbit Ave, Tucson, AZ 85745-1208
      View Details
    • Value Estimation
      $8,760,000
      77,040 SF

      275 Commerce Park Loop

      OFFICE (GENERAL) • 77,040 SF
      275 Commerce Park Loop, Tucson, AZ 85745-2796
      View Details
    • Value Estimation
      $3,665,000
      31,371 SF

      306 Commerce Park Loop

      OFFICE (GENERAL) • 31,371 SF
      306 Commerce Park Loop, Tucson, AZ 85745
      View Details
    • Value Estimation
      $1,435,000
      10,235 SF

      340 Commerce Park Loop

      OFFICE (GENERAL) • 10,235 SF
      340 Commerce Park Loop, Tucson, AZ 85745-4284
      View Details

    Similar Nearby for Sale

    • $3,437,118
      13,084 SF

      Tucson Medical Office Investment

      High-yield medical office, strong tenant.
      1780 Anklam Rd, Tucson, AZ 85745
      View Details
    • $289,000
      1,276 SF

      Prime Medical Office, Tucson, AZ

      1,276 SF Vacant Medical Office - $289K
      1702 Anklam Rd, Tucson, AZ 85745
      View Details
    • $289,000
      1,276 SF

      Efficient Medical Office Near Hospital

      Medical office condo with exam rooms and reserved parking.
      1702 W Anklam Rd, Tucson, AZ 85745
      View Details
    • $6,900,000
      91,308 SF

      Tucson Hotel Redevelopment Opportunity

      148-key hotel, high ROI potential.
      1365 Grant Rd, Tucson, AZ 85745
      View Details
    • $1,900,000
      40.02 Acres

      40-Acre Commercial Land, Tucson

      Prime Tucson location, 40 acres, RX-2 zoning.
      0 Of The Nwc Of Anklam Rd. & Greasewood Rd, Tucson, AZ 85745
      View Details
    • $725,000
      2,750 SF

      2750-SF Warehouse on Acre Lot

      2750-SF warehouse on almost an acre near I-10 and Grant.
      2450 N Jackrabbit Ave, Tucson, AZ 85745
      View Details

    Similar Nearby for Lease

    • $10 SF/Yr
      52,715 SF

      Grant Stone Center Office Space

      Tucson Office Suites, High Visibility
      2 Grant Rd, Tucson, AZ 85745
      View Details
    • $28 SF/Yr
      73,491 SF

      Rio Nuevo Office Space Available

      Tucson Office Suites, 1,331-9,270 SF
      201 Bonita Ave, Tucson, AZ 85745
      View Details
    • $16 SF/Yr
      7,437 SF

      Tucson Medical Office Building

      7,437 SF Single-Tenant Medical Office
      1779 St Marys Rd, Tucson, AZ 85745
      View Details
    • $20 SF/Yr
      1,688 SF

      Office Space Near Hospital

      Office space for rent near hospital with covered parking.
      1704 W Anklam Rd, Tucson, AZ 85745
      View Details
    • $28 SF/Yr
      5,387 SF

      Medical Office Space for Lease

      Medical office building on St. Mary Hospital campus for lease.
      395 N Silverbell Rd, Tucson, AZ 85745
      View Details
    • $16 SF/Yr
      7,668 SF

      Tucson Medical Office Building

      7,668 SF Medical Office in Prime Location
      1777 St Marys Rd, Tucson, AZ 85745
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2202 Forbes Blvd
    Tucson, AZ 85745-1412
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.