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    Property profile & analytics

    2402 Alvernon Way Tucson, AZ 85712

    • Strip malls
    • 2,764 SF
    • 0.53 lot acres
    For Lease
    View listing
    Value Estimations
    $345,000
    Cap Rate Potential
    9%
    Strip malls
    Location Intelligence
    Property ID
    US07-0505966
    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

    • Strip malls

    Property Details for 2402 Alvernon Way

    Year built
    1992
    Construction
    STEEL FRAME
    Lot size
    0.53 lot acres
    Property size
    2,764 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    110-07-414K
    APU
    11007414K

    Description

    This exceptional 3,600 square foot retail property, located at 2402 N Alvernon Way in Tucson, Arizona, presents a prime opportunity for businesses seeking high visibility and accessibility. Situated on a signalized corner lot, this single-tenant space offers unparalleled exposure to significant daily traffic. The property is zoned C-1 by the City of Tucson, allowing for a wide range of commercial uses. The entire 3,600 square feet is currently vacant, providing a blank canvas for a new tenant to customize the space to their specific needs. The property's location in Pima County, Arizona, within the 85712 zip code, places it in a thriving commercial area with excellent access to major roadways and a diverse customer base. This is an ideal location for businesses seeking a strong presence in a high-traffic area of Tucson. The property's size and visibility make it suitable for a variety of retail concepts, from restaurants and shops to service-based businesses. Interested parties are encouraged to inquire about lease terms and explore the potential of this exceptional retail space. The property is ready for immediate occupancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $315,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $470,000
      6.5%
      $435,000
      7%
      $400,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $316,000
      Market price range: $96.0k - $317k

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

    Location Insight

    • Map
    • Local Demand
    City
    Tucson
    County
    Pima
    State
    Arizona
    Longitude
    -110.909
    Latitude
    32.2512
    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
    $12,958
    $82,976
    $2,765
    $85,741
    -
    $460,980
    $15,363
    $476,343

    Comparable in this City

    • Value Estimation
      $230,000
      0.10 Acres

      4238 Speedway Blvd

      SHOPPING CENTER, STRIP CENTER • 0.10 Acres
      4238 Speedway Blvd, Tucson, AZ 85712-4524
      View Details
    • Value Estimation
      $240,000
      0.00 Acres

      Tucson, AZ 85712

      SHOPPING CENTER, STRIP CENTER • 0.00 Acres
      Tucson, AZ 85712
      View Details
    • Value Estimation
      $400,000
      10,500 SF

      5731 Speedway Blvd

      SHOPPING CENTER, STRIP CENTER • 10,500 SF
      5731 Speedway Blvd, Tucson, AZ 85712-5023
      View Details
    • Value Estimation
      $515,000
      2,927 SF

      5030 Speedway Blvd

      SHOPPING CENTER, STRIP CENTER • 2,927 SF
      5030 Speedway Blvd, Tucson, AZ 85712-4737
      View Details
    • Value Estimation
      $830,000
      91,308 SF

      2990 Swan Rd

      SHOPPING CENTER, STRIP CENTER • 91,308 SF
      2990 Swan Rd, Tucson, AZ 85712-6025
      View Details
    • Value Estimation
      $340,000
      8,319 SF

      5435 Pima St

      SHOPPING CENTER, STRIP CENTER • 8,319 SF
      5435 Pima St, Tucson, AZ 85712-3633
      View Details

    Similar Nearby for Sale

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      Income Producing Retail Property

      Retail property for sale in high-density Tucson location.
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      Tucson Automotive/Retail Property For Sale

      Excellent visibility, C-2 zoning, strong infill location in Tucson.
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      Ross Dress For Less

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    • Contact for pricing
      13,650 SF

      Retail Property at Busy Intersection

      Retail property at a signalized intersection in central Tucson.
      2415 N Alvernon Way, Tucson, AZ 85712
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
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      Retail Space with High Visibility

      Retail space available at a high-traffic intersection in Tucson.
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      View Details
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      Monterey Village Retail Space For Lease

      Tucson Strip Mall: Prime Retail Space Available
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      View Details
    • $15 SF/Yr
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      Shops at Camp Lowell: Prime Retail Space

      Tucson Strip Mall: Multiple Units Available
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      View Details
    • $15 SF/Yr
      136,273 SF

      Crossroads Festival Retail Center

      Tucson Retail Center: Multiple Spaces Available
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    • $10 SF/Yr
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      Reddington Plaza: Tucson Office Space

      Prime Tucson Office Suites Available Now
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    • $11 SF/Yr
      103,492 SF

      Northgate Plaza: Tucson Retail Center

      Prime Tucson retail space, multiple suites available.
      3901-3999 Grant Rd, Tucson, AZ 85712
      View Details
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    Tucson, AZ 85712
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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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