401 E Irvington Rd
Premier Investment Opportunity w/ Stabilized Income & Future Redevelopment | Tucson, AZ
Marketing description
STRATEGIC LOCATION IN GROWTH MARKET
►Economic Growth | In Q4 2024, Tucson’s median household income rose by 3.4% year-over-year, reaching $73,300. Nonfarm employment expanded to 407,000 jobs, a 1.1% increase from the previous year, while the unemployment rate declined to 3.5%, reflecting a robust local economy.
►Population Expansion | Tucson experienced a population growth of 0.98% since 2020, surpassing the national average of 0.58%. Tucson is also expected to average 0.5% growth until 2029 beating the national average of 0.4%. This demographic trend contributes to a larger workforce and increased consumer demand, enhancing the city’s economic vitality.
►A Hub for Logistics & Distribution | Situated just 64 miles from the Mexico border and near major transportation corridors such as Interstates 10 and 19 paired with airports such as Tucson International Airport and Ryan Airfield, Tucson offers businesses efficient access to key markets across the Southwest and Mexico, bolstering its appeal as a logistics and distribution hub.
STRONG INDUSTRIAL MARKET
►Vacancy Rates | As of Q4 2024, Tucson’s industrial vacancy rate stood at 4.7%, a slight increase of 10 basis points from the previous quarter, indicating sustained demand for industrial space.
►Rental Rates | The average asking rent for industrial properties in Tucson reached $0.85 per square foot on a triple net basis in Q4 2024, reflecting a 2.4% quarter-over-quarter increase and underscoring the market’s strength with new construction expected to fetch between $.95 and $1.10 per square foot.
►Tenant Demand | At the close of Q4 2024, there were 9.5 million square feet of active tenant requirements in the Tucson market, indicating strong and sustained interest from occupiers seeking industrial space.
Investment highlights
This is a unique opportunity to acquire a stabilized, STNL asset with unparalleled upside potential including adjoining land poised for development. The ±10-acre lot was formerly one parcel prior to current ownership making the prudent decision to formalize a lot split to capture robust market demand and establish ‘highest and best use’ for the site. 401 East Irvington Road is a ±55,470 SF industrial building sitting on ±4.13 acres that is fully occupied by Destech Corporation on a long-term lease through 2032. 415 East Irvington Road is a ±5.87-acre parcel of land directly adjacent to 401 E Irvington that is ‘permit ready’ with current plans calling for a ±78,201 SF industrial building. NNN lease structure allows for ‘ease of ownership’ and minimal management responsibilities.
PREMIER INVESTMENT OPPORTUNITY WITH STABILIZED INCOME AND FUTURE DEVELOPMENT POTENTIAL
►401 E Irvington Rd | 100% leased to local, credit-worthy tenant with long-term lease and has a major FF&E investment into the building with long-term employee base. The tenant has a captive customer base with manufacturing and distributing mechanical components for the oil and gas drill bit manufacturing industry.
►415 E Irvington Rd | 150’ of frontage on East Irvington Road and a separate tax parcel with full set of engineering and architectural plans. The current plans are designed to meet market demand: with 7,020 to 17,550 SF bays, 32’ clear, ESFR sprinklers and robust loading.
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