120 N Stone Ave - Office FOR SALE


Tucson, AZ 85701- Downtown Tucson
$4,625,000 USD
602-339-3131
120 N Stone Ave, Tucson, AZ for Sale
$4,625,000 USD
Office - FOR SALE
1/8
null | 7.49% Cap Rate

120 N Stone Ave
Tucson, AZ 85701
Downtown Tucson


HIGHLIGHTS

  • Anchored by PNC Bank as a retail bank branch.
  • PNC Bank currently holds ±$150 million in deposits at this location.
  • ±79% leased to a diverse tenant roster also includes the Tucson Better Business Bureau, Mako Mining and Illume Advising.

OVERVIEW

• Two (2) story multi-tenant mixed use office/retail building totaling ±36,064 square feet. • Anchored by PNC Bank as a retail bank branch has operated in this location since 1990 and currently holds ±$150 million in deposits. • ±73% leased to a diverse tenant roster also includes the Tucson Better Business Bureau, Mako Mining and Illume Advising. • Stone Avenue frontage in the heart of vibrant Downtown Tucson’s Central Business District. • Excellent value-add opportunity to increase cash flow can by leasing the underutilized basement space with eleven (11’) ceilings, fire suppression sprinklers, three (3) stairwells and two (2) elevators. Potential uses include today’s popular ‘speakeasy’ bar. • Retail vacancy in the Central Business District is ±3.7% encompassing ±4.3 million square feet. • The Downtown office market is experiencing a surge in demand with low levels of supply and a healthy overall vacancy rate of ±3.3%. • Direct access to adjacent parking garage includes 24 owned parking spaces and ROFR on an additional 94 parking spaces as governed by a perpetual easement. • OCR-2 (office/commercial/residential) zoning, which allows for occupancy by a diverse array of tenant uses. • Transit oriented location with near-immediate light rail access via the Sun Link Streetcar, and ½-mile access to Interstate 10, Arizona’s primary transportation corridor and gateway to all other freeways. • Long term ownership, expertly maintained since 2004. • $4,625,000 | ±7.5% Cap Rate

FOR SALE DETAILS

PRICE

$4,625,000 USD

PRICE/SF

$128 USD /SF

CAP RATE

7.49%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Office

ADD'L SUBTYPES

Bank

TOTAL BUILDING SIZE

-

STORIES

3

BUILDING CLASS

B

YEAR BUILT

1970

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.59 AC

LAND SF

25,700 SF

ZONING

B-3, Tucson

APN/PARCEL ID

117-11-096E

ASK ABOUT THIS PROPERTY

Eric WichtermanCushman & WakefieldMore Info
602-339-3131

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Eric WichtermanCushman & WakefieldMore Info
602-339-3131

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.