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    The Largest CRE Database in the US with Over 1 Million Listings

    443 S Stone Ave Tucson, AZ 85701

    Sponsored
    For Sale
    $1,749,000

    MULTI_FAMILY - Modern - Tucson, AZ

    Property size:
    5,039 SF
    Lot size:
    0.15 Acres
    Days on Market:
    4
    Last Refresh:
    Jan 24 at 4:06 pm

    Property Features for 443 S Stone Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Tucson - HC3
    APN
    117-14-2040
    Parking
    8
    Interior features
    Adobe, Bath Exhaust Out, Dual-Flush Toilets
    Exterior features
    Courtyard
    Accessibility
    Accessible Doors
    Appliances
    Prep Sink
    Size
    5,039 SF
    Lot size
    0.15 Acres

    Utilities

    Heating system
    Heat Pump (Heating)
    Cooling system
    Ceiling Fan(s), Central Air, Heat Pump
    Water source
    Public

    Building Details

    Year built
    1937
    Number of units
    4
    Building materials
    Brick, Frame - Stucco, Adobe
    Roof type
    Rolled Hot Mop, Built-Up
    Architectural style
    Modern

    We can help!

    Listing Contact
    Haydee Sanchez

    Tierra Antigua Realty, LLC (520) 544-2335

    Listing agent Haydee Sanchez (520) 389-4199

    Listing date Jan 21, 2026

    MLS# 22530271 Listing URL

    Copyright © 2026 Multiple Listing Service of Southern Arizona. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Historic Tucson Mixed-Use Investment

    Located in the highly desired Historic Armory Park in downtown Tucson, this mixed-use property offers a live/work opportunity. The building, historically known as Amado's Compound between 1840 and 1940 and later as Tucson's Youth Music Center, and the Fiddle Thrift Shop between 1970 and 2022, blends historic architectural and adobe charm with modern functionality. The property features 8 studios or creative office spaces, each equipped with a new bathroom and kitchenette. Additional features include 2 laundry rooms with 5 stackable hookups, a spacious indoor storage or bonus room, and a courtyard. The HC-3 zoning allows for a variety of office and permitted residential uses. Public parking is available on 15th Street and Stone Avenue. The location offers excellent walking and biking access, with a score of 91/100, and is near a TUGO Bikeshare station. It provides easy access to businesses, shops, 5 Points, eateries, and social venues. The Sun Link Streetcar offers transportation to all 5 districts. Recent renovations include a new expanded hall entrance, keycode door pads on each unit, 8 new HVACs and 1 new mini-split system, a new electrical system with 2 new electric meters and 6 new electric panels, new lighting and fixtures, roof work, interior and exterior plumbing, quartz countertops, and apple wood cabinetry. The property showcases adobe features, smooth concrete, and granite feature wall designs, along with modern kitchenettes and bathrooms. New tile flooring and trim, doors, and interior and exterior paint have been installed. The historic exterior doors and windows have been gently restored. The renovation updates reflect a Main Building effective age from 1937 to 1975 and the former Fiddle Thrift Shop from 1947 to 1981. Workmanship warranties transfer at zero cost. The property is within Tucson's Downtown Incentive Infill Zone. The lot size is 0.15 acres and the property size is 5039 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office space

    Suggested Use

    Realty agency Dental Office Spa & Massage Restaurant Hair Salon Nail Salon Accounting Firm Building Supply Daycare Center Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Tucson
    County
    Pima
    State
    Arizona
    Longitude
    -110.969887
    Latitude
    32.215743

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    FAQs

    What type of property is this?
    Mixed-use property - Modern live/work studios in historic Armory Park, downtown Tucson.
    Where is this mixed-use property located?
    The property is located at 443 S Stone Ave Tucson, AZ.
    What is the asking price?
    The asking price for this property is $1,749,000.
    What are key features of this property?
    This property features: - Prime real estate in Historic Armory Park downtown Tucson, a Walker's-Biker's Paradise (score 91/100).; - HC-3 Zoning allows for office and residential uses; features 8 studios/creative office spaces with new bathrooms and kitchenettes.; - Extensive renovations include new HVAC, electrical, plumbing, roof work, quartz countertops, apple wood cabinetry, and modern kitchenettes/bathrooms.
    (520) 389-4199
    Request Owner's contact information
    443 S Stone Ave Tucson, AZ 85701
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    Tucson, AZ 85701
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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
    443 S Stone Ave Tucson, AZ 85701
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    We can help!
    Listing Contact
    Haydee Sanchez
    (520) 389-4199
    Learn more
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