Downtown Tucson Office
120 N Stone Ave Tucson, AZ
For Sale
Contact for pricing
Two-story office building with parking in downtown Tucson.
Property Size35,178 SF
Lot Size0.59 Acres
Price / SF$141.76
Days on Market1395
Property Features for 120 N Stone Ave
General Information
Standard status
Active
Size
35,178 SF
Lot size
0.59 Acres
Property subtype
OFFICE
Listing Agency:
Volk Company Commercial Real Estate
(520) 235-3000
Listed By:
Dave Volk
(520) 235-3000
Source:
Moodyscre
Added: Oct 5, 2022
Changed: Jul 6
Last Checked: Jul 21 at 5:21AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Volk Company Commercial Real Estate
Investment Insights
Based on property information with market context.
This two-story office building includes a basement and was originally constructed as part of the Pioneer Hotel. The project was later remodeled as a free-standing office development. An attached parking garage and subterranean parking level provide abundant parking. Three additional parking garages and lots are immediately adjacent to the property. Most tenants are on long-term leases, however some executive suite rentals are also available. Primary and service elevators combined with the Stone Avenue address provide easy access and excellent signage for tenants. A rear open courtyard, which once housed the pool for the Pioneer Hotel, provides a secure outdoor break area for tenants, while adjoining buildings provide numerous dining locations. The property is located directly across the street from the City of Tucson Library and one block from a Sunlink streetcar stop. The property size is 35178 square feet.
Key Highlights
- Abundant parking with attached garage and subterranean level, a rarity in Downtown Tucson, plus three additional adjacent parking options.
- Prime location on Stone Avenue, directly across from the City of Tucson Library and one block from the Sunlink streetcar stop.
- Easy access with primary and service elevators and excellent signage opportunities.
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $506.6k | $14.40 |
| − Vacancy | −$28.9k | −$0.82 |
| EGI | $477.7k | $13.58 |
| − OpEx | −$143.3k | −$4.07 |
| NOI | $334.4k | $9.51 |
35,178 SF · lease $14.40/SF/yr · vacancy 5.70% · expense 30.00%
Alternative Uses
Best Use
Office B
$7.34M
$6.43M – $8.57M
NOI $514,035 @ 7.0% cap · market cap 10.31%
Second Best
Retail
$4.78M
$4.18M – $5.57M
NOI $334,382 @ 7.0% cap · market cap 6.71%
Theoretical Best
Office A
$9.14M
$8.00M – $10.66M
NOI $639,688 @ 7.0% cap · market cap 12.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Office building - Two-story office building with parking in downtown Tucson.
Where is this office building located?
The property is located at 120 N Stone Ave Tucson, AZ.
What is the asking price?
The asking price for this property is $4,987,000.
What are key features of this property?
This property features: Abundant parking with attached garage and subterranean level, a rarity in Downtown Tucson, plus three additional adjacent parking options.; Prime location on Stone Avenue, directly across from the City of Tucson Library and one block from the Sunlink streetcar stop.; Easy access with primary and service elevators and excellent signage opportunities.
