Mixed-Use Office & Retail
120 N Stone Ave Tucson, AZ 85701
For Sale
Contact for pricing
Downtown Tucson mixed-use building with a long-running PNC Bank branch and direct parking-structure access.
Property Size36,064 SF
Price / SF$108.14
Days on Market78
Property Features for 120 N Stone Ave
General Information
Standard status
Active
Size
36,064 SF
Property subtype
OFFICE
Listing Agency:
Cushman & Wakefield | Phoenix
(602) 224-4471
Listed By:
Ryan McGregor · License #SA109618000
(520) 271-2657
Source:
Moodyscre
Added: May 14
Changed: Jul 26
Last Checked: Jul 29 at 12:47PM
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 Cushman & Wakefield | Phoenix
Investment Insights
Based on property information with market context.
This mixed-use office and retail property offers an owner/user the ability to occupy up to 120,516 SF, with an additional 6,322 SF basement area that is currently underutilized. The basement includes 11' ceilings, fire suppression sprinklers, three stairwells, and an elevator, and it may be occupied as-is or converted to retail use. The property is anchored by a PNC Bank branch that has operated at the site since 1990.
Located on Stone Avenue in the Central Business District of downtown Tucson, the building provides direct access to an adjacent parking garage. Ownership includes 24 parking spaces, plus ROFR on an additional 94 parking spaces under a perpetual easement. The property is served by a transit-oriented setting with near-immediate light rail access via the Sun Link Streetcar and approximately 1/2-mile access to Interstate 10.
The property is zoned OCR-2 (office/commercial/residential), which supports a variety of tenant uses, and the seller notes the property has been expertly maintained since 2004. Seller financing is available.
Located on Stone Avenue in the Central Business District of downtown Tucson, the building provides direct access to an adjacent parking garage. Ownership includes 24 parking spaces, plus ROFR on an additional 94 parking spaces under a perpetual easement. The property is served by a transit-oriented setting with near-immediate light rail access via the Sun Link Streetcar and approximately 1/2-mile access to Interstate 10.
The property is zoned OCR-2 (office/commercial/residential), which supports a variety of tenant uses, and the seller notes the property has been expertly maintained since 2004. Seller financing is available.
Key Highlights
- Downtown Tucson mixed‑use office & retail building anchored by a long‑running PNC Bank branch operating since 1990
- Owner/user can occupy up to ±20,516 SF; includes an underutilized basement with ±6,322 SF that may be occupied as‑is or converted to retail
- Stone Avenue frontage in Tucson’s Central Business District (OCR‑2 zoning: office/commercial/residential)
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 | $519.3k | $14.40 |
| − Vacancy | −$29.6k | −$0.82 |
| EGI | $489.7k | $13.58 |
| − OpEx | −$146.9k | −$4.07 |
| NOI | $342.8k | $9.51 |
36,064 SF · lease $14.40/SF/yr · vacancy 5.70% · expense 30.00%
Alternative Uses
Best Use
Office B
$7.53M
$6.59M – $8.78M
NOI $526,982 @ 7.0% cap · market cap 13.51%
Second Best
Specialty Retail
$5.25M
$4.59M – $6.12M
NOI $367,290 @ 7.0% cap · market cap 9.42%
Theoretical Best
Office A
$9.37M
$8.20M – $10.93M
NOI $655,799 @ 7.0% cap · market cap 16.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Office building - Downtown Tucson mixed-use building with a long-running PNC Bank branch and direct parking-structure access.
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 $3,900,000.
What are key features of this property?
This property features: Downtown Tucson mixed‑use office & retail building anchored by a long‑running PNC Bank branch operating since 1990; Owner/user can occupy up to ±20,516 SF; includes an underutilized basement with ±6,322 SF that may be occupied as‑is or converted to retail; Stone Avenue frontage in Tucson’s Central Business District (OCR‑2 zoning: office/commercial/residential)
