Historic Adobe
For Sale
$425,000
128 N 1st Ave, Tucson, AZ 85719
C-3 zoning, a loft, and one month-to-month tenant-occupied unit provide residential and commercial flexibility.
Property Size1,235 SF
Price / SF$344.13
Days on Market42
Property Features for 128 N 1st Ave
General Information
Standard status
Active
Size
1,235 SF
Zoning
C-3
Additional Details
Multifamily Units
2
Building Details
Year Built
1899
Buildings
1
Construction
Queen Anne
Listing Agency:
RE/MAX Results
(520) 977-7102
Listed By:
Paula Catherine Valencia
Source:
Wowrealestate
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 30 at 8:10PM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
Built in 1899, this Queen Anne-style duplex is constructed from low-fired adobe brick and includes hardwood floors, high ceilings, and a loft. The property carries C-3 commercial zoning, and one unit is occupied by a month-to-month tenant. Its configuration supports the existing duplex use while accommodating the commercial designation.
The building is a contributing structure in Tucson’s Iron Horse Historic District. It is walkable to 4th Ave, Downtown, and the University of Arizona, with access to nearby dining and cultural destinations. The property reflects an historic multi-unit housing design adapted to the Sonoran Desert.
The building is a contributing structure in Tucson’s Iron Horse Historic District. It is walkable to 4th Ave, Downtown, and the University of Arizona, with access to nearby dining and cultural destinations. The property reflects an historic multi-unit housing design adapted to the Sonoran Desert.
Key Highlights
- 1899‑built Queen Anne‑style adobe duplex
- C‑3 commercial zoning with loft
- Contributing structure in the Iron Horse Historic District
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$18,046
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.25%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$360,920
$360.9K
Cap Rate 7%
$257,800
$257.8K
Cap Rate 9%
$200,511
$200.5K
Market Conditions
NOI Build-Up for 1,235 SF
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.
Gross rent
$26.7K $21.60/SF
− Vacancy
−$2.6K −$2.12/SF
EGI
$24.1K $19.48/SF
− OpEx
−$6.0K −$4.87/SF
NOI
$18.0K $14.61/SF
Area
Tucson, AZ
Vacancy
9.80%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$360,920
Cap Rate 7%
$257,800
Cap Rate 9%
$200,511
Alternative Uses
Best Use
Office B
$257.8K
$225.6K – $300.8K
NOI $18,046 @ 7.0% cap · market cap 4.25%
Second Best
Mixed Use
$216.7K
$189.7K – $252.9K
NOI $15,172 @ 7.0% cap · market cap 3.57%
Theoretical Best
Office A
$320.8K
$280.7K – $374.3K
NOI $22,458 @ 7.0% cap · market cap 5.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,253
Businesses Nearby
Explore this area
Business Placement
Demographics for 85719, AZ
46,242
Population
21,707
Households
2.1
Avg Household Size
27
Median Age
46%
College-Educated
93%
High-School Grad
8.0 sq mi
ZIP Area
5,780
Density / Sq Mi
$41,086
Median Household Income
$17,430
Median Earnings
$1,051
Median Rent
$266,900
Median Home Value
Market
Vacancy Rate% for Office in Tucson, AZ
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - C-3 zoning, a loft, and one month-to-month tenant-occupied unit provide residential and commercial flexibility.
Where is this duplex located?
The property is located at 128 N 1st Ave Tucson, AZ.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 1899‑built Queen Anne‑style adobe duplex; C‑3 commercial zoning with loft; Contributing structure in the Iron Horse Historic District
