Historic Office Building with
For Sale
Contact for pricing
340 N Main Ave, Tucson, AZ 85701
Two-story historic office building with original upper floors, a modern refurbished lower level, and an on-site freestanding casita.
Property Size8,002 SF
Price / SF$299.93
Days on Market57
Property Features for 340 N Main Ave
General Information
Standard status
Active
Size
8,002 SF
Class
B
Total Parking Spaces
16
Property subtype
Office
Zoning
HO-3, City of Tucson
Building Details
Year Built
1902
Buildings
2
Stories
2
Units
16
Listing Agency:
CBRE - Tucson
(520) 323-5141
Listed By:
Jeff Casper · License #632063
Source:
Crexi
Added: Jun 18
Changed: Aug 10
Last Checked: Aug 12 at 7:03AM
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 CBRE - Tucson
Investment Insights
Based on property information with market context.
Historic Hereford House, built in 1902, offers a main two-story office building with original character features on floors one and two. The lower level has been completely refurbished with modern improvements, along with ground-level entry and windows for convenient access and natural light.
The property is located in Historic Snob Hollow at 340 N Main Ave, Tucson, AZ 85701. It sits adjacent to the Owl’s Club and was designed by the same architect, adding to its distinctive historic context.
This property is well suited for buyers seeking an office setting with architectural character and thoughtfully updated space, including a refurbished lower level that can support day-to-day operational needs. The freestanding casita onsite provides an additional enclosed option that may support a separate office, visitor use, or other light commercial or professional arrangement depending on the buyer’s plans.
The property is located in Historic Snob Hollow at 340 N Main Ave, Tucson, AZ 85701. It sits adjacent to the Owl’s Club and was designed by the same architect, adding to its distinctive historic context.
This property is well suited for buyers seeking an office setting with architectural character and thoughtfully updated space, including a refurbished lower level that can support day-to-day operational needs. The freestanding casita onsite provides an additional enclosed option that may support a separate office, visitor use, or other light commercial or professional arrangement depending on the buyer’s plans.
Key Highlights
- Historic office building built in 1902 with original features on the 1st and 2nd floors
- Main two‑story layout with a completely refurbished lower level featuring modern features
- Lower level has ground‑level entry and windows
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
$116,928
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
4.87%
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%
$2,338,560
$2.3M
Cap Rate 7%
$1,670,400
$1.7M
Cap Rate 9%
$1,299,200
$1.3M
Market Conditions
NOI Build-Up for 8,002 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
$172.8K $21.60/SF
− Vacancy
−$16.9K −$2.12/SF
EGI
$155.9K $19.48/SF
− OpEx
−$39.0K −$4.87/SF
NOI
$116.9K $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%
$2,338,560
Cap Rate 7%
$1,670,400
Cap Rate 9%
$1,299,200
Alternative Uses
Best Use
Office B
$1.67M
$1.46M – $1.95M
NOI $116,928 @ 7.0% cap · market cap 4.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.08M
$1.82M – $2.43M
NOI $145,511 @ 7.0% cap · market cap 6.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,197
Businesses Nearby
Explore this area
Business Placement
Demographics for 85701, AZ
5,132
Population
3,631
Households
1.4
Avg Household Size
37
Median Age
57%
College-Educated
91%
High-School Grad
1.5 sq mi
ZIP Area
3,421
Density / Sq Mi
$52,672
Median Household Income
$43,762
Median Earnings
$1,183
Median Rent
$451,500
Median Home Value
Market
Vacancy Rate% for Office in Tucson, AZ
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-story historic office building with original upper floors, a modern refurbished lower level, and an on-site freestanding casita.
Where is this office building located?
The property is located at 340 N Main Ave Tucson, AZ.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Historic office building built in 1902 with original features on the 1st and 2nd floors; Main two‑story layout with a completely refurbished lower level featuring modern features; Lower level has ground‑level entry and windows
