Two-Story Office
For Sale
$995,000
360 N Court Ave, Tucson, AZ 85701
Downtown professional office property with private offices, oak finishes, surveillance, and access to the Tucson Streetcar line.
Property Size4,053 SF
Price / SF$245.50
Days on Market131
Property Features for 360 N Court Ave
General Information
Standard status
Active
Size
4,053 SF
Property subtype
Commercial
Additional Details
Public Transit
Yes
Amenities
conference room/law library
common area
support staff area
built-in work areas
24 hour video surveillance
Building Details
Year Built
1988
Buildings
1
Stories
2
Listing Agency:
Long Realty-Oasis Property Management
(520) 268-8408
Listed By:
Timothy C Stoner
Source:
Tucsonhomeseeker
Added: Apr 24
Changed: Aug 31
Last Checked: Aug 31 at 5:30PM
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 Long Realty-Oasis Property Management
Investment Insights
Based on property information with market context.
This two-story office property contains nine private offices, with three on the first floor and six upstairs. Office sizes range from 12X14' to 18X14.5'. The interior also includes a conference room or law library, common area, support staff area, and three built-in work areas. Custom solid oak doors and oak interior woodwork add a distinctive finish, while central air and ceiling fans support the building environment. The property was built in 1988 and includes 4,053 square feet.
Located at 360 N Court Avenue in downtown Tucson, the building is near federal, state, and local government offices and courts. The Tucson Streetcar line provides a connection to the University of Arizona Main Campus. Free city parking is available on Court Ave and Church St., and exterior and entrance video surveillance operates 24 hours.
Located at 360 N Court Avenue in downtown Tucson, the building is near federal, state, and local government offices and courts. The Tucson Streetcar line provides a connection to the University of Arizona Main Campus. Free city parking is available on Court Ave and Church St., and exterior and entrance video surveillance operates 24 hours.
Key Highlights
- 4,053‑square‑foot office building constructed in 1988
- Nine private offices: 3 on the first floor and 6 on the second floor
- Office sizes range from 12X14' to 18X14.5'
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
$59,224
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
5.95%
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%
$1,184,480
$1.2M
Cap Rate 7%
$846,057
$846.1K
Cap Rate 9%
$658,044
$658.0K
Market Conditions
NOI Build-Up for 4,053 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
$87.5K $21.60/SF
− Vacancy
−$8.6K −$2.12/SF
EGI
$79.0K $19.48/SF
− OpEx
−$19.7K −$4.87/SF
NOI
$59.2K $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%
$1,184,480
Cap Rate 7%
$846,057
Cap Rate 9%
$658,044
Alternative Uses
Best Use
Office B
$846.1K
$740.3K – $987.1K
NOI $59,224 @ 7.0% cap · market cap 5.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$921.3K – $1.23M
NOI $73,701 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,583
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 - Downtown professional office property with private offices, oak finishes, surveillance, and access to the Tucson Streetcar line.
Where is this office building located?
The property is located at 360 N Court Ave Tucson, AZ.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 4,053‑square‑foot office building constructed in 1988; Nine private offices: 3 on the first floor and 6 on the second floor; Office sizes range from 12X14' to 18X14.5'
