Two-Story Office
New
For Sale
$995,000
360 N Court Avenue, Tucson, AZ 85701
Commercial Sale, Tucson, AZ
Property Size4,053 SF
Lot Size0.06 Acres
Price / SF$245.50
Days on Market2
Property Features for 360 N Court Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Tucson - C1
Lot features
Subdivided
Directions
DOWNTOWN COURT AVE/CHURCH ST
Subdivision
Central
Standard status
Active
APN
117-10-0470
Size
4,053 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
TUCSON S58' N128' M/L LOT 5 EXC NE2 W58.34' N50.34' BLK 173
Tax Annual Amount
10315
Legal Description
TUCSON S58' N128' M/L LOT 5 EXC NE2 W58.34' N50.34' BLK 173
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Amenities
custom solid oak doors and interior oak woodwork
conference room/law library
common area
support staff area
three built-in work areas
24 hour exterior and building entrance video surveillance
Building Details
Year built
1988
Building materials
Frame - Stucco
Roof type
Built-Up
Listing Agency:
Long Realty-Oasis Property Management
(520) 403-1011
Listed By:
Timothy C Stoner
(520) 268-8408
Added: Aug 20
Last Checked: Aug 21 at 4:06AM
MLS# 22620245
Copyright © 2026 Multiple Listing Service of Southern Arizona. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,053-square-foot office building offers two levels of professional workspace, including nine private offices, a conference room and law library, shared areas, staff support space, and three built-in workstations. The offices range from 12X14' to 18X14.5'. Custom solid oak doors and interior oak detailing add a distinctive finish, while forced-air heating, natural gas, central air, and ceiling fans support year-round functionality. The building was constructed in 1988 with frame-and-stucco construction and a built-up roof.
The property is near federal, state, and local government offices and courts in downtown Tucson. It is also near the Tucson Streetcar line, which connects to the University of Arizona Main Campus. Exterior and entrance video surveillance operates 24 hours, and free city parking is available on Court Ave and Church St. The property is zoned Tucson - C1 and served by public water.
The property is near federal, state, and local government offices and courts in downtown Tucson. It is also near the Tucson Streetcar line, which connects to the University of Arizona Main Campus. Exterior and entrance video surveillance operates 24 hours, and free city parking is available on Court Ave and Church St. The property is zoned Tucson - C1 and served by public water.
Key Highlights
- 4,053 SF, two‑story office building constructed in 1988
- Nine private offices ranging from 12X14' to 18X14.5'
- Conference room/law library, common area, staff support area, and three built‑in work areas
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 - Professional office property with private rooms, conference space, oak finishes, central air, and public water service.
Where is this office building located?
The property is located at 360 N Court Avenue 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 SF, two‑story office building constructed in 1988; Nine private offices ranging from 12X14' to 18X14.5'; Conference room/law library, common area, staff support area, and three built‑in work areas
