Historic Mixed-Use Live-Work
For Sale
$1,749,000
443 S Stone Ave, Tucson, AZ 85701
Flexible office and residential zoning supports a creative, multi-suite live-work concept with shared amenities.
Property Size5,039 SF
Price / SF$347.09
Days on Market260
Property Features for 443 S Stone Ave
General Information
Standard status
Active
Size
5,039 SF
Property subtype
Multi-Family
Zoning
HC-3
Amenities
laundry rooms
courtyard
Building Details
Year Built
1937
Construction
adobe
Listing Agency:
Tierra Antigua Realty
Listed By:
Haydee Sanchez
(520) 389-4199
Source:
Viewtucsonhomesforsale
Added: Dec 25, 2025
Changed: Sep 10
Last Checked: Sep 11 at 11:16AM
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 Tierra Antigua Realty
Investment Insights
Based on property information with market context.
This 5,039-square-foot mixed-use property, built in 1937, combines historic architectural character with a flexible live-work configuration. The layout includes 8 studios or creative office spaces, each planned with a new bathroom and kitchenette option. Additional improvements include 2 laundry rooms with 5 stackable hookups, an indoor storage or bonus room, and a courtyard.
HC-3 zoning allows a variety of office uses and permitted residential use. The property is located in Historic Armory Park in downtown Tucson, with public parking and spaces identified on 15th St and Stone Av. The setting has a 91/100 walking and biking score and access to TUGO Bikeshare.
HC-3 zoning allows a variety of office uses and permitted residential use. The property is located in Historic Armory Park in downtown Tucson, with public parking and spaces identified on 15th St and Stone Av. The setting has a 91/100 walking and biking score and access to TUGO Bikeshare.
Key Highlights
- 5,039‑square‑foot mixed‑use property built in 1937
- 8 studios or creative office spaces with new bathroom and kitchenette options
- HC‑3 zoning supports office uses and permitted residential use
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
$73,632
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
4.21%
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%
$1,472,640
$1.5M
Cap Rate 7%
$1,051,886
$1.1M
Cap Rate 9%
$818,133
$818.1K
Market Conditions
NOI Build-Up for 5,039 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
$108.8K $21.60/SF
− Vacancy
−$10.7K −$2.12/SF
EGI
$98.2K $19.48/SF
− OpEx
−$24.5K −$4.87/SF
NOI
$73.6K $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%
$1,472,640
Cap Rate 7%
$1,051,886
Cap Rate 9%
$818,133
Alternative Uses
Best Use
Office B
$1.05M
$920.4K – $1.23M
NOI $73,632 @ 7.0% cap · market cap 4.21%
Second Best
Mixed Use
$884.3K
$773.8K – $1.03M
NOI $61,904 @ 7.0% cap · market cap 3.54%
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,631 @ 7.0% cap · market cap 5.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,398
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
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Market
Vacancy Rate% for Office in Tucson, AZ
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible office and residential zoning supports a creative, multi-suite live-work concept with shared amenities.
Where is this mixed-use property located?
The property is located at 443 S Stone Ave Tucson, AZ.
What is the asking price?
The asking price for this property is $1,749,000.
What are key features of this property?
This property features: 5,039‑square‑foot mixed‑use property built in 1937; 8 studios or creative office spaces with new bathroom and kitchenette options; HC‑3 zoning supports office uses and permitted residential use
