Live-Work Space with Corner
For Sale
$1,749,000
443 S Stone Avenue, Tucson, AZ 85701
COMMERCIAL - Tucson, AZ
Property Size5,039 SF
Lot Size0.15 Acres
Price / SF$347.09
Days on Market199
Property Features for 443 S Stone Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Tucson - HC3
Interior features
Adobe, Bath Exhaust Out, Dual-Flush Toilets
Lot features
Decorative Gravel, Shrubs, Corner Lot, East/ West Exposure, North/ South Exposure, Subdivided
Directions
I-10, E. on Congress, S. on South Stone Av., property located on corner of Stone and 15th St.
Subdivision
Central
Standard status
Active
APN
117-14-2040
Size
5,039 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
TUCSON LOT 2 EXC E106' & N5' LOT 3 EXC E106' BLK 238
Tax Annual Amount
6779
Legal Description
TUCSON LOT 2 EXC E106' & N5' LOT 3 EXC E106' BLK 238
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Ceiling Fan(s), Heat Pump, Central Air
Water source
Public
Building Details
Year built
1937
Building materials
Adobe
Roof type
Built-Up, Rolled Hot Mop
Listing Agency:
Tierra Antigua Realty
(520) 544-2335
Listed By:
Haydee Sanchez
(520) 389-4199
Added: Feb 3
Changed: Aug 4
Last Checked: Aug 21 at 5:06PM
MLS# 22603230
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.
Live-work space on a corner lot featuring adobe construction and historic character, with modern updates throughout. The property includes eight creative spaces, each with a private bathroom and a kitchenette option, supported by two indoor laundry rooms, ample indoor storage, and a courtyard.
Zoned HC-3 in Historic Residential Armory Park, the property is set up to support a variety of office use alongside permitted residential use. Public water is available, with a heat pump heating system and central air cooling.
Built in 1937, the building is approximately 5,039 square feet on a 0.15-acre lot. Interior features include adobe materials and dual-flush toilets, and the property is equipped with bath exhaust. Roof systems include rolled hot mop and built-up roofing.
Zoned HC-3 in Historic Residential Armory Park, the property is set up to support a variety of office use alongside permitted residential use. Public water is available, with a heat pump heating system and central air cooling.
Built in 1937, the building is approximately 5,039 square feet on a 0.15-acre lot. Interior features include adobe materials and dual-flush toilets, and the property is equipped with bath exhaust. Roof systems include rolled hot mop and built-up roofing.
Key Highlights
- Corner lot live‑work property with adobe construction and historic character
- Eight creative spaces, each with a private bathroom and kitchenette option
- Zoned HC‑3 for variety of office use 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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,888
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?
Live-work space - Eight creative live-work spaces with private bathrooms and kitchenette options in Tucson HC-3 zoning.
Where is this live-work space located?
The property is located at 443 S Stone Avenue 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: Corner lot live‑work property with adobe construction and historic character; Eight creative spaces, each with a private bathroom and kitchenette option; Zoned HC‑3 for variety of office use and permitted residential use
