Eight-Space Adobe Live-Work
For Sale
$1,749,000
443 S Stone Avenue, Tucson, AZ 85701
Commercial Sale, Tucson, AZ
Property Size5,039 SF
Lot Size0.15 Acres
Price / SF$347.09
Days on Market228
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
Heat Pump, Ceiling Fan(s), Central Air
Water source
Public
Amenities
private bathroom
kitchenette option
indoor laundry rooms
indoor storage space
courtyard
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: Sep 15
Last Checked: Sep 19 at 1:06PM
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.
This 5,039-square-foot adobe property, built in 1937, is configured for live-work use with eight creative spaces. Each space has a private bathroom, while kitchenette installation is an option. The property also includes two indoor laundry rooms, substantial interior storage, and a courtyard. Adobe construction, central air, ceiling fans, heat-pump systems, public water, and built-up and rolled hot-mop roofing are among the documented improvements.
The 0.15-acre corner-lot property is located at 443 S Stone Avenue in Tucson’s Armory Park area and carries Tucson HC-3 zoning. The setting provides access to downtown businesses and shops, eateries, social venues, 5-Pts, and TUGO Bikeshare. The property’s prior uses include a youth music center and thrift shop, with updates described as incorporating modern functionality alongside historic adobe character.
The 0.15-acre corner-lot property is located at 443 S Stone Avenue in Tucson’s Armory Park area and carries Tucson HC-3 zoning. The setting provides access to downtown businesses and shops, eateries, social venues, 5-Pts, and TUGO Bikeshare. The property’s prior uses include a youth music center and thrift shop, with updates described as incorporating modern functionality alongside historic adobe character.
Key Highlights
- 8 creative spaces, each with a private bathroom
- 5,039 SF adobe property on 0.15 acres
- Tucson HC‑3 zoning allows office 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
Lease Details
8
Office units
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
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Live-work space - HC-3 zoning accommodates office use and permitted residential use in a character-rich adobe setting.
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: 8 creative spaces, each with a private bathroom; 5,039 SF adobe property on 0.15 acres; Tucson HC‑3 zoning allows office and permitted residential use
