Corner Lot Live-Work Creative
For Sale
$1,749,000
443 Stone Avenue, Tucson, AZ 85701
Live-work building with eight creative spaces, each with a private bathroom and kitchenette option, plus a courtyard.
Property Size5,039 SF
Price / SF$347.09
Days on Market188
Property Features for 443 Stone Avenue
General Information
Standard status
Active
Size
5,039 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$6,779
Amenities
Central Air, Heat Pump, Ceiling Fan(s)
3
Corner Lot. Subdivided Lot.
Lighted, Public.
Assessor, 0.15
Extra Storage. Corner, Paved Road, Subdivided.
Building Details
Year Built
1937
Listing Agency:
Tierra Antigua Realty
(520) 389-4199
Listed By:
Haydee Sanchez
(520) 389-4199
Source:
Xome
Added: Feb 1
Changed: Aug 8
Last Checked: Aug 8 at 3:27AM
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 corner lot live-work and creative building offers eight dedicated creative spaces, and each includes a private bathroom with a kitchenette option. The property has additional indoor amenities including two indoor laundry rooms, ample indoor storage, and a courtyard, with modern updates incorporated throughout while maintaining historic architectural and adobe character.
Situated in Historic Residential Armory Park, the building is described as historically associated with Amado’s Compound (around 1840–1940) and formerly used by Tucson’s Youth Music Center and The Fiddle Thrift Shop (between 1970–2022). Zoning is listed as HC-3, allowing for a variety of office uses along with permitted residential use. The remarks also note easy access to downtown businesses, shops, eateries, and social venues, as well as proximity to 5-Points and TUGO Bikeshare.
Situated in Historic Residential Armory Park, the building is described as historically associated with Amado’s Compound (around 1840–1940) and formerly used by Tucson’s Youth Music Center and The Fiddle Thrift Shop (between 1970–2022). Zoning is listed as HC-3, allowing for a variety of office uses along with permitted residential use. The remarks also note easy access to downtown businesses, shops, eateries, and social venues, as well as proximity to 5-Points and TUGO Bikeshare.
Key Highlights
- Live‑work building with 8 creative spaces, each with a private bathroom and kitchenette option.
- Zoned HC‑3 for a variety of office use and permitted residential use.
- Corner, subdivided lot (assessor lot size 0.15) with extra storage and access via paved road.
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
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
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 - Live-work building with eight creative spaces, each with a private bathroom and kitchenette option, plus a courtyard.
Where is this live-work space located?
The property is located at 443 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: Live‑work building with 8 creative spaces, each with a private bathroom and kitchenette option.; Zoned HC‑3 for a variety of office use and permitted residential use.; Corner, subdivided lot (assessor lot size 0.15) with extra storage and access via paved road.
