Historic Office Property with
For Sale
Contact for pricing
607 N SIXTH AVE, Tucson, AZ 85705
Two-building office asset with landscaped grounds, a finished lower level, and secure covered parking.
Property Size5,986 SF
Price / SF$365
Days on Market113
Property Features for 607 N SIXTH AVE
General Information
Standard status
Active
Size
5,986 SF
Class
B
Total Parking Spaces
6
Property subtype
Office
Zoning
HC-1, City of Tucson
Lease Type
NNN
Investment Type
Owner/User
Additional Details
Public Transit
Yes
Amenities
mature landscaping
Building Details
Year Built
1904
Year Renovated
1967
Buildings
2
Stories
2
Units
6
Tenancy
Single
Owner Occupied
No
Listing Agency:
Mark Irvin Commercial Real Estate Services LLC
Listed By:
Mark Irvin, CCIM, SIOR · License #AZ BR008761000
Source:
Crexi
Added: May 14
Changed: Sep 2
Last Checked: Sep 2 at 5:04AM
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 Mark Irvin Commercial Real Estate Services LLC
Investment Insights
Based on property information with market context.
Built in 1904 and adapted for office use in 1967, the property comprises approximately 5,986 square feet across two separate buildings. The primary structure includes a finished basement, while the grounds feature mature landscaping and a covered, secured carport with six spaces. Additional parking is available along the surrounding streets.
The property occupies the northwest corner of North 6th Avenue and East 5th Street in Tucson, near 4th Avenue and Downtown. The Modern Streetcar is two blocks away, with connections to Downtown, the University of Arizona, and Banner University Medical Center. Zoning is HC-1 in the City of Tucson.
The asset is leased to UA Ventures through September 30, 2029 under an NNN lease with annual 3% increases.
The property occupies the northwest corner of North 6th Avenue and East 5th Street in Tucson, near 4th Avenue and Downtown. The Modern Streetcar is two blocks away, with connections to Downtown, the University of Arizona, and Banner University Medical Center. Zoning is HC-1 in the City of Tucson.
The asset is leased to UA Ventures through September 30, 2029 under an NNN lease with annual 3% increases.
Key Highlights
- Approximately 5,986 square feet of office space across two buildings
- Finished basement in the primary building
- Six‑space covered and secured carport, plus surrounding street parking
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
$68,891
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
3.15%
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%
$1,377,820
$1.4M
Cap Rate 7%
$984,157
$984.2K
Cap Rate 9%
$765,456
$765.5K
Market Conditions
NOI Build-Up for 5,986 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
$118.5K $19.80/SF
− Vacancy
−$26.7K −$4.46/SF
EGI
$91.9K $15.35/SF
− OpEx
−$23.0K −$3.84/SF
NOI
$68.9K $11.51/SF
Area
ZIP 85705
Vacancy
22.50%
Lease Rate
$19.80 /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%
$1,377,820
Cap Rate 7%
$984,157
Cap Rate 9%
$765,456
Alternative Uses
Best Use
Office B
$984.2K
$861.1K – $1.15M
NOI $68,891 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,422 @ 7.0% cap · market cap 4.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,588
Businesses Nearby
Explore this area
Business Placement
Demographics for 85705, AZ
56,711
Population
29,145
Households
1.9
Avg Household Size
36
Median Age
20%
College-Educated
80%
High-School Grad
13.6 sq mi
ZIP Area
4,170
Density / Sq Mi
$36,606
Median Household Income
$27,220
Median Earnings
$924
Median Rent
$113,700
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 - Two-building office asset with landscaped grounds, a finished lower level, and secure covered parking.
Where is this office building located?
The property is located at 607 N SIXTH AVE Tucson, AZ.
What is the asking price?
The asking price for this property is $2,184,890.
What are key features of this property?
This property features: Approximately 5,986 square feet of office space across two buildings; Finished basement in the primary building; Six‑space covered and secured carport, plus surrounding street parking
