120 Stone Ave Tucson, AZ 85701-1502

Property Details for 120 Stone Ave

Year built

1970

Construction

FRAME

Lot size

0.59 lot acres

Property size

27,997 SF

Property type

Banks

APN

117-11-096E

APU

11711096E

Description

This exceptional investment opportunity presents a two-story, 35,178 square foot Class B office building with a basement, situated on a 0.59-acre lot at 120 N Stone Ave, Tucson, AZ 85701. Originally part of the historic Pioneer Hotel, the property underwent renovations in 2005 and boasts a 6.5% cap rate based on a current NOI of $323,974. The building features 21 subterranean parking spaces—a rare find in downtown Tucson—supplemented by three nearby parking garages and lots. Tenancy is multi-unit, with a 100% occupancy rate, primarily comprised of long-term leases, although some executive suites are also available for lease. The property benefits from excellent access and visibility due to its prominent Stone Avenue address, primary and service elevators, and ample signage opportunities. A secure outdoor courtyard provides a pleasant break area for tenants, while numerous dining options are conveniently located in adjacent buildings. Its prime location is directly across from the Tucson City Library and just one block from the Sun Link streetcar stop. The property is zoned OCR-2, City of Tucson, and includes two buildings constructed in 1913. A complete three-year income and expense history and an Alta survey are readily available for review. This is a rare opportunity to acquire a well-maintained, high-occupancy office building in a thriving downtown location.

Location Insight

City

Tucson

County

Pima

State

Arizona

Longitude

-110.971

Latitude

32.2235

CBSA code

46060

CBSA name

TUCSON, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments