Listed by Cushman & Wakefield - Phoenix, Arizona
$3,900,000
120 North Stone Avenue
Details
APN 117-11-096E
Property Type Mixed Use, Office
Sub Type Bank
Square Footage 36,064
Occupancy 28%
Tenancy Multi
Broker Co-Op Yes
Year Built 1970
Buildings 1
Stories 2
Acreage 0.590
Zoning OCR-2 City of Tucson
Investment Type Value Add
Ground Lease No
Owner-User Opportunity | Income Producing Mixed-Use Office/Retail | Downtown Tucson, AZ
Investment highlights
- Owner/User Opportunity: Income producing mixed use office & retail in the heart of Downtown Tucson
- An owner/user can occupy up to ±25,920 SF, of which ±6,322 SF are in an underutilized basement that may be occupied as-is or converted to retail use to pursue a compelling value add opportunity.
- SELLER FINANCING AVAILABLE AT FAVORABLE TERMS.
- Anchored by PNC Bank as a retail bank branch has operated in this location since 1990 and currently holds ±$150 million in deposits.
- Stone Avenue frontage in the heart of vibrant Downtown Tucson’s Central Business District.
- Excellent value-add opportunity to increase cash flow can by leasing the underutilized basement space with eleven (11’) ceilings, fire suppression sprinklers, three (3) stairwells and two (2) elevators. Potential uses include today’s popular ‘speakeasy’ bar.
- Retail vacancy in the Central Business District is ±3.7% encompassing ±4.3 million square feet.
- The Downtown office market is experiencing a surge in demand with low levels of supply and a healthy overall vacancy rate of ±3.3%.
- Direct access to adjacent parking garage includes 24 owned parking spaces and ROFR on an additional 94 parking spaces as governed by a perpetual easement.
- OCR-2 (office/commercial/residential) zoning, which allows for occupancy by a diverse array of tenant uses.
- Transit oriented location with near-immediate light rail access via the Sun Link Streetcar, and ½-mile access to Interstate 10, Arizona’s primary transportation corridor and gateway to all other freeways.
- Long term ownership, expertly maintained since 2004.
Listing Contacts
Listed by Cushman & Wakefield - Phoenix, Arizona
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