Listed by Cushman & Wakefield PICOR Commercial Real Estate Services - Tucson, Arizona
$6,500,000
Courtyard Centre
Details
APN 133-16-024L
Property Type Office
Sub Type Executive Office, Professional Office
Square Footage 44,250
NOI $449,436
Occupancy 77%
Tenancy Multi
Brand/Tenant BroadPath, Recovia
Price per SqFt $147
Class A
Year Built 1988
Year Renovated 2015 & 2018
Stories 3
Acreage 2.470
Zoning C-2 City of Tucson
Parking Spaces 203 spaces
Parking per 1,000 SqFt 4.59
Investment Type Owner/User
Office | 44,250 SqFt
Marketing description
Cushman & Wakefield | PICOR is pleased to present the opportunity to acquire Courtyard Centre, 6400 East Grant Road, a 97% leased multitenant professional office situated in Tucson’s eastside submarket, whose offering price is below fifty-percent of replacement cost.
The 44,250 square foot three-story office building is enhanced by first class contemporary interiors, and large windows with remarkable views
across the Catalina Mountains and the foothills. This real estate
opportunity offers owner-users and investors a remarkable chance to
own a high-quality office with an existing income stream at sizable
discount to market. There are 8 tenants, of whom six have been leasing
in the building longer than five years. The project offers a professional
office environment for a variety of businesses including financial, health
management, product development and sales.
Of note, an Owner-User can elect to occupy as much as 15,244
square feet. Please refer to photos on pages 10 – 11 to see Class “A”
improvements in this exceptional 2nd floor space
Located on East Grant Road between North Wilmot and East Tanque
Verde, Courtyard Centre is in immediate proximity to a host of
commercial services ranging from shopping and dining to medical,
leisure and hospitality. Average household income within a 3-mile radius
is $91,053
Noting the below-market offering price along with the quality of the
tenants and property, Courtyard Centre is a rare investment opportunity
for owner-users and investors.
Property financials available upon request and execution of Non-Disclosure Agreement
Courtyard Centre is a three-story office building with an interior landscaped courtyard. All tenant suites are accessed from the inside of the courtyard via outside corridors, each of which are canopied. Courtyard Centre provides an attractive environment to small and medium sized tenants with tenant sizes ranging from 484 to 15,259 square feet. It offers an attractive courtyard, inviting landscaping and its parking which surrounds the building is convenient to the building entrances. Located on East Grant Road between North Wilmot and East Tanque Verde, Courtyard Centre is in immediate proximity to a host of commercial services ranging from shopping and dining to medical, leisure and hospitality. The project offers a professional office environment for a variety of businesses including financial, health management, product development and sales.
Investment highlights
- https://vimeo.com/1034602332?share=copy#t=0
- There is meaningful upside for new ownership to grow NOI by leasing current vacancies and pushing rents toward market levels as leases roll.
- Average rent per square foot at 6400 E. Grant is competitive with similar full-service Tucson office buildings, supporting a solid in-place income stream.
- Operating expenses are balanced, with utilities and repairs/maintenance comprising just over half of total operating costs.
- The property produces a strong NOI margin, with NOI approaching half of total income.
- This margin highlights 6400 E. Grant as a highly efficient multi-tenant office asset versus many Tucson peers with lower operating profitability.
- At a purchase price of $6.5 million, 30% equity equals $1.95 million of buyer cash.
- Courtyard Centre generated approximately $449,436 of 2025 NOI, or $10.16 per square foot, with an NOI margin of roughly 52.4%.
- Before debt service, that NOI equates to an unlevered yield of approximately 6.9% and about 23% on the buyer’s equity.
- Because the asset is approximately 77% leased, new ownership has a clear path to increase NOI through lease-up and future rent growth.
- Increasing occupancy from 77% to 90% would add roughly 5,752 square feet of leased area and would significantly raise the current return on buyer equity.
Listing Contacts
Listed by Cushman & Wakefield PICOR Commercial Real Estate Services - Tucson, Arizona
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$449,436.00
$37,453.00/mo
Valuation Metrics
0
DSCR
6.91%
Cap Rate
6.91%
ROI
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