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120 N Stone Ave 36,064 SF 79% Leased Office Building Tucson, AZ 85701 $5,862,864 CAD ($162.57 CAD/SF) 8.60% Cap Rate
INVESTMENT HIGHLIGHTS
- Anchored by PNC Bank as a retail bank branch.
- ±79% leased to a diverse tenant roster also includes the Tucson Better Business Bureau, Mako Mining and Illume Advising.
- PNC Bank currently holds ±$150 million in deposits at this location.
- Seller financing available at favorable terms.
EXECUTIVE SUMMARY
• Two (2) story multi-tenant mixed use office/retail building totaling ±36,064 square feet.
• Anchored by PNC Bank as a retail bank branch has operated in this location since 1990 and currently holds ±$150 million in deposits.
• ±79% leased to a diverse tenant roster also includes the Tucson Better Business Bureau, Mako Mining and Illume Advising.
• 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.
PROPERTY FACTS
MAJOR TENANTS Click Here to Access
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
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- Health Care and Social Assistance
- -
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$9.99
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Lorem Ipsum
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Jan 0000
Founded in 1912, LSS is one of Central Ohio’s largest nonprofits and takes a leadership role in responding to the challenges that face people experiencing poverty and/or homelessness, seniors, and victims/survivors of domestic violence. Driven by faith, they continue their mission of creating a better world by serving people in need by responding to our community’s evolving unmet needs with dignity and respect while providing compassionate, professional care.
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- Mining, Quarrying, and Oil and Gas Extraction
- -
- -
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Lorem Ipsum
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Jan 0000
Mako Mining Corp. is a publicly listed gold mining, development and exploration firm. The Company is developing its high-grade San Albino gold project in Nueva Segovia, Nicaragua. Mako’s primary objective is to bring San Albino into production quickly and efficiently, while continuing exploration of prospective targets in Nicaragua.
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
|
|
Health Care and Social Assistance | - | $9.99 | Lorem Ipsum | Jan 0000 | |
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Mining, Quarrying, and Oil and Gas Extraction | - | - | Lorem Ipsum | Jan 0000 |
PROPERTY TAXES
| Parcel Number | 117-11-096E | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $525,030 CAD |
PROPERTY TAXES
CONTACTS
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Eric Wichterman -
Michael Coover -
Stephanie Adams -
Diana Hernandez -
Cushman & Wakefield
Presented by
120 N Stone Ave
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