319 Simpson StTucson, AZ 85701

Property Details for 319 Simpson St

Year built

1926

Construction

FRAME

Lot size

0.23 AC

Property size (Sq ft)

5,031 SF

Property type

Office properties

APN

117-14-0200

APU

117140200

Description

This exceptional 5,031 square foot office building, located at 319 W Simpson St in Tucson, Arizona's coveted Barrio Viejo neighborhood (featured in the New York Times' "52 Places to Go in 2023"), presents a unique investment opportunity. Formerly a tortilla factory, this iconic property underwent a complete renovation in 2019, transforming it into Tucson's premier co-working and event space. The building boasts exquisite interior features including high ceilings, natural plaster adobe walls, and abundant natural light. A charming courtyard provides an ideal setting for meetings and events. Currently 100% leased to a thriving co-working business under a NNN lease through July 31, 2025, with rent escalating to $11,000 per month by the end of the lease term. The current monthly rent is $10,000, increasing to $10,417 in 2024. The property is zoned HC-3 and features an APN of 117-14-0200. Its prime location offers easy access to the Tucson Convention Center, restaurants, the arts district, and downtown Tucson. This property is priced at $1,650,000 ($327.97 per square foot) and is ideal for investors seeking a stable, high-demand asset or for those looking to customize a unique space to their own specifications. The tenant consistently maintains a waiting list for office space, indicating strong market demand and potential for future growth.

• CAP approach

  CAP return

  Valuation

  6%

  $870,987

  6.5%

  $803,988

  7%

  $746,560

• Comparable approach

  Method

  Valuation

  Relative Method

  $837,158

  Geo Method

  $837,158

• Alternative Use

  Use

  Valuation

  Residential

  $996,945

  Hospitality

  $913,196

  Educational

  $759,768

  Medical

  $785,898

  Retail

  $1,181,862

Location Insight

City

Tucson

County

Pima

State

Arizona

Latitude

32.216

Longitude

-110.974

CBSA code

46060

CBSA name

TUCSON, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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