TUCSON, ARIZONA -- The live/work building at 103 North Park Avenue in Tucson sold for $625,000 ($124 PSF) to Loon Lake LLC of Tucson (Andrew Suter, manager). The building consists of studio and loft space for office, retail and/or living space.
Located between the University of Arizona and Tucson South Central Business District, 103 North Park Avenue is strategically located to take advantage of various amenities. The building is within walking distance of the University as well as 4th Avenue where many of the area s restaurants and entertainment are located.
Commercially zoned, the building has been redeveloped with new services and style while keeping the historic feel and look of the building.
The investment property sold with four tenants: Tucson Foodie, Claire Harlin, Pure Mettle Hair Salon and American Friends Service. The buyer plans to owner occupy the 650-square-feet of vacant space for a start-up business as a used furniture store, expected to open this fall.
Frank Arrotta of Tucson Realty & Trust represented the seller, 103 Park Holdings LLC (John Madocks, member). Chris Itule of Long Realty represented the buyer.
For more information, Arrotta should be reached at 520.465.5291 and Itule is at 520.548.4321.
To learn more see RED Comp #6037.
[mepr-show rules="58038"]Document 2018-2070496 closed 7/26/2018. Property sold with a 2018 projected NOI of $50,075 and a cap rate of 7.42% and a 2017 actual cap rate 6.25%[/mepr-show]