TUCSON, Arizona -- Private investor, Brian Cummings of Tucson purchased the storefront building with three tenants at 760 S Stone Avenue in Tucson for $1,314,350 ($202 PSF). The 6,500-square-foot building on a 7,525-square-foot City lot was built in 1928.
The property has been beautifully renovated and fully activated with great tenants with thriving businesses. Cafe Desta is here for lunch or dinner, Five Points Market for groceries, breakfast and lunch, and Bon Boutique for clothes and a mixture of fun shopping.
The adjacent neighborhoods are changing rapidly, and include the neighborhoods of Barrio Viejo, Armory Park, Barrio Santa Rosa and Downtown Tucson.
Located at the highly visible intersection of South Stone Ave and South Sixth Avenue with 38,529 VPD. From here north to Broadway are new housing construction projects that will bring more even activity and customers in this pivotal area south of Downtown Tucson.
Buyer purchased for investment and Maria Ruedinger of Canyon Group Realty handled the transaction for buyer and seller, 760 S Stone, LLC (Telahoun Molla, manager).
For more information, Ruedinger can be reached at 520.444.3945.
To learn more, login and see RED Comp #4799.
[mepr-show rules="58038"]Sale date: 4/28/2017, document #2017-1180360. Property sold with an NOI of $94,239 and a 7.17% cap rate. It was fully leased with three tenant with 4 years remaining on the leases.[/mepr-show]