For Sale
$650,000

508 Mohave RdTucson, AZ 85705

7-Unit Apartment & RV Park, High Occupancy

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional value-add opportunity presents a 7-unit multifamily property in Tucson, Arizona, situated on a spacious 15,530 square foot lot. The property, built in 1958 and renovated in 2022, consists of six buildings, all single-story structures, encompassing a total of 2,883 square feet. The unit mix includes three 2-bedroom/1-bathroom units, two 1-bedroom/1-bathroom units, one studio apartment, and one legally affixed mobile home. Currently boasting 100% occupancy, the property generates a strong NOI of $48,000, with a pro-forma NOI projected at $57,000, representing a 7.38% cap rate and a pro-forma cap rate of 8.77%. The asking price is $650,000, translating to approximately $92,857 per unit. The property features individually metered utilities (new meters), ample parking, and private yards for each unit. Its prime location offers proximity to the University of Arizona, presenting significant potential for rental premium increases through strategic repositioning and operational optimization. Potential value-add strategies include further unit renovations, implementing RUBS (renters utility billing), and creating additional rentable storage or parking spaces. The property is classified as Class C and is considered a stabilized investment. The address is 508 E Mohave Rd, Tucson, AZ 85705, with APN 106-04-180A. There is no ground lease.

Highlights

  • 7-unit multifamily property in Tucson, AZ, offering significant value-add potential.
  • Individually metered utilities (new meters) and ample parking.
  • Prime location near the University of Arizona.
  • Large 15,530 sq ft lot with private yards for each unit.
  • Strong current NOI of $48,000 and projected NOI of $57,000.

Property Details for 508 Mohave Rd

Property type
Mobile home & RV parks, Campgrounds
Square Feet
2,883 SF
Class
C
Year Built/Renovated
1958/2022
Buildings
6
Stories
1
Units
7

Location Insight

City
Tucson
County
Pima
State
Arizona
Latitude
32.2679876
Longitude
-110.9629103
508 Mohave Rd, Tucson, Arizona

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508 Mohave Rd
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