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.
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Carter Marks
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508 Mohave Rd, Tucson, Arizona, 85705
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
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508 Mohave Rd
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