508 Mohave RdTucson, AZ 85705

Property Details for 508 Mohave Rd

Year built

1958

Property size (Sq ft)

2,883 SF

Property type

Hospitality properties

Property subtype

Multifamily properties

Description

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.

Location Insight

City

Tucson

County

Pima

State

Arizona

Latitude

32.268

Longitude

-110.963

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