4000 15Th AveTucson, AZ 85714

Property Details for 4000 15Th Ave

Year built

1961

Property size (Sq ft)

2,100 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This stabilized, Class B multifamily investment property, known as Casitas on 15th, presents a compelling opportunity for investors seeking strong returns. Located at 4000 S 15th Ave, Tucson, AZ 85714, this property boasts two buildings, each a single-story structure, built in 1961 and renovated in 2020, situated on an 8,900 square foot lot. The property features two apartment units, a 3-bedroom/2-bathroom unit and a 2-bedroom/1-bathroom unit, totaling 2,300 net rentable square feet. Each unit includes laundry hookups, and the larger unit offers a carport. The property enjoys a 100% occupancy rate, generating a Net Operating Income (NOI) of $32,788, resulting in a 6.90% capitalization rate. The asking price is $471,000, translating to $216 per square foot and $471,000 per unit. Three parking spaces are available for residents. The property is zoned R3 and benefits from its proximity to major roadways (I-19) and a wide array of retail amenities including Sprouts, Home Depot, Michaels, and numerous restaurants, all within a mile radius. The property is not subject to a ground lease and is currently available for sale. The occupancy date is October 10, 2024.

Location Insight

City

Tucson

County

Pima

State

Arizona

Latitude

32.1757

Longitude

-110.981

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