$1,395,000
Tucson, AZ 85705
MLS# 22621303
6077 sqft
1 / 14
Property Description
OWNER/AGENT Equilibrium Realty is pleased to present a heavier renovation opportunity in a strong rental location of central Tucson. The offering consists of two properties, Balboa Avenue, a vacant 15 unit (all one bed) property was built in 1948. Delano Court, a vacant 14 unit (mix of studio, one bed and two-bedroom) property was builtin 1947. Both properties are permitted for all renovations required to begin leasing operations. Estimates range from $15K to $30K per unit to complete renovations. At stabilization, value will exceed $2.5M to $3.0M. Seller is flexible to all offers.
Details
Maps
Documents
Address Information
Country: USA
Street #: 2432
Direction: N
Street Name: Balboa
Suffix: Avenue
State/Province: AZ
Zip Code: 85705
County: Pima
Location, Tax & Legal
Tax Year: 2025
Taxes: 4899
Legal Description: CORONADO HEIGHTS LOT 6 EXC S2 OF W2 BLK 58
Municipality/Zoning: Tucson - R2
Fire Protection: None
Tax Code: 107142290
Area: Central
Contract Information
Short Sale: No
Current Price: $1,395,000
List Price: $1,395,000
Listing Date: 2026-09-01
Status: Active
General Property Information
Property Sub-Type: Apartment
# Units: 29
Lot Dimensions: Irregular
Lot Acres: 0.61
Lot Sqft: 27000
Lot Size Source: Owner
Source of SqFt: Owner
List Price/SqFt: 229.55
Lot Size Price/SqFt: 51.67
Year Built: 1948
Combined SqFt: 6077
Income
Vacancy Loss: 35070
Other Income: 34800
Adjusted Gross: 350430
Gross Scheduled Rent: 350700
Net Opp Income: 255506
Analysis
Gross Rent Multi: 3.98
Vacancy Rate %: 10
Cap Rate %: 16.17
Expenses
Admin Expenses: 5800
Contract Services: 37700
Figures Presented: Proforma
Insurance: 7250
Management: 15782
Taxes/Assessments: 9092
Special Conditions
Owner/Agent: 1
Remarks Misc
Geo Lat: 32.251264
Geo Lon: -110.975578
Property Features
Special Conditions: Owner/Agent
2432 N Balboa Avenue Brochure 
Listing Office: United Real Estate Specialists
Last Updated: September - 02 - 2026
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