$865,000
Tucson, AZ 85716
MLS# 21904315
Status: Closed
10608 sqft
1 / 21
Property Description
Terrace apartments, a 12 unit apartment complex located in a desirable central Tucson neighborhood within a high demand rental sub-market. The site covers .83 acres of land with three buildings surrounding a spacious courtyard. The property offers large one and two bedroom floor plans, covered parking, central AC/heating, private fenced patios and onsite laundry facilities. The unit mix consists of six 1/1 units approximately 775 sqft, four 2/1 units approximately 900 sqft and two 2/2 units approximately 1000 sqft. There is also a maintenance room of approximately 250 sqft. The property has been owner managed and well maintained since purchased in 2004. All units are currently occupied. Package is attached under the document section. Seller will carry with 500K down, call LA for details.
Details
Maps
Documents
Address Information
Country: USA
Street #: 317
Direction: E
Street Name: Lee
Suffix: Street
State/Province: AZ
Zip Code: 85716
County: Pima
Location, Tax & Legal
Tax Year: 2017
Taxes: 8159.3
Assessments: 0
Taxes For: Building & Land
Legal Description: From Parcel:001010010 /Speedway Park Lot 7 Blk 2
Municipality/Zoning: Tucson - R2
Fire Protection: Included in Taxes
FEMA Flood Zone: No
Municipal Flood Zone: No
Tax Code: 122-18-0570
Area: Central
Contract Information
Short Sale: No
Current Price: $865,000
Sold Price: $865,000
Listing Date: 2019-02-11
Status: Closed
Status Change Info
Off Market Date: 2019-05-13
Sold Price/SqFt: 81.54
Lot Sz Sold Prc/SqFt: 23.92
Financing: Conventional
Pending Date: 2019-07-29
Sold Date: 2019-07-30
Sold Price: $865,000
General Property Information
Property Sub-Type: Apartment
# Units: 12
Lot Dimensions: 120 X 300
Lot Acres: 0.83
Total Parking: 20
Lot Sqft: 36155
Lot Size Source: Assessor
Source of SqFt: Assessor
List Price/SqFt: 88.14
Lot Size Price/SqFt: 25.86
Year Built: 1962
Combined SqFt: 10608
Income
Vacancy Loss: 6963
Other Income: 785
Adjusted Gross: 93302
Gross Scheduled Rent: 99480
Net Opp Income: 68114
Analysis
Gross Rent Multi: 9.27
Vacancy Rate %: 7
Cap Rate %: 7.28
Construction
Concrete Block: 1
Expenses
Figures Presented: Actual
Gas/Electric: 1048
Insurance: 3088
Maintenance Supplies: 2060
Taxes/Assessments: 8160
Water/Sewer: 8619
Other Expenses: 226
Sewer
Connected: 1
Apartment Unit Information
# of Units/1 BR: 6
Avg Mo Rent/1 BR: 606
# of Units/2 BR: 4
Avg Mo Rent/2 BR: 732
# of Units/Other: 2
Avg Mo Rent/Other: 863
Roof
Built-Up: 1
Water
Public: 1
Road Type
Paved: 1
Main Cooling
Central Air: 1
Main Heating
Forced Air: 1
Natural Gas: 1
Water Heater
Natural Gas: 1
Terms
Cash: 1
Conventional: 1
Exchange: 1
Owner Carry: 1
Sold Info
Seller Concessions: 0
Landscape - Front
Low Care: 1
Parking
# Covered Parking: 12
Other: 10 adl surface
Remarks Misc
Geo Lat: 32.240785
Geo Lon: -110.95468
Property Features
Construction: Concrete Block
Roof: Built-Up
Main Cooling: Central Air
Main Heating: Forced Air; Natural Gas
Water Heater: Natural Gas
Sewer: Connected
Water: Public
Landscape - Front: Low Care
Road Type: Paved
Terms: Cash; Conventional; Exchange; Owner Carry
Brochure 
Listing Office: Better Homes & Gardens Real Estate - SJ Fowler
Last Updated: June - 11 - 2025
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