$299,000
Tucson, AZ 85701
MLS# 21602217
Status: Closed
3897 sqft
1 / 1
Property Description
The Armory Apartments. 15 studios apartments in extremely desirable Armory Park. 5 units currently rented. Rents $350, $350, $375, $375,,$375. Individually metered for electric with split AC/heating units. Landlord pays water. No attempt to rent vacant units has been made in several months. This property has outstanding upside potential. There exists a very low income restriction for tenants, monitored by www.phxrevitalization.org. with aprox. 15 yrs. remaining. Seller financing possible with 50% down payment, 6% interest, 15 year amortization, 4 year balloon.
Details
Maps
Address Information
Country: USA
Street #: 414
Direction: S
Street Name: 3rd
Suffix: Avenue
State/Province: AZ
Zip Code: 85701
County: Pima
Location, Tax & Legal
Tax Year: 2015
Taxes: 3272.5
Assessments: 0
Legal Description: Lot 4 Block 107 City of Tucson
Township: 14
Community: None
Range: 13
Section: 13
Municipality/Zoning: Tucson - HR3
Fire Protection: Included in Taxes
Tax Code: 117-07-0070
Area: Central
Subdivision: Tucson
Contract Information
Distressed Info: None
Current Price: $299,000
Sold Price: $299,000
Listing Date: 2016-01-19
Status: Closed
Status Change Info
Off Market Date: 2016-03-22
Sold Price/SqFt: 76.73
Lot Sz Sold Prc/SqFt: 24.51
How Sold: Cash Owner Carryback
Pending Date: 2016-03-22
Sold Date: 2016-03-30
Sold Price: $299,000
General Property Information
Lot Dimensions: 66' x 184'9
Lot Acres: 0.28
Lot Sqft: 12197
Lot Size Source: Assessor
List Price/SqFt: 97.51
Lot Size Price/SqFt: 31.16
Combined SqFt: 3897
Year Built: 1915
Showing Information
Directions: Broadway/6th - S for 17th St W. to S. 3rd.
Unit Info
# of Units/Studios: 15
Avg Mo Rent/Studios: 375
Avg Mo Rent/1 BR: 0
Avg Mo Rent/2 BR: 0
Avg Mo Rent/3 BR: 0
Avg Mo Rent/Other: 0
Income
Vacancy Loss: 6300
Other Income: 0
Adjusted Gross: 56700
Total Expenses: 26573
Gross Scheduled Rent: 63000
Net Opp Income: 30127
Analysis
Gross Rent Multi: 5.27
Vacancy Rate %: 10
Exp/SqFt: 6.82
Exp % of Gross: 46.87
Cap Rate %: 10.08
Expenses
Admin Expenses: 1200
Capital Expenses: 4000
Contract Services: 200
Figures Presented: Proforma
Gas/Electric: 2500
Insurance: 2500
Maintenance Supplies: 3600
Management: 5700
Resident Manager: 0
Taxes/Assessments: 3273
Water/Sewer: 3600
Other Expenses: 0
Sewer
Connected: 1
Water
Public: 1
Main Cooling
Wall Unit(s): 1
Main Heating
Wall Furnace: 1
Interior Features
Interior Steps: Yes
Terms
Cash: 1
Owner Carry: 1
Security
None: 1
Sold Info
Selling Comments: AS IS-10 VacantUnits
Property Disclosures
Unknown: 1
Miscellaneous
Master Water Meter: Yes
Package Available: Yes
Remarks Misc
Geo Lat: 32.216897
Geo Lon: -110.964379
Property Features
Main Cooling: Wall Unit(s)
Main Heating: Wall Furnace
Sewer: Connected
Water: Public
Security: None
Terms: Cash; Owner Carry
Property Disclosures: Unknown
Listing Office: Tierra Antigua Realty
Last Updated: September - 09 - 2026
The data relating to real estate listings on this website comes in part from the Internet Data Exchange (IDX) program of Multiple Listing Service of Southern Arizona. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Listings provided by brokerages other than the listing brokerage here are identified with the MLSSAZ IDX Logo. All Information Is Deemed Reliable But Is Not Guaranteed Accurate. Listing information Copyright 2026 MLS of Southern Arizona. All Rights Reserved.
