Well-Maintained Quadplex
For Sale
Under Contract
$545,000
138 W District Street, Tucson, AZ 85714
MULTI_FAMILY - Ranch - Tucson, AZ
Property Size3,737 SF
Lot Size0.32 Acres
Price / SF$145.84
Days on Market52
Property Features for 138 W District Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
Tucson - R2
Parking
6
Patio and Porch features
Patio
Exterior features
Courtyard
Fencing
Chain Link
Accessibility
Accessible Doors
Appliances
Electric Range, Disposal
Subdivision
National City
Lot features
Decorative Gravel, North/ South Exposure, Subdivided
Elementary school
Hollinger
Middle school
Hollinger K-8
High school
Pueblo
Elementary school district
TUSD
Middle school district
TUSD
High school district
TUSD
Directions
From I-10 & 6th Ave, head south to 6th Ave, turn right onto W District St, turn right. Property will be on the left.
Standard status
Active Under Contract
APN
120-07-207A
Size
3,737 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
From Parcel:001010010 /National City Lots 16 & 17 Blk 15
Legal Description
From Parcel:001010010 /National City Lots 16 & 17 Blk 15
Utilities
Heating system
Natural Gas
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Building Details
Year built
1952
Number of units
4
Flooring type
Carpet, Tile - Ceramic
Building materials
Block
Roof type
Built-Up
Architectural style
Ranch
Listing Agency:
Real Broker
(602) 755-3415
Listed By:
Rebecca Ann Crane
(855) 450-0442
Added: Jul 1
Changed: Jul 24
Last Checked: Aug 21 at 2:06PM
MLS# 22616313
Copyright © 2026 Multiple Listing Service of Southern Arizona. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This well-maintained quadplex offers four residential units with a practical, mixed bedroom configuration. The tenant mix includes two 2-bedroom, 1-bath units, one 2-bedroom, 2-bath unit, and one 3-bedroom, 1-bath unit. Interior finishes include durable tile flooring throughout, with carpeting in select areas. Kitchens are functional with ample counter space and built-in appliances. Several units also feature private patios, providing dedicated outdoor space, and the property includes dedicated parking for everyday convenience. The overall property size is 3,737 square feet on a 0.32-acre lot.
Located at 138 W District Street in Tucson, Arizona 85714, the property is zoned R2 (Tucson - R2). The surrounding area is described as close to restaurants, shopping centers, parks, schools, and other local amenities, supporting tenant access to everyday services.
For buyers seeking a straightforward residential income property, this quadplex’s unit mix and in-unit features—patios, built-in appliances, and designated parking—create a solid basis for residential renting across multiple household sizes. Its configuration can help broaden tenant appeal while keeping the overall property as a single managed asset. The combination of maintained condition and covered parking and outdoor space is designed to support comfortable day-to-day living for residents.
Located at 138 W District Street in Tucson, Arizona 85714, the property is zoned R2 (Tucson - R2). The surrounding area is described as close to restaurants, shopping centers, parks, schools, and other local amenities, supporting tenant access to everyday services.
For buyers seeking a straightforward residential income property, this quadplex’s unit mix and in-unit features—patios, built-in appliances, and designated parking—create a solid basis for residential renting across multiple household sizes. Its configuration can help broaden tenant appeal while keeping the overall property as a single managed asset. The combination of maintained condition and covered parking and outdoor space is designed to support comfortable day-to-day living for residents.
Key Highlights
- Ranch‑style quadruplex built in 1952 with block construction and built‑up roof
- Unit mix includes two 2 bed/1 bath units, one 2 bed/2 bath unit, and one 3 bed/1 bath unit
- Central air and natural gas heating; ceiling fans in place for added comfort
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$41,875
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.68%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$837,500
$837.5K
Cap Rate 7%
$598,214
$598.2K
Cap Rate 9%
$465,278
$465.3K
Market Conditions
NOI Build-Up for 3,737 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$65.0K $17.40/SF
− Vacancy
−$5.2K −$1.39/SF
EGI
$59.8K $16.01/SF
− OpEx
−$17.9K −$4.80/SF
NOI
$41.9K $11.21/SF
Area
Tucson, AZ
Vacancy
8.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$837,500
Cap Rate 7%
$598,214
Cap Rate 9%
$465,278
Alternative Uses
Best Use
Multifamily LT 5
$598.2K
$523.4K – $697.9K
NOI $41,875 @ 7.0% cap · market cap 7.68%
Second Best
Apartment 5plus
$548.6K
$480.0K – $640.0K
NOI $38,399 @ 7.0% cap · market cap 7.05%
Theoretical Best
Office A
$970.8K
$849.4K – $1.13M
NOI $67,955 @ 7.0% cap · market cap 12.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,273
Businesses Nearby
Explore this area
Business Placement
Demographics for 85714, AZ
14,232
Population
5,589
Households
2.5
Avg Household Size
38
Median Age
10%
College-Educated
69%
High-School Grad
5.6 sq mi
ZIP Area
2,541
Density / Sq Mi
$47,093
Median Household Income
$30,204
Median Earnings
$879
Median Rent
$177,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four rental units with private patios, built-in appliances, and designated parking for tenant-ready, low-turnover living.
Where is this quadplex located?
The property is located at 138 W District Street Tucson, AZ.
What is the asking price?
The asking price for this property is $545,000.
What are key features of this property?
This property features: Ranch‑style quadruplex built in 1952 with block construction and built‑up roof; Unit mix includes two 2 bed/1 bath units, one 2 bed/2 bath unit, and one 3 bed/1 bath unit; Central air and natural gas heating; ceiling fans in place for added comfort
