Contemporary Duplex with Guest
For Sale
$324,900
2841 N Richey Boulevard, Tucson, AZ 85716
Residential Income, Contemporary, Tucson, AZ
Property Size1,436 SF
Lot Size0.17 Acres
Price / SF$226.25
Days on Market162
Property Features for 2841 N Richey Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Tucson - R2
Parking
4
Window features
Double Pane Windows
Interior features
Breakfast Bar, Beamed Ceilings, Vaulted Ceiling(s)
Exterior features
Courtyard
Appliances
Double Sink, Gas Range, Dishwasher
Subdivision
Lincoln Park Subd.
Lot features
East/ West Exposure
Elementary school
Davidson
Middle school
Doolen
High school
Catalina
Elementary school district
TUSD
Middle school district
TUSD
High school district
TUSD
Directions
Exit 256 to W Grant from I-10 West, Turn left onto N Country Club, Turn right onto E Glenn, turn left onto N Richey Blvd, house is on the left.
Standard status
Active
APN
111-06-0970
Size
1,436 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LINCOLN PARK N60' OF S120' OF LOT 1 BLK 5
Legal Description
LINCOLN PARK N60' OF S120' OF LOT 1 BLK 5
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Wall Unit(s), Central Air, Ceiling Fan(s)
Water source
Public
Building Details
Year built
1974
Number of units
2
Flooring type
Tile - Ceramic
Building materials
Frame - Stucco
Roof type
Built-Up, Shingle
Architectural style
Contemporary
Listing Agency:
Realty Executives Arizona Territory · Realty Executives International
(520) 877-4940
Listed By:
Valerie Lovio
(520) 490-0367
Added: Mar 27
Changed: Sep 2
Last Checked: Sep 4 at 8:06AM
MLS# 22608134
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 contemporary duplex at 2841 N Richey Boulevard includes a 1,436-square-foot main residence with two bedrooms and two bathrooms, plus a detached studio-style guest house. The secondary residence includes a full kitchen and bathroom, creating distinct living areas within the property. Interior details include ceramic tile flooring, beamed ceilings, vaulted ceiling(s), a breakfast bar, gas range, dishwasher, and double sink. Heating is provided by a heat pump, with central air, wall unit(s), and ceiling fan(s) for cooling. The 0.17-acre parcel also features a courtyard, frame-and-stucco construction, and built-up and shingle roofing.
Located in Tucson, the property carries Tucson - R2 zoning and uses public water. Its central setting provides access to shopping, dining, and major transportation routes. The separate residences support duplex ownership with flexible occupancy arrangements.
Located in Tucson, the property carries Tucson - R2 zoning and uses public water. Its central setting provides access to shopping, dining, and major transportation routes. The separate residences support duplex ownership with flexible occupancy arrangements.
Key Highlights
- 1,436‑square‑foot duplex on a 0.17‑acre parcel
- Detached studio‑style guest house with full kitchen and bathroom
- Main residence includes 2 bedrooms and 2 bathrooms
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
$16,091
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
4.95%
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%
$321,820
$321.8K
Cap Rate 7%
$229,871
$229.9K
Cap Rate 9%
$178,789
$178.8K
Market Conditions
NOI Build-Up for 1,436 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
$25.0K $17.40/SF
− Vacancy
−$2.0K −$1.39/SF
EGI
$23.0K $16.01/SF
− OpEx
−$6.9K −$4.80/SF
NOI
$16.1K $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%
$321,820
Cap Rate 7%
$229,871
Cap Rate 9%
$178,789
Alternative Uses
Best Use
Multifamily LT 5
$229.9K
$201.1K – $268.2K
NOI $16,091 @ 7.0% cap · market cap 4.95%
Second Best
Apartment 5plus
$210.8K
$184.4K – $245.9K
NOI $14,755 @ 7.0% cap · market cap 4.54%
Theoretical Best
Office A
$373.0K
$326.4K – $435.2K
NOI $26,113 @ 7.0% cap · market cap 8.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,131
Businesses Nearby
Explore this area
Business Placement
Demographics for 85716, AZ
31,521
Population
19,025
Households
1.7
Avg Household Size
39
Median Age
42%
College-Educated
92%
High-School Grad
7.2 sq mi
ZIP Area
4,378
Density / Sq Mi
$47,009
Median Household Income
$33,367
Median Earnings
$1,021
Median Rent
$300,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences include a full kitchen and bathroom in the detached studio unit.
Where is this duplex located?
The property is located at 2841 N Richey Boulevard Tucson, AZ.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: 1,436‑square‑foot duplex on a 0.17‑acre parcel; Detached studio‑style guest house with full kitchen and bathroom; Main residence includes 2 bedrooms and 2 bathrooms
