New Construction
For Sale
Under Contract
$434,999
2975 N Walnut Avenue, Tucson, AZ 85712
Residential Income, Southwestern, Tucson, AZ
Property Size1,882 SF
Lot Size0.20 Acres
Price / SF$231.14
Days on Market67
Property Features for 2975 N Walnut Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning
Tucson - MH1
Parking
4
Appliances
Electric Range
Subdivision
Other/Unknown
Lot features
Decorative Gravel, 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
from Alvernon & Glenn. N to Monte Vista, property is on west to Walnut south to 2975.
Standard status
Active Under Contract
APN
11006064D
Size
1,882 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
/S135' Of N305' Of That Pt Of Lot 4 Lyg E Of A Line 1320' E Of & Parallel To Center Line Of Alvernon Way S
Legal Description
/S135' Of N305' Of That Pt Of Lot 4 Lyg E Of A Line 1320' E Of & Parallel To Center Line Of Alvernon Way S
Utilities
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
2026
Number of units
2
Flooring type
Tile - Ceramic
Building materials
Frame - Stucco
Roof type
Tile
Architectural style
Other
Listing Agency:
OMNI Homes International
(520) 474-1777
Listed By:
Evangelina R Valdez
(520) 270-6127
Added: Jul 7
Changed: Aug 27
Last Checked: Sep 11 at 7:06AM
MLS# 22616801
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 under-construction duplex offers 1,882 square feet across two separate residences. The larger unit includes 3 bedrooms and 2 baths within 1,079 square feet, while the second provides 2 bedrooms and 1 bath in 803 square feet. Each residence includes two parking spaces. Interior finishes include granite countertops, new stainless steel appliances, and ceramic tile flooring throughout. The frame-and-stucco property is planned for completion in 2026 and will have electric heating, central air, public water, and a tile roof.
The property is located at 2975 N Walnut Avenue in Tucson, near the University of Arizona and shopping. Zoning is Tucson - MH1. The 0.2-acre site supports a side-by-side duplex configuration suited to residential income use or owner occupancy with a separate second residence.
The property is located at 2975 N Walnut Avenue in Tucson, near the University of Arizona and shopping. Zoning is Tucson - MH1. The 0.2-acre site supports a side-by-side duplex configuration suited to residential income use or owner occupancy with a separate second residence.
Key Highlights
- Two‑unit duplex totaling 1,882 square feet
- 3‑bedroom, 2‑bath unit measures 1,079 square feet
- 2‑bedroom, 1‑bath unit measures 803 square feet
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
$21,089
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
4.85%
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%
$421,780
$421.8K
Cap Rate 7%
$301,271
$301.3K
Cap Rate 9%
$234,322
$234.3K
Market Conditions
NOI Build-Up for 1,882 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
$32.7K $17.40/SF
− Vacancy
−$2.6K −$1.39/SF
EGI
$30.1K $16.01/SF
− OpEx
−$9.0K −$4.80/SF
NOI
$21.1K $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%
$421,780
Cap Rate 7%
$301,271
Cap Rate 9%
$234,322
Alternative Uses
Best Use
Multifamily LT 5
$301.3K
$263.6K – $351.5K
NOI $21,089 @ 7.0% cap · market cap 4.85%
Second Best
Apartment 5plus
$276.3K
$241.7K – $322.3K
NOI $19,338 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$488.9K
$427.8K – $570.4K
NOI $34,223 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
655
Businesses Nearby
Explore this area
Business Placement
Demographics for 85712, AZ
33,108
Population
18,215
Households
1.8
Avg Household Size
44
Median Age
37%
College-Educated
90%
High-School Grad
6.8 sq mi
ZIP Area
4,869
Density / Sq Mi
$48,185
Median Household Income
$39,090
Median Earnings
$947
Median Rent
$250,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with ceramic tile, granite counters, stainless steel appliances, and central air conditioning.
Where is this duplex located?
The property is located at 2975 N Walnut Avenue Tucson, AZ.
What is the asking price?
The asking price for this property is $434,999.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,882 square feet; 3‑bedroom, 2‑bath unit measures 1,079 square feet; 2‑bedroom, 1‑bath unit measures 803 square feet
