Ranch Duplex with Private
For Sale
Under Contract
$260,000
3521-3523 E Lee Street, Tucson, AZ 85716
MULTI_FAMILY - Ranch - Tucson, AZ
Property Size1,092 SF
Lot Size0.19 Acres
Price / SF$238.10
Days on Market48
Property Features for 3521-3523 E Lee Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Tucson - R2
Parking
4
Patio and Porch features
Patio
Interior features
Vaulted Ceiling(s), Built-in Features
Fencing
Chain Link
Appliances
Electric Range, Disposal
Subdivision
Speedway Park Addition Resub
Lot features
Decorative Gravel, Shrubs, North/ South Exposure, Subdivided
Elementary school
Blenman
Middle school
Doolen
High school
Catalina
Elementary school district
TUSD
Middle school district
TUSD
High school district
TUSD
Directions
N County Club Rd & E Pima St. Head east onto E Pima St, Turn right onto N Palo Verde Blvd, Turn left onto E Lee St at the traffic circle. The property will be on the left.
Standard status
Active Under Contract
APN
122-18-3240
Size
1,092 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
From Parcel:001010010 /Speedway Park Resub Blks 4 5 & 12 Lot 14 Blk 2
Legal Description
From Parcel:001010010 /Speedway Park Resub Blks 4 5 & 12 Lot 14 Blk 2
Utilities
Heating system
Wall Furnace
Cooling system
Ceiling Fan(s), Evaporative Cooling
Water source
Public
Building Details
Year built
1960
Number of units
2
Flooring type
Tile - Ceramic
Building materials
Slump Block
Roof type
Built-Up
Architectural style
Ranch
Listing Agency:
OMNI Homes International
(520) 474-1777
Listed By:
Phil Le Peau
(520) 288-0028
Added: Jun 26
Changed: Jul 24
Last Checked: Aug 12 at 1:06AM
MLS# 22615912
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 ranch-style duplex consists of two residential units with bright living and dining areas, vaulted ceilings, and tile flooring throughout. Each unit includes a kitchen with electric range and wood cabinetry. Both units have private backyards, and the property also provides access to an additional fenced-in outdoor area shaded by mature trees. Parking is provided in front, supporting straightforward daily access for residents.
The property is located in Tucson, AZ, within Tucson R2 zoning. Tenants are month to month. The home is described as being close to schools, shopping, dining, and parks.
For buyers seeking an income-producing duplex, the unit mix and in-unit layouts offer comfortable common living spaces, while outdoor areas provide usable, separate space for tenants. The month-to-month occupancy structure can support flexibility for an owner. The seller also notes the property may be purchased as part of a packaged deal with 4101–4103 N Fremont, offering an opportunity to acquire additional rental units under a single transaction.
The property is located in Tucson, AZ, within Tucson R2 zoning. Tenants are month to month. The home is described as being close to schools, shopping, dining, and parks.
For buyers seeking an income-producing duplex, the unit mix and in-unit layouts offer comfortable common living spaces, while outdoor areas provide usable, separate space for tenants. The month-to-month occupancy structure can support flexibility for an owner. The seller also notes the property may be purchased as part of a packaged deal with 4101–4103 N Fremont, offering an opportunity to acquire additional rental units under a single transaction.
Key Highlights
- Ranch‑style property built in 1960 with slump block construction and a built‑up roof
- Each unit features bright living and dining areas with vaulted ceilings and ceramic tile flooring
- Kitchen appliances include electric range and disposal
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
$12,237
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
4.71%
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%
$244,740
$244.7K
Cap Rate 7%
$174,814
$174.8K
Cap Rate 9%
$135,967
$136.0K
Market Conditions
NOI Build-Up for 1,092 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
$19.0K $17.40/SF
− Vacancy
−$1.5K −$1.39/SF
EGI
$17.5K $16.01/SF
− OpEx
−$5.2K −$4.80/SF
NOI
$12.2K $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%
$244,740
Cap Rate 7%
$174,814
Cap Rate 9%
$135,967
Alternative Uses
Best Use
Multifamily LT 5
$174.8K
$153.0K – $204.0K
NOI $12,237 @ 7.0% cap · market cap 4.71%
Second Best
Apartment 5plus
$160.3K
$140.3K – $187.0K
NOI $11,221 @ 7.0% cap · market cap 4.32%
Theoretical Best
Office A
$283.7K
$248.2K – $331.0K
NOI $19,857 @ 7.0% cap · market cap 7.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
982
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-unit ranch duplex features vaulted ceilings, tile floors, and private fenced outdoor space with front parking.
Where is this duplex located?
The property is located at 3521-3523 E Lee Street Tucson, AZ.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: Ranch‑style property built in 1960 with slump block construction and a built‑up roof; Each unit features bright living and dining areas with vaulted ceilings and ceramic tile flooring; Kitchen appliances include electric range and disposal
