Updated Two-Unit
New
For Sale
$399,900
3528 N Tucson Boulevard, Tucson, AZ 85716
MULTI_FAMILY - Other - Tucson, AZ
Property Size1,913 SF
Lot Size0.18 Acres
Price / SF$209.04
Days on Market4
Property Features for 3528 N Tucson Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Tucson - R2
Parking
2
Appliances
Electric Range, Dishwasher
Subdivision
Winter Fair (1-18)
Lot features
North/ South Exposure
Elementary school
Cragin
Middle school
Doolen
High school
Catalina
Elementary school district
TUSD
Middle school district
TUSD
High school district
TUSD
Directions
From Prince go S on Tucson Blvd to address on left.
Standard status
Active
APN
112-08-027A
Size
1,913 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
WINTER FAIR LOT 27 & S3' OF LOT 28
Legal Description
WINTER FAIR LOT 27 & S3' OF LOT 28
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1972
Number of units
2
Flooring type
Carpet, Vinyl
Building materials
Frame - Stucco
Roof type
Built-Up
Architectural style
Other
Listing Agency:
Realty One Group Integrity
(520) 447-5922
Listed By:
Courtney Seely · License #SA700701000
(520) 906-0769
Added: Aug 6
Changed: Aug 7
Last Checked: Aug 9 at 1:06AM
MLS# 22619119
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 two-unit duplex contains 1,913 square feet and was built in 1972. Each residence offers two bedrooms, one bathroom, a full kitchen with an electric range, refrigerator, and dishwasher, plus a laundry closet with washer and dryer hookups. Two walk-in closets are provided in every bedroom. Both units also have fenced backyards. Interior finishes include vinyl and carpet flooring, while central air and forced-forced air heating serve the property. The building uses frame-and-stucco construction with a built-up roof, public water, and R2 zoning in Tucson.
The property is currently fully leased, with one unit scheduled to become available in November 2026 and the other lease continuing through April 2027. One HVAC system was replaced and the roof was recoated in June 2026; the water heater was installed in 2022. The address is near the University of Arizona, Winterhaven, shopping, dining, and major commuter routes.
The property is currently fully leased, with one unit scheduled to become available in November 2026 and the other lease continuing through April 2027. One HVAC system was replaced and the roof was recoated in June 2026; the water heater was installed in 2022. The address is near the University of Arizona, Winterhaven, shopping, dining, and major commuter routes.
Key Highlights
- Two‑unit duplex with 1,913 square feet on a 0.18‑acre lot
- Each unit includes 2 bedrooms, 1 bath, a full kitchen, and a laundry closet
- Two walk‑in closets in every bedroom
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
$21,436
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
5.36%
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%
$428,720
$428.7K
Cap Rate 7%
$306,229
$306.2K
Cap Rate 9%
$238,178
$238.2K
Market Conditions
NOI Build-Up for 1,913 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
$33.3K $17.40/SF
− Vacancy
−$2.7K −$1.39/SF
EGI
$30.6K $16.01/SF
− OpEx
−$9.2K −$4.80/SF
NOI
$21.4K $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%
$428,720
Cap Rate 7%
$306,229
Cap Rate 9%
$238,178
Alternative Uses
Best Use
Multifamily LT 5
$306.2K
$268.0K – $357.3K
NOI $21,436 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$280.8K
$245.7K – $327.6K
NOI $19,657 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$497.0K
$434.8K – $579.8K
NOI $34,787 @ 7.0% cap · market cap 8.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,360
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 - Well-maintained duplex with fenced yards, functional interiors, and flexible occupancy timing for an owner-occupant or investor.
Where is this duplex located?
The property is located at 3528 N Tucson Boulevard Tucson, AZ.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,913 square feet on a 0.18‑acre lot; Each unit includes 2 bedrooms, 1 bath, a full kitchen, and a laundry closet; Two walk‑in closets in every bedroom
