Pueblo-Style
For Sale
Under Contract
$405,000
908 N Belvedere Avenue, Tucson, AZ 85711
Residential Income, Pueblo, Tucson, AZ
Property Size2,736 SF
Lot Size0.17 Acres
Price / SF$148.03
Days on Market56
Property Features for 908 N Belvedere Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
Tucson - R3
Parking
4
Appliances
Electric Range, Dishwasher
Subdivision
Tierra Park (1-7)
Lot features
North/ South Exposure, Subdivided
Elementary school
Howell
Middle school
Vail
High school
Rincon
Elementary school district
TUSD
Middle school district
TUSD
High school district
TUSD
Directions
Speedway and Swan. South on Swan to 3rd St. Right on 3rd St to Belvedere. Right on to Belvedere to first right. Building on right side of parking lot. Parking on right side of parking lot.
Special listing conditions
In Foreclosure
Standard status
Active Under Contract
APN
126010500
Size
2,736 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Tierra Park lot 2
Legal Description
Tierra Park lot 2
Utilities
Heating system
Baseboard
Water source
Public
Building Details
Year built
1980
Number of units
4
Flooring type
Carpet, Tile - Ceramic
Building materials
Frame - Stucco
Roof type
Built-Up
Architectural style
Pueblo
Listing Agency:
Paul John Charette
Listed By:
Paul J Charette
(520) 465-7708
Added: Jul 11
Changed: Sep 2
Last Checked: Sep 4 at 2:06AM
MLS# 22617242
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 Pueblo-style quadplex contains four two-bedroom, one-bath units within a 2,736-square-foot property built in 1980. The building uses frame-and-stucco construction with a built-up roof, baseboard heating, carpet and ceramic tile flooring, public water, electric ranges, and dishwashers. One unit remains unfinished from a remodel, providing a clearly defined renovation component. Two upper-level units include fireplaces, while two units open to the yard through sliding patio doors. One unit also has a storage shed.
The 0.17-acre property includes four onsite parking spaces and is situated along a Tucson bike path route. Its Tucson setting places it near the University of Arizona, Davis Monthan, and hospitals. The property is zoned Tucson - R3 and is located at 908 N Belvedere Avenue, Tucson, AZ 85711.
The 0.17-acre property includes four onsite parking spaces and is situated along a Tucson bike path route. Its Tucson setting places it near the University of Arizona, Davis Monthan, and hospitals. The property is zoned Tucson - R3 and is located at 908 N Belvedere Avenue, Tucson, AZ 85711.
Key Highlights
- Four units, each with 2 beds and 1 bath
- 2,736 square feet on a 0.17‑acre lot
- Tucson - R3 zoning
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
$30,659
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
7.57%
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%
$613,180
$613.2K
Cap Rate 7%
$437,986
$438.0K
Cap Rate 9%
$340,656
$340.7K
Market Conditions
NOI Build-Up for 2,736 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
$47.6K $17.40/SF
− Vacancy
−$3.8K −$1.39/SF
EGI
$43.8K $16.01/SF
− OpEx
−$13.1K −$4.80/SF
NOI
$30.7K $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%
$613,180
Cap Rate 7%
$437,986
Cap Rate 9%
$340,656
Alternative Uses
Best Use
Multifamily LT 5
$438.0K
$383.2K – $511.0K
NOI $30,659 @ 7.0% cap · market cap 7.57%
Second Best
Apartment 5plus
$401.6K
$351.4K – $468.6K
NOI $28,113 @ 7.0% cap · market cap 6.94%
Theoretical Best
Office A
$710.7K
$621.9K – $829.2K
NOI $49,752 @ 7.0% cap · market cap 12.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
997
Businesses Nearby
Explore this area
Business Placement
Demographics for 85711, AZ
41,518
Population
19,774
Households
2.1
Avg Household Size
39
Median Age
30%
College-Educated
88%
High-School Grad
8.6 sq mi
ZIP Area
4,828
Density / Sq Mi
$52,358
Median Household Income
$35,130
Median Earnings
$1,001
Median Rent
$248,600
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-unit residential income property with shared parking, varied unit features, and R3 zoning in Tucson.
Where is this quadplex located?
The property is located at 908 N Belvedere Avenue Tucson, AZ.
What is the asking price?
The asking price for this property is $405,000.
What are key features of this property?
This property features: Four units, each with 2 beds and 1 bath; 2,736 square feet on a 0.17‑acre lot; Tucson - R3 zoning
