Updated Two-Unit
For Sale
$449,000
1120 E Water St, Tucson, AZ 85719
Two-unit residential property with remodeled interiors, air conditioning, and R-2 zoning near the University of Arizona.
Property Size1,652 SF
Lot Size7,558.00 Acres
Price / SF$271.79
Days on Market47
Property Features for 1120 E Water St
General Information
Standard status
Active
Size
1,652 SF
Lot size
7,558.00 Acres
Property subtype
Residential Income
Zoning
R-2
Units
Unit Mix
1 x 1BR/1BA, 1 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
1978
Listing Agency:
Rincon Ventures, Inc.
(520) 440-0947
Listed By:
Shaun E McClusky
(520) 440-0947
Source:
Exprealty
Added: Jun 26
Changed: Aug 7
Last Checked: Aug 11 at 9:57AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Rincon Ventures, Inc.
Investment Insights
Based on property information with market context.
This two-unit duplex includes approximately 1,652 total square feet on a 7,558-square-foot lot. Built in 1978 and extensively remodeled, the property features updated cabinets, appliances, flooring, and interior finishes, along with air conditioning systems. The two residences together provide four bedrooms and three bathrooms, typically arranged as one one-bedroom, one-bath unit and one three-bedroom, two-bath unit.
Located at 1120 E Water St in Tucson, the property is about 1 mile from the University of Arizona. The surrounding area includes nearby schools, shopping, dining, and access to major routes. R-2 zoning supports the existing multifamily configuration. The property can accommodate rental use or an owner-occupied arrangement with a separate second unit, as supported by its two-unit layout.
Located at 1120 E Water St in Tucson, the property is about 1 mile from the University of Arizona. The surrounding area includes nearby schools, shopping, dining, and access to major routes. R-2 zoning supports the existing multifamily configuration. The property can accommodate rental use or an owner-occupied arrangement with a separate second unit, as supported by its two-unit layout.
Key Highlights
- Approximately 1,652 total square feet on a 7,558 sq ft lot
- Two units with 4 bedrooms and 3 bathrooms combined
- Typical layout includes a 1 bed/1 bath unit and a 3 bed/2 bath unit
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
$18,512
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
4.12%
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%
$370,240
$370.2K
Cap Rate 7%
$264,457
$264.5K
Cap Rate 9%
$205,689
$205.7K
Market Conditions
NOI Build-Up for 1,652 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
$28.7K $17.40/SF
− Vacancy
−$2.3K −$1.39/SF
EGI
$26.4K $16.01/SF
− OpEx
−$7.9K −$4.80/SF
NOI
$18.5K $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%
$370,240
Cap Rate 7%
$264,457
Cap Rate 9%
$205,689
Alternative Uses
Best Use
Multifamily LT 5
$264.5K
$231.4K – $308.5K
NOI $18,512 @ 7.0% cap · market cap 4.12%
Second Best
Apartment 5plus
$242.5K
$212.2K – $282.9K
NOI $16,975 @ 7.0% cap · market cap 3.78%
Theoretical Best
Office A
$429.1K
$375.5K – $500.7K
NOI $30,040 @ 7.0% cap · market cap 6.69%
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
737
Businesses Nearby
Explore this area
Business Placement
Demographics for 85719, AZ
46,242
Population
21,707
Households
2.1
Avg Household Size
27
Median Age
46%
College-Educated
93%
High-School Grad
8.0 sq mi
ZIP Area
5,780
Density / Sq Mi
$41,086
Median Household Income
$17,430
Median Earnings
$1,051
Median Rent
$266,900
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 residential property with remodeled interiors, air conditioning, and R-2 zoning near the University of Arizona.
Where is this duplex located?
The property is located at 1120 E Water St Tucson, AZ.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Approximately 1,652 total square feet on a 7,558 sq ft lot; Two units with 4 bedrooms and 3 bathrooms combined; Typical layout includes a 1 bed/1 bath unit and a 3 bed/2 bath unit
