Ranch Triplex with
New
For Sale
$275,000
1211 N Belvedere Avenue, Tucson, AZ 85712
MULTI_FAMILY - Ranch - Tucson, AZ
Property Size2,165 SF
Lot Size0.20 Acres
Price / SF$127.02
Days on Market5
Property Features for 1211 N Belvedere Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
Tucson - R2
Parking
4
Window features
Skylight(s)
Patio and Porch features
Deck
Interior features
Solar PV System, Beamed Ceilings
Exterior features
Built-in Barbecue, Courtyard
Fencing
Chain Link
Appliances
Gas Range, Refrigerator
Subdivision
Speedway Addition
Lot features
Decorative Gravel, East/ West Exposure
Elementary school
Wright
Middle school
Doolen
High school
Catalina
Elementary school district
TUSD
Middle school district
TUSD
High school district
TUSD
Directions
From Speedway and Swan, west on Speedway, north on Belvedere
Standard status
Active
APN
122-12-0660
Size
2,165 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SPEEDWAY N75' S150' LOT 1 BLK 6
Legal Description
SPEEDWAY N75' S150' LOT 1 BLK 6
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
pool
Building Details
Year built
1950
Number of units
3
Flooring type
Vinyl, Carpet
Building materials
Block, Wood Frame
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
United Real Estate Specialists
(520) 612-7422
Listed By:
Victor J Cabibo · License #SA669203000
(520) 240-8988
Added: Aug 7
Changed: Aug 10
Last Checked: Aug 11 at 3:06PM
MLS# 22619291
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 2,165-square-foot triplex occupies a 0.2-acre lot in Central Tucson. Built in 1950 with ranch-style architecture, the property includes a pool, courtyard, deck, built-in barbecue, and chain-link fencing. Interior features include beamed ceilings and a Solar PV System, with central air conditioning and natural-gas forced-air heating. Construction combines block and wood frame, while flooring includes vinyl and carpet. A gas range and refrigerator are also in place.
Located at 1211 N Belvedere Avenue in Tucson, the property is served by public water and carries Tucson - R2 zoning. The offering is described as a fixer-upper and is being sold AS-IS, providing a three-unit configuration for renovation and repositioning.
Located at 1211 N Belvedere Avenue in Tucson, the property is served by public water and carries Tucson - R2 zoning. The offering is described as a fixer-upper and is being sold AS-IS, providing a three-unit configuration for renovation and repositioning.
Key Highlights
- Triplex with 2,165 square feet on a 0.2‑acre lot
- Tucson - R2 zoning at 1211 N Belvedere Avenue
- Pool, courtyard, deck, and built‑in barbecue
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
$24,260
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
8.82%
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%
$485,200
$485.2K
Cap Rate 7%
$346,571
$346.6K
Cap Rate 9%
$269,556
$269.6K
Market Conditions
NOI Build-Up for 2,165 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
$37.7K $17.40/SF
− Vacancy
−$3.0K −$1.39/SF
EGI
$34.7K $16.01/SF
− OpEx
−$10.4K −$4.80/SF
NOI
$24.3K $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%
$485,200
Cap Rate 7%
$346,571
Cap Rate 9%
$269,556
Alternative Uses
Best Use
Multifamily LT 5
$346.6K
$303.3K – $404.3K
NOI $24,260 @ 7.0% cap · market cap 8.82%
Second Best
Apartment 5plus
$317.8K
$278.1K – $370.8K
NOI $22,246 @ 7.0% cap · market cap 8.09%
Theoretical Best
Office A
$562.4K
$492.1K – $656.2K
NOI $39,369 @ 7.0% cap · market cap 14.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
968
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Central Tucson property with three units and R2 zoning.
Where is this triplex located?
The property is located at 1211 N Belvedere Avenue Tucson, AZ.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Triplex with 2,165 square feet on a 0.2‑acre lot; Tucson - R2 zoning at 1211 N Belvedere Avenue; Pool, courtyard, deck, and built‑in barbecue
