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Renovation Opportunity in Central Tucson

2432 N Balboa Ave, Tucson, AZ 85705

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For Sale

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Two vacant multifamily properties in central Tucson, renovation opportunity.

Type:Multifamily

Property size:

11,760 SF

Price / SF:

$135/SF

HighLights

Two properties included, totaling 29 units.
Vacant properties allow for immediate renovation and leasing.
Permitted for all renovations required to begin leasing operations.
Located in a strong rental location of central Tucson.
Opportunity for significant value increase post‑renovation (estimated value exceeding $2.5M to $3.0M at stabilization).
Seller is flexible to all offers.

We can help!

Contact an agent

Joseph Dietz

For Sale

Contact for pricing

Two vacant multifamily properties in central Tucson, renovation opportunity.

Type:Multifamily

Property size:

11,760 SF

Price / SF:

$135/SF

Added:: Apr 21, 2025
Days on Market:: 442
Last Refresh:: Mar 16 at 1:14 pm

Property Features for 2432 N Balboa Ave

General Information

Standard status: Active
Size: 11,760 SF
Property subtype: Multifamily

We can help!

Contact an agent

Joseph Dietz

Listing office Equilibrium Real Estate Investments

Listing date Apr 21, 2025

Source Crexi

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 Equilibrium Real Estate Investments

HighLights

Two properties included, totaling 29 units.
Vacant properties allow for immediate renovation and leasing.
Permitted for all renovations required to begin leasing operations.
Located in a strong rental location of central Tucson.
Opportunity for significant value increase post‑renovation (estimated value exceeding $2.5M to $3.0M at stabilization).
Seller is flexible to all offers.

Overview

Two properties, located in central Tucson, present a renovation opportunity. One property, situated on Balboa Avenue, features 15 vacant one-bedroom units constructed in 1948. The second property, Delano Court, comprises 14 vacant units with a mix of studio, one-bedroom, and two-bedroom layouts, built in 1947. Both properties have permits for all renovations required to begin leasing operations. The total property size is 11760 square feet. Estimates range from $15,000 to $30,000 per unit to complete renovations. At stabilization, the value is projected to exceed $2.5 million to $3.0 million.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$204.6k	$17.40
− Vacancy	−$17.2k	−$1.47
EGI	$187.4k	$15.93
− OpEx	−$84.3k	−$7.17
NOI	$103.1k	$8.76

11,760 SF · lease $17.40/SF/yr · vacancy 8.42% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$1.47M

$1.29M – $1.72M (±1% cap)

NOI $103,067 @ 7.0% cap · market cap 6.46%

Second Best

—

no second resolved use

Theoretical Best

Office A

$2.71M

$2.37M – $3.16M (±1% cap)

NOI $189,428 @ 7.0% cap · market cap 11.88%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Tuzona Properties Real Estate Agency

Suggested Use

Location Insight

Map
Local Demand

City: Tucson
County: Pima
State: Arizona
Longitude: -110.97558
Latitude: 32.251263

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For sale
Apartment buildings
AZ
Tucson
85705
2432 N Balboa Ave

What type of property is this?

Apartment building - Two vacant multifamily properties in central Tucson, renovation opportunity.

Where is this apartment building located?

The property is located at 2432 N Balboa Ave Tucson, AZ.

What is the asking price?

The asking price for this property is $1,595,000.

What are key features of this property?

This property features: Two properties included, totaling 29 units.; Vacant properties allow for immediate renovation and leasing.; Permitted for all renovations required to begin leasing operations.