Two-Unit Duplex with Distinct
For Sale
$420,000
1370 N Alvernon Way, Tucson, AZ 85711
Configured for separate household living with a three-bedroom unit and a two-bedroom unit.
Property Size1,948 SF
Price / SF$215.61
Days on Market12
Property Features for 1370 N Alvernon Way
General Information
Standard status
Active
Size
1,948 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
high ceilings
granite countertops
classic tile roof
Listing Agency:
Real Broker
(520) 237-0224
Listed By:
Daniel R Biel · License #160
(520) 850-8080
Source:
Exprealty
Added: Aug 26
Changed: Sep 4
Last Checked: Sep 5 at 11:36AM
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 Real Broker
Investment Insights
Based on property information with market context.
This 1,948-square-foot duplex contains two distinct residences: one with 3 bedrooms and 2 bathrooms, and another with 2 bedrooms and 1 bathroom. Interior features include high ceilings and granite countertops, while the property is topped by a tile roof.
The property is located in Tucson’s Garden District near Whole Foods, Trader Joe’s, the University of Arizona, and neighborhood parks. Its two-unit configuration supports separate residential occupancy within a single income-property asset.
The property is located in Tucson’s Garden District near Whole Foods, Trader Joe’s, the University of Arizona, and neighborhood parks. Its two-unit configuration supports separate residential occupancy within a single income-property asset.
Key Highlights
- 1,948‑square‑foot duplex with two separate residential units
- Unit mix includes 3BR/2BA and 2BR/1BA residences
- High ceilings featured throughout the property
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
$21,829
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
5.20%
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%
$436,580
$436.6K
Cap Rate 7%
$311,843
$311.8K
Cap Rate 9%
$242,544
$242.5K
Market Conditions
NOI Build-Up for 1,948 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
$33.9K $17.40/SF
− Vacancy
−$2.7K −$1.39/SF
EGI
$31.2K $16.01/SF
− OpEx
−$9.4K −$4.80/SF
NOI
$21.8K $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%
$436,580
Cap Rate 7%
$311,843
Cap Rate 9%
$242,544
Alternative Uses
Best Use
Multifamily LT 5
$311.8K
$272.9K – $363.8K
NOI $21,829 @ 7.0% cap · market cap 5.20%
Second Best
Apartment 5plus
$285.9K
$250.2K – $333.6K
NOI $20,016 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$506.0K
$442.8K – $590.4K
NOI $35,423 @ 7.0% cap · market cap 8.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
568
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
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Frequently Asked Questions
What type of property is this?
Duplex - Configured for separate household living with a three-bedroom unit and a two-bedroom unit.
Where is this duplex located?
The property is located at 1370 N Alvernon Way Tucson, AZ.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: 1,948‑square‑foot duplex with two separate residential units; Unit mix includes 3BR/2BA and 2BR/1BA residences; High ceilings featured throughout the property
