Student Housing Apartment with
1412-1414 N 1st Avenue Tucson, AZ 85719
1412-1414 N 1st Avenue, Tucson, AZ, 85719
$1,600,000
For Sale
$1,600,000
Shared student housing offers 17 beds and 9 baths, with on-site laundry and master-lease income through July 2027.
Property Size5,000 SF
Price / SF$320
Days on Market200
Property Features for 1412-1414 N 1st Avenue
General Information
- Standard status
- Active
- Size
- 5,000 SF
- Property subtype
- General Commercial
Building Details
- Year Built
- 1948
Listing agency
ABI Multifamily, LLC
(520) 265-1993
Listed by
Desiree Palmer · License #AZ:SA682872000
(520) 265-1993
Source
Xome
Added: Jan 4 Updated: Jul 21 at 10:17PM Checked: Jul 22 at 3:37AM
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 ABI Multifamily, LLC
Investment Insights
Based on property information with market context.
Steel Village is a 17-bed, 9-bath shared student housing property. The property is operated under a master lease with an in-place lease through July 2027, designed to provide near-term income stability. Originally constructed in 1948, it was substantially rebuilt and repurposed in 2012 with new electrical, plumbing, and interior systems.
In 2019, the owner completed significant capital improvements, including interior upgrades and enhanced outdoor common areas with a cocktail pool and gathering spaces. On-site laundry is included.
This asset is suited to shared/group housing use and is also offered as a simplified, master-leased investment.
In 2019, the owner completed significant capital improvements, including interior upgrades and enhanced outdoor common areas with a cocktail pool and gathering spaces. On-site laundry is included.
This asset is suited to shared/group housing use and is also offered as a simplified, master-leased investment.
Key Highlights
- 17‑bed, 9‑bath shared student housing property in Central Tucson, about one mile from the University of Arizona
- Master lease with in‑place lease in effect through July 2027
- Substantially rebuilt and repurposed in 2012 with new electrical, plumbing, and interior systems
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $102.0k | $20.40 |
| − Vacancy | −$8.6k | −$1.72 |
| EGI | $93.4k | $18.68 |
| − OpEx | −$42.0k | −$8.41 |
| NOI | $51.4k | $10.28 |
5,000 SF · lease $20.40/SF/yr · vacancy 8.42% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$733.9K
$642.2K – $856.3K
NOI $51,376 @ 7.0% cap · market cap 3.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $90,922 @ 7.0% cap · market cap 5.68%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Shared student housing offers 17 beds and 9 baths, with on-site laundry and master-lease income through July 2027.
Where is this apartment building located?
The property is located at 1412-1414 N 1st Avenue Tucson, AZ.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 17‑bed, 9‑bath shared student housing property in Central Tucson, about one mile from the University of Arizona; Master lease with in‑place lease in effect through July 2027; Substantially rebuilt and repurposed in 2012 with new electrical, plumbing, and interior systems
