Group Housing Apartment
For Sale
$1,600,000
14121414 1412-1414 N 1st Ave, Tucson, AZ 85719
Five-thousand-square-foot apartment property with 17 bedrooms, shared living areas, and a pool near the University of Arizona.
Property Size5,000 SF
Price / SF$320
Days on Market46
Property Features for 14121414 1412-1414 N 1st Ave
General Information
Standard status
Active
Size
5,000 SF
Occupancy
100%
Additional Details
Gross Income
$158,100
Amenities
renovated kitchen
outdoor common areas
pool
Building Details
Year Built
1948
Year Renovated
2012
Tenancy
Single
Listing Agency:
ABI Multifamily, LLC
(520) 265-1945
Listed By:
Desiree Juul Palmer · License #AZ:SA682872000
Source:
Azonthemove
Added: Jul 17
Changed: Aug 28
Last Checked: Aug 30 at 8:20PM
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.
This 5,000-square-foot apartment property contains 17 bedrooms and 9 bathrooms in a configuration designed for full-building group occupancy. The layout provides multiple common areas and shared amenities, including a renovated kitchen with a large island, updated flooring, outdoor gathering areas, and a pool. Electrical, plumbing, mechanical systems, and interior finishes were substantially rebuilt in 2012, with additional property improvements completed in 2019.
The property is located approximately one mile from the University of Arizona. It is currently subject to a full-building lease through July 2027 and has been used for organized student-group housing. Originally constructed in 1948, the apartment building combines a large bedroom count with common spaces suited to group living.
The property is located approximately one mile from the University of Arizona. It is currently subject to a full-building lease through July 2027 and has been used for organized student-group housing. Originally constructed in 1948, the apartment building combines a large bedroom count with common spaces suited to group living.
Key Highlights
- 17‑bedroom, 9‑bathroom apartment property
- 5,000 SF building located approximately one mile from the University of Arizona
- Full‑building lease in place through July 2027
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
$51,376
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
3.21%
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%
$1,027,520
$1.0M
Cap Rate 7%
$733,943
$733.9K
Cap Rate 9%
$570,844
$570.8K
Market Conditions
NOI Build-Up for 5,000 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
$102.0K $20.40/SF
− Vacancy
−$8.6K −$1.72/SF
EGI
$93.4K $18.68/SF
− OpEx
−$42.0K −$8.41/SF
NOI
$51.4K $10.28/SF
Area
Tucson, AZ
Vacancy
8.42%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,027,520
Cap Rate 7%
$733,943
Cap Rate 9%
$570,844
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 authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
103
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?
Apartment building - Five-thousand-square-foot apartment property with 17 bedrooms, shared living areas, and a pool near the University of Arizona.
Where is this apartment building located?
The property is located at 14121414 1412-1414 N 1st Ave 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‑bedroom, 9‑bathroom apartment property; 5,000 SF building located approximately one mile from the University of Arizona; Full‑building lease in place through July 2027
