Duplex Near Multi-Use
For Sale
$325,000
15 N Bonita Ave, Tucson, AZ 85745
Two-unit residential property across from parks and the Santa Cruz River path, with access to transit, I-10, and nearby Tucson destinations.
Property Size1,478 SF
Price / SF$219.89
Days on Market28
Property Features for 15 N Bonita Ave
General Information
Standard status
Active
Size
1,478 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Building Details
Year Built
1936
Listing Agency:
HomeSmart Advantage Group
(520) 668-3724
Listed By:
Aaron Ochoa Jr
Source:
Wowrealestate
Added: Aug 4
Changed: Aug 29
Last Checked: Aug 30 at 6:50PM
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 HomeSmart Advantage Group
Investment Insights
Based on property information with market context.
This 1,478 SF duplex, constructed in 1936, offers a two-unit residential configuration in central Tucson. The property is positioned across from Bonita Park and the historic Garden of Gethsemane, with The Loop along the Santa Cruz River directly nearby for walking, running, and cycling.
The location provides convenient proximity to Downtown Tucson, Mercado San Agustín, MSA Annex, the Tucson Streetcar, I-10, the University of Arizona, and Sentinel Peak. The surrounding Mercado District includes ongoing additions of businesses, restaurants, housing, and neighborhood activity. Its established setting and access to parks, recreation, transit, and major destinations support a range of residential ownership and occupancy strategies.
The location provides convenient proximity to Downtown Tucson, Mercado San Agustín, MSA Annex, the Tucson Streetcar, I-10, the University of Arizona, and Sentinel Peak. The surrounding Mercado District includes ongoing additions of businesses, restaurants, housing, and neighborhood activity. Its established setting and access to parks, recreation, transit, and major destinations support a range of residential ownership and occupancy strategies.
Key Highlights
- 1,478 SF duplex built in 1936
- Across from Bonita Park and the historic Garden of Gethsemane
- The Loop along the Santa Cruz River is nearby
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
$16,562
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
5.10%
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%
$331,240
$331.2K
Cap Rate 7%
$236,600
$236.6K
Cap Rate 9%
$184,022
$184.0K
Market Conditions
NOI Build-Up for 1,478 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
$25.7K $17.40/SF
− Vacancy
−$2.1K −$1.39/SF
EGI
$23.7K $16.01/SF
− OpEx
−$7.1K −$4.80/SF
NOI
$16.6K $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%
$331,240
Cap Rate 7%
$236,600
Cap Rate 9%
$184,022
Alternative Uses
Best Use
Multifamily LT 5
$236.6K
$207.0K – $276.0K
NOI $16,562 @ 7.0% cap · market cap 5.10%
Second Best
Apartment 5plus
$217.0K
$189.8K – $253.1K
NOI $15,187 @ 7.0% cap · market cap 4.67%
Theoretical Best
Office A
$383.9K
$336.0K – $447.9K
NOI $26,876 @ 7.0% cap · market cap 8.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,501
Businesses Nearby
Explore this area
Business Placement
Demographics for 85745, AZ
36,774
Population
17,662
Households
2.1
Avg Household Size
42
Median Age
45%
College-Educated
93%
High-School Grad
47.0 sq mi
ZIP Area
782
Density / Sq Mi
$68,608
Median Household Income
$40,353
Median Earnings
$1,128
Median Rent
$324,100
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 - Two-unit residential property across from parks and the Santa Cruz River path, with access to transit, I-10, and nearby Tucson destinations.
Where is this duplex located?
The property is located at 15 N Bonita Ave Tucson, AZ.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 1,478 SF duplex built in 1936; Across from Bonita Park and the historic Garden of Gethsemane; The Loop along the Santa Cruz River is nearby
