Ranch Duplex with Adobe
For Sale
$325,000
15 N Bonita Avenue, Tucson, AZ 85745
Residential Income, Ranch, Southwestern, Territorial, Tucson, AZ
Property Size1,478 SF
Lot Size0.13 Acres
Price / SF$219.89
Days on Market96
Property Features for 15 N Bonita Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Tucson - R2
Parking
6
Interior features
Adobe
Fencing
Chain Link
Appliances
Gas Range, Refrigerator
Subdivision
West Congress St. Addition
Lot features
East/ West Exposure
Elementary school
Maxwell K-8
Middle school
Safford K-8 Magnet
High school
Cholla
Elementary school district
TUSD
Middle school district
TUSD
High school district
TUSD
Directions
From Congress and I-10, West on Congress, turn right (N) onto Bonita Ave. Take first U-turn to parking street, Address on right
Standard status
Active
APN
116-19-1480
Size
1,478 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
From Parcel:001010010 /West Congress Street N2 Of Lot 18 Blk 1
Legal Description
From Parcel:001010010 /West Congress Street N2 Of Lot 18 Blk 1
Utilities
Heating system
Baseboard
Cooling system
Window Unit(s), Evaporative Cooling
Building Details
Year built
1936
Number of units
2
Flooring type
Tile, Wood
Building materials
Adobe
Roof type
Shingle, Tile, Built-Up
Architectural style
Ranch
Listing Agency:
HomeSmart Advantage Group · HomeSmart International
(520) 505-3000
Listed By:
Aaron Ochoa Jr
(520) 668-3724
Added: May 18
Changed: Aug 19
Last Checked: Aug 21 at 11:06AM
MLS# 22612759
Copyright © 2026 Multiple Listing Service of Southern Arizona. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Duplex (ranch style) with adobe construction and an adobe interior. The home features wood and tile flooring, baseboard heating, and evaporative cooling plus window unit(s). Appliances include a gas range and refrigerator. Exterior materials include adobe, with chain link fencing and a built-up roof with shingle and tile components. The property was built in 1936.
Set on a 0.13-acre lot and totaling 1,478 square feet, the location offers convenient access to downtown Tucson and major regional destinations, including Mercado San Agustin, MSA Annex, the Streetcar, I-10, the University of Arizona, and Sentinel Peak. The property sits directly across the street from Bonita Park, the historic Garden of Gethsemane, and The Loop along the Santa Cruz River.
Zoned Tucson - R2, this duplex supports a rental housing format while placing residents near an established multi-use path and ongoing neighborhood activity along the Mercado District.
Set on a 0.13-acre lot and totaling 1,478 square feet, the location offers convenient access to downtown Tucson and major regional destinations, including Mercado San Agustin, MSA Annex, the Streetcar, I-10, the University of Arizona, and Sentinel Peak. The property sits directly across the street from Bonita Park, the historic Garden of Gethsemane, and The Loop along the Santa Cruz River.
Zoned Tucson - R2, this duplex supports a rental housing format while placing residents near an established multi-use path and ongoing neighborhood activity along the Mercado District.
Key Highlights
- Ranch duplex with adobe interior and adobe construction materials
- 1,478 SF on a 0.13‑acre lot
- Built in 1936 with built‑up roof components including shingle and tile
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 - Duplex zoned Tucson R2 with adobe interior, gas range, and evaporative plus window-unit cooling.
Where is this duplex located?
The property is located at 15 N Bonita Avenue 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: Ranch duplex with adobe interior and adobe construction materials; 1,478 SF on a 0.13‑acre lot; Built in 1936 with built‑up roof components including shingle and tile
