Two-Home Multifamily
For Sale
$395,000
2039 E Glenn St, Tucson, AZ 85719
Two residences provide flexible options for owner occupancy, extended-family living, or leasing arrangements.
Property Size2,176 SF
Price / SF$181.53
Days on Market61
Property Features for 2039 E Glenn St
General Information
Standard status
Active
Size
2,176 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1959
Buildings
2
Listing Agency:
Keller Williams Southern Arizona
(520) 440-9229
Listed By:
David Urbaniak
Source:
Findahomeaz
Added: Jul 2
Changed: Aug 28
Last Checked: Aug 30 at 5:55PM
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 Keller Williams Southern Arizona
Investment Insights
Based on property information with market context.
This multifamily property at 2039 E Glenn St includes a 3-bedroom, 2-bath main residence and a recently remodeled guest house, totaling 2,176 square feet. The primary home offers tile flooring, a fireplace, ceiling fans, a kitchen island, tile backsplash, bonus Arizona room, and included appliances. The guest house has a private entrance, courtyard, backyard, laundry room, custom cabinetry, oversized tile shower, walk-in closet, large-format tile flooring, and its own fireplace.
Built in 1959, the property has newer HVAC systems serving the main home and guest house, installed in 2018 and 2019, respectively. It is located 2 miles north of the U of A and has no HOA. The two-residence configuration supports owner occupancy with separate leasing, leasing both homes, or extended-family use.
Built in 1959, the property has newer HVAC systems serving the main home and guest house, installed in 2018 and 2019, respectively. It is located 2 miles north of the U of A and has no HOA. The two-residence configuration supports owner occupancy with separate leasing, leasing both homes, or extended-family use.
Key Highlights
- Two residences totaling 2,176 square feet
- Main home includes 3 bedrooms, 2 baths, fireplace, Arizona room, kitchen island, and included appliances
- Recently remodeled guest house with private entrance, courtyard, backyard, and laundry room
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
$24,383
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
6.17%
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%
$487,660
$487.7K
Cap Rate 7%
$348,329
$348.3K
Cap Rate 9%
$270,922
$270.9K
Market Conditions
NOI Build-Up for 2,176 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
$37.9K $17.40/SF
− Vacancy
−$3.0K −$1.39/SF
EGI
$34.8K $16.01/SF
− OpEx
−$10.5K −$4.80/SF
NOI
$24.4K $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%
$487,660
Cap Rate 7%
$348,329
Cap Rate 9%
$270,922
Alternative Uses
Best Use
Multifamily LT 5
$348.3K
$304.8K – $406.4K
NOI $24,383 @ 7.0% cap · market cap 6.17%
Second Best
Apartment 5plus
$319.4K
$279.5K – $372.7K
NOI $22,359 @ 7.0% cap · market cap 5.66%
Theoretical Best
Office A
$565.3K
$494.6K – $659.5K
NOI $39,569 @ 7.0% cap · market cap 10.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,307
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?
Multifamily property - Two residences provide flexible options for owner occupancy, extended-family living, or leasing arrangements.
Where is this multifamily property located?
The property is located at 2039 E Glenn St Tucson, AZ.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Two residences totaling 2,176 square feet; Main home includes 3 bedrooms, 2 baths, fireplace, Arizona room, kitchen island, and included appliances; Recently remodeled guest house with private entrance, courtyard, backyard, and laundry room
