Triplex with Split
For Sale
$799,900
215 S 5th Ave, Tucson, AZ 85701
Three-unit property supports both residential and commercial use.
Property Size2,838 SF
Price / SF$281.85
Days on Market42
Property Features for 215 S 5th Ave
General Information
Standard status
Active
Size
2,838 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1937
Listing Agency:
Real Broker
(520) 495-0099
Listed By:
Kaukaha S Watanabe · License #SA584368000
Source:
Wowrealestate
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 30 at 8:23PM
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 Real Broker
Investment Insights
Based on property information with market context.
This 2,838-square-foot triplex contains three units and was built in 1937. Split zoning allows the property to accommodate both residential and commercial use, providing flexibility for an owner evaluating different occupancy and operating models.
The property is located at 215 S 5th Ave in Downtown Tucson, Arizona. The existing configuration and zoning support consideration of long-term residential rentals, short-term accommodations, professional office use, retail, or a live/work arrangement, subject to applicable requirements.
The property is located at 215 S 5th Ave in Downtown Tucson, Arizona. The existing configuration and zoning support consideration of long-term residential rentals, short-term accommodations, professional office use, retail, or a live/work arrangement, subject to applicable requirements.
Key Highlights
- Three‑unit triplex
- 2,838 square feet
- Split zoning permits residential and commercial use
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
$41,470
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
5.18%
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%
$829,400
$829.4K
Cap Rate 7%
$592,429
$592.4K
Cap Rate 9%
$460,778
$460.8K
Market Conditions
NOI Build-Up for 2,838 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
$61.3K $21.60/SF
− Vacancy
−$6.0K −$2.12/SF
EGI
$55.3K $19.48/SF
− OpEx
−$13.8K −$4.87/SF
NOI
$41.5K $14.61/SF
Area
Tucson, AZ
Vacancy
9.80%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$829,400
Cap Rate 7%
$592,429
Cap Rate 9%
$460,778
Alternative Uses
Best Use
Office B
$592.4K
$518.4K – $691.2K
NOI $41,470 @ 7.0% cap · market cap 5.18%
Second Best
Mixed Use
$498.1K
$435.8K – $581.1K
NOI $34,865 @ 7.0% cap · market cap 4.36%
Theoretical Best
Office A
$737.2K
$645.1K – $860.1K
NOI $51,607 @ 7.0% cap · market cap 6.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
3,354
Businesses Nearby
Explore this area
Business Placement
Demographics for 85701, AZ
5,132
Population
3,631
Households
1.4
Avg Household Size
37
Median Age
57%
College-Educated
91%
High-School Grad
1.5 sq mi
ZIP Area
3,421
Density / Sq Mi
$52,672
Median Household Income
$43,762
Median Earnings
$1,183
Median Rent
$451,500
Median Home Value
Market
Vacancy Rate% for Office in Tucson, AZ
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property supports both residential and commercial use.
Where is this triplex located?
The property is located at 215 S 5th Ave Tucson, AZ.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Three‑unit triplex; 2,838 square feet; Split zoning permits residential and commercial use
